Very low salary and benefits. Most UTC units (Otis, Pratt & Whitney, Sikorsky, Career, UTC Power) are based out of Connecticut, which has very cost of living. Pay and salaries on the other hand are below average across the board. UTC abolished performance based bonus several years ago.
During three year period between 2000-2002, Pratt and Whitney unit did not give out raises, citing difficult economic conditions. Later on the company report record profits for years 2001 and 2002, making it's CEO George David the highest paid CEO in the nation in 2002 and 2003 at $60 million and $80 million respectively. Company didn't make up for it to the employees in the following years either as was evident by a mere 3% raise in 2003 and 2004 and 3.5% thereafter.
UTC does provides 401k matching at a rate of 3.6% on the first 6% only. This is on the extreme lower end of the spectrum. Furthermore, UTC does not have a Employee Stock Purchase program either. Finally, increase in out of pocket cost of healthcare (premiums plus deductables) has out-paced cost of living increase by a factor of 2. Performance raises on the other hand have never topped 3.5%.
Most UTC business units are mired with bureaucracy at all levels. This results in monumental levels of inefficiency which in turn rears its ugly head in the form of low job satisfaction and high level of personal and professional frustrations. Other businesses in the area who are often in the position to recruit UTC employees are extremely aware of UTC's bureaucratic work culture and are cautious in hiring ex-UTC employees.
Annual survey conducted internally by UTC have consistently revealed low job satisfaction level compared to industry and nationwide averages. UTC also scores poorly in the area of pay and benefits.
