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It's gear mongering to get you to do more for less and a sign that the company isn't doing well. When leaders start having emotional breakdowns like this and deflating responsibility, it is a warning to get your resume ready and begin interviewing.
That’s very interesting that you brought this up because I was wondering why I wasn’t getting acknowledgement for all this work I’ve been doing. I also feel I have gone above and beyond, and doing triple the work from before, but not feeling like I’m getting any appreciation … it’s very strange to me but it could be recession talk. No budget so set the expectation for raises and bonuses low…