The policies would seem reasonable if they had been part of the initial employment agreement, but since they represent a change (and not for the better), it's obnoxious. I'd be annoyed as well. I agree with you that it is demoralizing. It's like they are saying "well, we tried to treat you as mature professionals who could be trusted to manage yourselves, but that didn't really work out, so we're going to have to treat you like the children you are now." I mean, I do work a cubicle job in (almost) Dayton, OH, and I can get here whenever I want and nobody cares how much vacation time I string together

Do you understand the impetus for these changes? Are they being brought about because people were abusing the perks or not being as productive as they should? Between this and the attempted salary changes, are they trying to clean house so they can bring in some new blood?