Jobs are in constant flux
If this is your first job, "jumping ship" before you are pushed may seem like a big and dangerous step.
But be assured, you're going to be changing jobs yearly. Not necessarily changing employers yearly, but your role will change, or there'll be a reorg and you'll be given a new manager, or they'll pull crap like they're pulling now. Regardless, it's not the same job any more, even if it's the same contract.
When that happens, it's important to ask yourself "If I were applying for jobs right now, is this a role I would have any interest in?"
Recognizing red flags
Once you've worked a few places, you'll learn to recognize the "red flags" that mean a workplace is about to turn to utter shit, and become a place you would not apply to work. Update your CV/resume.
You have been given multiple red flags here.
Trajectory-related red flags
When they reduce the snacks in the breakroom, or start charging for the sodas, or declare a "hiring freeze", or otherwise start trimming the fat in "efficiency drives", it doesn't in itself mean "you would no longer apply to work at this place", but it shows you the trajectory of the workplace is downwards, and you might get laid off before you even apply elsewhere. Update your CV/resume.
- Citing "hard financial times".
- Increased workload rather than increased hiring.
- RTO (Return To Office) orders may be an effort to get some resignations, saving them from redundancy payments.
A downward financial trajectory can be recovered from. That's their whole point of having an efficiency drive. But it tells you that they're in a dive that they might not pull out of, and in general I'd say that "weathering the storm" may not be as effective for your career as transferring to another company that's still on an upward trajectory, and taking the pay raise that job-hops always grant.
It's also often the case that bet-tightening is a step on the way to selling the company: a way to make the company look more healthy, like a sportsman going to a sauna to sweat off some weight before a weigh-in. Buyouts and takeovers are usually accompanied by layoffs: in the EU, usually 99 people a year will get laid off (because otherwise they need to give more compensation). UK used to be the same, not sure any more.
Bad management red flags
Bad management is something that cannot be recovered from other than by shedding the management. It WILL turn to shit if they don't go. Fixing management will only usually happen by the company being bought out, and even then the middle management will still stay, and will continue to make bad recommendations, so the rot will carry on under the new upper management anyway. Update your CV/resume.
- Open plan office (all studies point to a 15% reduction in productivity).
- They're "very touchy" about criticism.
- Transparent lying and bullshit, eg "to support the economy" excuses.
- RTO (Return To Office) orders.
Update your CV/resume.
Update your CV/resume. Trade away your company stock. Get active on LinkedIn. Make sure your Indeed account is active. Take days off for interviews even if you're not absolutely sure you want to jump. You will be rusty at jobhunting and will need the practice. Brush up on interview coding exercises or whatever field you're in.
It's up to you whether you inform your manager that you can see the writing on the wall and are looking for another job because you've taken an effective 25-35% pay cut in hourly wage(*). They might agree, or not. They might offer you better pay, or not. Do you really want a 10+ hour day even with better pay? Decide ahead of time what level of pay raise would make it all worth it? If 0%, then you're good for now, but update your CV/resume anyway, because layoffs may be coming.
It may be worth casually mentioning that you wouldn't object to being laid off, if that's true, so they'll consider you if they're required to cut headcount. Otherwise you might miss out on a redundancy package.
Update your CV/resume.
(* Assuming old requirements = 40hrs, and new requirements = 40hrs + 10 hrs commute + say 0-4 hrs of "more work", that's then 25-35% more time, for no equivalent raise in pay. And yes, a 25-35% pay cut would technically need 13-22 hrs extra, and the actual hourly pay cut for a 25-35% increase in time spent is only 20-26%, but nobody cares about math nowadays.)