Slack has allowed companies to read private messages for well over a year. It has been called "compliance exports" and you as a slack user could always see if you had them turned on, as well as which individuals had access to read your private messages. Source: CTO of a unicorn confirmed he had used this feature to read private communications (private rooms and DMs), source 2 - used this page myself at multiple companies
Employers had to pay for this privilege. It's super unclear to me what the new policy is-- it looks like there's still no privacy but it happens via API.