Corporate America Sucks (Here's Why)
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- เผยแพร่เมื่อ 26 มี.ค. 2023
- Corporate America Sucks (Here's Why)
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The problem with corporate America is that everyone is focused on short term profit over long term sustainability
Boeing lol
100 % true.
That wasn’t always the case. The obsession about quarterly earnings wasn’t a thing in my youth.
Capitalism 101
3M and they can't even get the short term right
Funny thing is all their websites still display their core values of respect, trust and accountability lol
And don't forget "we're a family".
@@olgarodionova27 oh yes 🤮
We're family - is a red flag for trouble respecting personal boundaries and work life balance
A big consulting company I work for is filled with this bullshit and the hammer you with their own propaganda. They used to cook emrons books 😂
These "core values" are a short list of major shortcomings.
My dad worked thirty years for a company that did that every couple years. Lay off 600 people, stock prices go up, then the top dogs all take five and six figure bonuses. Thankfully he never ended up on the chopping block. Wouldn't ya know it, that company is all but gone, parting itself out to buyers one division at a time over the last decade. The people at the top never intended to run the business. They just wanted to milk it for all its worth and then run off to the next predatory venture.
Company names? Hyperbole is a terrible argument
Yeah.. this type of corporate maneuvering is pretty common.
@@nwj03aLiterally every big business runs that way.
Love of money and power is sin
Do you know Jesus Christ can set you free from sins and save you from hell today
Jesus Christ is the only hope in this world no other gods will lead you to heaven
There is no security or hope with out Jesus Christ in this world come and repent of all sins today
Today is the day of salvation come to the loving savior Today repent and do not go to hell
Come to Jesus Christ today
Jesus Christ is only way to heaven
Repent and follow him today seek his heart Jesus Christ can fill the emptiness he can fill the void
Heaven and hell is real cone to the loving savior today
Today is the day of salvation tomorrow might be to late come to the loving savior today
Romans 6.23
For the wages of sin is death; but the gift of God is eternal life through Jesus Christ our Lord.
John 3:16-21
16 For God so loved the world, that he gave his only begotten Son, that whosoever believeth in him should not perish, but have everlasting life. 17 For God sent not his Son into the world to condemn the world; but that the world through him might be saved. 18 He that believeth on him is not condemned: but he that believeth not is condemned already, because he hath not believed in the name of the only begotten Son of God. 19 And this is the condemnation, that light is come into the world, and men loved darkness rather than light, because their deeds were evil. 20 For every one that doeth evil hateth the light, neither cometh to the light, lest his deeds should be reproved. 21 But he that doeth truth cometh to the light, that his deeds may be made manifest, that they are wrought in God.
Mark 1.15
15 And saying, The time is fulfilled, and the kingdom of God is at hand: repent ye, and believe the gospel.
2 Peter 3:9
The Lord is not slack concerning his promise, as some men count slackness; but is longsuffering to us-ward, not willing that any should perish, but that all should come to repentance.
Hebrews 11:6
6 But without faith it is impossible to please him: for he that cometh to God must believe that he is, and that he is a rewarder of them that diligently seek him.
Jesus
"Because it's wreckable!"
-- Gordon Gekko
When my boss said I was part of a “family”, didn’t realize it meant the toxic, hateful, backstabbing kind.
The new owner of Barnes & Noble said that the worst descision b&n made was when b&n cut full time positions, as this removed highly experierienced booksellers from the company.
When other members of corporate hinted that the stores might shrink employee numbers again, forgetting that he knew who brought money into the company. A month or two later, upper management was restructured and a lot of unnecessary buyers were let go, shrinking the head shed, not the boots on the ground.
He also took the company private, removing the stock holder pressures
@robert Barnes and noble is broken. When did you start there?
Love Barnes and Noble, but they're in kind of a strange place. Always seems empty when I go in.
I worked for the biggest car dealership group in Canada and in all the meetings they would always talk about integrity Integrity core value Integrity turns out the management was embezzling money, if someone has to always tell you they have integrity they don't have any
Moe, Daliwal, Landsberg, or Murray? Lol
Classic "because I'm a nice guy" if you have to say it constantly you probably aren't one
Exactly! I used to work for the largest retailer in America in the early 2000's and we had an assistant manager that was always talking about integrity and how the company and it's customers should come first before anything else even before our own family and it turns out that he was stealing money out of the Lawn and Garden cash register because he thought the cameras didn't work back there 🤣
@@SaskTransfer hahaha well it was one of them
@@shanemathews4177 Hahahaha. Too funny
This right here is why several of my families businesses are thriving and have thrived even through Covid. 2 of them are in Washington state and they prioritize their staff and their staffs home life over profits and have found that those same loyal employees that are treated well will try to achieve greater productivity and problem solving skills and increase profits for my uncles. My uncles could increase their salary to 7 figures a year but instead prefer investing into their staff so they don’t have to work very hard themselves. One of them is “soft retiring” at 45 and will be making 200k a year as the owner of his company. Dude works maybe 3 hours a week now because he found the right people and paid them well for it. He is even paying for his receptionists kids to go to local colleges. It’s wild.
Sharing the wealth from your business is a noble and honorable act. There is enough wealth to be shared if someone higher up is willing to leave something for those at the lower levels. You still can be wealthy, just not as wealthy.
This is a big difference between a publicly traded corporation and a privately owned one.
Amazing principles! This is how I treated my few carpenters that would build woth me doing subcontracting. I was paying them bukoo bucks and wanted them to make as much as possible and have a great culture. Unfortunately remodel work in my area has gone to a lot of the underbid foreign dudes that undercut the clients so I now went back to working for a company in sales since clients more often than not just go with the cheapest hack work.
Now thats the kind of capitalism i love! Lets encourage more of that!
@@RobertBrown-eb4co That is a group who have true wealth in God!
this is why you cannot be dependant on an employer
Also, what some individuals need to realize is that they must live within their means, and live a VERY modest lifestyle. In certain situations, depending on the employer, the CEO's may view them as expendable. With certain employers being dependable, trustworthy, a over all "work horse", does NOT matter ! I was "set up" to be fired twice, and both were faulty (Wachovia Bank-Atlanta, GA, 2009, Town of Monroe, CT -2011-) and justice will be served !
The only employer you can trust is the government and that’s because they wait around for the lawyers to actually do stuff.
You never depend on an employer ! You depend on yourself !
@@KRYMauL Trust the government? LMFAO. Good one bro, fucking good one.
My local Kroger is cracking down on people taking overtime, even though they fire people left and right without hiring new workers and overwork us to the point where we don't take breaks anymore. My dad thinks I'm lying, lazy, or stupid, but it's happening all around us. This is a toxic environment, and it needs to change.
Tell your dad to join you on the job at Kroger so he can see the hellscape for how it is.
Dude I got “promoted” to produce closer at my Vons. I’ve never done anything like this before and they leave me alone every day without training, then yell at me and say I’m making excuses for not doing the same amount of work 2 people did before me. Still waiting for the raise they promised months later…
@Jeremy You have have a reason to fire someone. Did they not show up? Theft? Poor performance?
You also can’t magically hire people like it’s a video game and click a button.
I’m a people manager and if they’re firing people, there’s a good reason. Every employee you don’t have puts more burden on the manager.
Or your managers sucks, which is very specific to industry and location.
@@ChKnoGo Produce Manager of several years, several stores. This is the standard SOP abuse Produce gets in every store, for the last 20 years at least. Produce COGS is a joke. It's practically money laundering. At best, Produce Department is an expesnisve marketing display to sucker customers in and get them to buy more expensive and marked up good. In other words, Produce Departments are not really designed to sell produce, they are a marketing ploy, and you the Produce Worker gets the abuse because you are "responsible" for the unavoidable losses they set you up for. Once you learn the COGS, pricing scheme, holiday surplus inventory for decoration, plus the "distro" (distribution center) surprise deliveries, you will understand how completely futile, impossible, pointless your job is but you will be wallowing in stress. I advise you to leave. Now. Immediately. Before you lose your flip flopping sanity. Some people just lie their asses off and fake the math to get around the COGS etc, but it always catches up with them, or the guy who inherits the jobs. I wish you luck.
@@nwj03a Buddy, I guess you're privileged because that is how it works in an at-will state. Anybody can get fired for no reason at all. And the managers flex that every chance they get, even if it's a bluff.
I work at Amazon, I've seen this exact thing. Right now, the season we are in, there isn't much work coming in. We are just after the holidays, coming up to tax season and summer, aaaaaaaand.... they laid off like half the people they brought on during the holidays...
And now that things are starting to spin back up again, we don't have nearly enough headcount to get the work out on time and they are missing their daily production quotas, well, daily.
Yeah... I hate it here lol
I had a very similar experience working for Bezos as well. People don't realize just how inefficient Amazon actually is until they work there.
A couple of years ago, the company I work for decided they needed to get lean, so they offered voluntary separation packages for any employees who choose to take them. For context, they aren't publicly traded, so there's no stock price to goose.
This was a much more ethical route. For one thing, it gave employees a real choice, albeit one that included some risk if the employee chose to stay: no one knew how many layoffs, if any, would be needed after everyone who chose to take VSP did so. As it turned out, no layoffs were needed after everyone who chose to take VSP left, but we didn't know would happen that at the time we were making the decisions. But the decisions were real, we were able to see them coming, and they were as transparent as they could be.
It's really not that hard to do that. And you can bet most of those people had nothing but good things to say about the company
I briefly worked for one company that did an early retirement package like that. Pretty much everyone applied. I was still young and dumb but I could see that handwriting on the wall and I got out. They went belly up a couple years later.
This path leads to a scared workforce or one that engages in "malicious compliance" and "quiet-quitting".
Absolutely correct. I've had to learn the hard way that being on time, dedicated, coming in on your day off means nothing when it come time to layoff.
Not only have I been laid off because of a failing stock price, I've had to suffer the consequences of being a salaried manager when they chop payroll to smithereens and you end up stuck at work for 70 - 80 hours.
The problem is that people at corporate have very cushy jobs and they know it. And when those profits or stock prices dissolve, they have to look like they are doing something about it, and they sure as hell aren't going to do it to themselves.
Circuit City was legendary for its customer service. Their employees were very knowledgeable and helpful. They were also paid well. So they had to go. In their place they hired less knowledgeable lower paid employees and lo and behold profits went up. Flowed shortly by customer traffic going down, then sales, then profits and then came bankruptcy.
As long as many CEOs score so high on Psychopathy, this shall continue despite the long term consequences.
The CEO left with 3 billion dollars long before they have to care about long term problems
If you actually think about it. Being a CEO requires a psychopath. An average joe would crap his pants with all that stress and negativity.
I understand your point however, I just don't believe they have to have disregard for the pain they cause and actually enjoy causing it. There are and have been mentally & spiritually healthy leaders.@@DarrkMane
@@markchase5323 There's a book called The Selfish Gene. We cannot change human greed, it's simple nature.
The CEO has only one job--to keep shareholders happy.
It also makes the remaining staff work their butts off in fear of losing their job. This is how Corporations "encourage" people to work unpaid overtime as staff have to take additional responsibility for roles once staffed by those recently laid off. Everyone wants to keep their job so taking additional work, often unpaid, becomes the norm.
My husband is working two positions within the company right now to keep a job. Supposedly it wont be for much longer. Its ridiculous. He also will now be expected to work late hours.
@@jenergy1000- yep. Almost seems that they planned this to save payroll and abuse their remaining staff. By the way, I doubt that they will pay for those extra late hours. Basically he will have to become the Company's Bitch in order to keep his job. Good Luck.....
So, quality goes down from overworked and stressed out workers.
They will look for other jobs, to go work for rivals that have a healthier atmosphere.
@@AlmaVasquezjrcapitalism is a beautiful thing. You have options! Many young people don't realize this
With illegals coming in they get the added benefit of desperate people who will put up with this nonsense
Just got my notice of severance. HR head said that they were cutting this second time and admitted that when they get busy, they're screwed, all the talent they let go won't be coming back for a long while if ever. For me that's going to be never.
That or another $15 per hour is how I look at it
@@-8_8-yeah but most of us aren’t bouncing around from $15 an hour job to $15 an hour job.
Oh my company just done that. Now we dont have enough people😊 An we can not do multiple jobs as we go to specific sites for our work.
I got let go from the place I worked at for not even 2 months because I was on a casual contact and the company was losing money.
Sue them just for fun
It also burns two of the most important assets a business has: goodwill and reputation.
Intangiable assets such as the knowledge and experience of employees and the productivity that that entails increase the value of the company, though this usually only shows up as a numeric value behind a dollar sign on a balance sheet during acquisitions.
Reputation is pretty obvious. The least shitty company is going to attract the best talent who do the best job.
With the internet age too I've never worked at a company I didn't research and read about. These kind of moves MATTER because they effect the public reputation of the company and new employees
I’ve watched this happen my entire career.
At 50, my hard earned salary qualified me to be one of those layoffs every time a company had layoffs.
Like, every time? When companies do layoffs, they cut deadweight first, the least valuable people, so maybe you should look at how hard you actually work.
@@The-NSAtypical parroting behavior.. When it happens to someone close to you that snarky smart ass attitude will bite you in the ass .. Signed: experience:)
All that capitalism sure does work and help everyone
@@Jake-mi3bjcompared to other stuff yes
The reason why it's so effective, which Ransey omits, is that usually more than half of a large business's employees are utterly useless people just looking to maximize their paid vacations and make complaints to HR every time it's their turn to be asked to do extra, so when you cut down to a skeleton crew you can build back leaner once the cash from the next quarter comes in
I was having a similar conversation last night and the issue is companies look at it as being cheaper to just hire a new person than to raise peoples' pay. And my understanding is that there is a short term profit motive but turn over is really high now. My company is constantly asking how to correct this and they will avoid the idea it has to do with pay.
Q1: fire ppl to maximize profits
Q4: Hire twice as many ppl as you fired in Q1 to keep up with demand
I have to admit, I feel lucky, every time I got laid off or moved to a new job, my wages went up. I think there are a couple of key things to keep in mind, one is mindset, you will find something and it will pay you more, two, don’t buy shit you don’t need, minimize everything. Don’t have cable, keep the cheapest phone, don’t drink/drugs, keep it simple and you will realize how much crap you really don’t need to be happy and then you can set yourself on a new course. Lasty, clean up and organize yourself, meaning the home, the car, your yard, etc. when you get rid of things that are unnecessary, you will give way for new things to come in, sounds crazy-but in a matter of 3 years, I increased my pay by almost 50%. Believe in yourself, sometimes you do have to wait a bit, which is aggravating, but something good will come about.
That's correct with one extra. If you play this game too many times your workforce becomes mean, angry and distrustful of the company. When you need everyone to pull together they says "no thanks. You will just walk me out of Friday so what's the point?"
On top of that those people leave very revealing awful comments about the company online that can be found at the click of a button
It shocks me management doesn't realize this. I worked for expal and they loved hiring and laying off people regularly. Eventually all staff roughly halved the workpace because they didn't want to "work themselves out of a job" as they put it.
I left before the company went under and sold out to rhinemetal.
@@oceanbytez847 This I believe is a result of management styles developed during the Boomer years when you had a loyal work force or a frightened work force scared to death of losing their jobs. I am a Boomer and my parents couldn't understand why I lost my job. In their day, if you did your work you were fine. I think they believed that I was a difficult employee or down right lazy.
On the other hand a company that doesn’t lay off anybody is a company filled with fluff and people who get paid to do nothing
@@NotSoLiberalIt's funny that you would mention this but this was actually a problem back in the day. Usually these employees would not be fired but relighted to lesser roles or other employees would take care of the slackers
Hence the reason the younger generation are just not wanting to work for big corporations
As someone who was laid off recently, I tried to not take it personally but man did it make me feel like crap. Truth is it’s just the way the cookie crumbles.
I was a yellow driver and the company shit on us every chance they got. I’d do it to people if it was my business. Shit rolls downhill. I don’t take it personal. It’s just business
Exactly, I think the bigger issue is these days managers don't actually have enough power to get rid of people who are not productive. It really should be at the manager's discretion who they let go. @@improvisedsurvival5967
@@onedarkhorse I’d make a great business owner. It wouldn’t be a bad place to be an employee. Work is supposed to suck your bottom supposed to be happy there just content enuff not to leave.
@@improvisedsurvival5967Jesus Christ man you don’t have to lick the boot so hard
@@camc9093 😂
The biggest line item is NOT the payroll for the six janitors…. It is NOT the payroll for the 40 drivers, 10 warehouse workers, 25 engineers, or any of those people; the biggest line item is the payroll and bonuses of the Corporate officers and board members. If the company is doing poorly it is the captain(s) steering the ship that are responsible, and cutting those huge salaries is the only way to temporarily set things right to provide needed funding to augment the rest of the budget needed to update or purchase machinery or facilities to allow for greater growth potential….. but those cowardly and useless board officers that have already caused the company’s resources and accounts to dwindle will finish destroying the company to take that golden umbrella rather than do what is necessary to fix what they already broke….
Any board members authorizing those golden parachutes for corporate officers that have destroyed the company are fools, and will soon be in charge of nothing. Don’t hire those board members or officers to run your company, they are failures doing no work other than lining their pockets as the ship sinks…..
This is why it's important to keep investing when layoffs are hot.
I once worked for a company that told everyone they would be shutting down for the week of Christmas to give everyone time to spend with their family. The Monday after Christmas they laid everyone off but they didn't tell them they were laid off until they had already been shut down for that week to reduce unemployment payments by one week. They called me 9 months later asking me to come back to work there lol.
Agreed, I hate when corps do this. It makes them look bad to employees, because it shows they’re not truly valued at large, and honestly it’s just a cheat way to make your company look as though you’re profiting more when you’re really not at all. It’s very fake.
Not just American companies. The international company I worked for did this to me recently.
THIS, is the moral difference, between gross Capitalism, and the Free Market.
Ethics and morals.
THANK YOU! Dave is the real one. Big heartless corporations are too short sighted and they suck
I've worked for everything from startups to large corporations. The only time I've been poorly treated or hated getting up in the morning was with large corporations.
Sounds like Disney right now. They are in the process of cutting 7,000 jobs.
Disney sucks
Good fuck Disney workers 🤣
Microsoft is cutting 12,000 same with UPS I believe
i heard banks are quietly doing layoffs. they're keeping it quiet so people dont think the economy is plummeting (as if it already wasnt)
Disney is losing billions, so they need to change something. But probably the woke executives will stay and the hard working people who get the job done will be fired
The local monopoly hospital fired something like 100 people about a year ago for the last 9 months they have been crying publicly about staffing shortages.
F em. Of course, the problem is that it impacts patient care and TRUST. Also, it punishes the people who get laid off for doing the hard work to make things happen.
Fun fact, studies are now showing that layoffs don't even help the stock price now days.
Because the assumption before was that job cuts were happening to make the company “leaner”, by removing people with bloated salaries or removing redundant positions.
However, that all happened a decade+ ago, and now the only people with bloated salaries are CEO level, so the Companies are as lean as they are ever going to get - Investors know that any layoffs are not removing fat off the company, and are instead legitimately removing meat from the labour needed to continue smooth operations, so it’s either a sign that the Corporation is trying to play the Stock Market to get a free bump to make Year/Quarter end look more impressive and the price is going to slide back as soon as they Rehire, and thus not a good long term investment… Or that the company legitimately cannot sustain itself with that level of employment, are obviously having difficulties of some kind, and not a good long term investment. So most Investors don’t really respond positively to it anymore.
I sure hope that means that greedy CEOs will simply stop doing layoffs for short-term stock price gains, then!
@@longWriter Joke of the year right there.
Greedy CEO's will still do short term layoffs because it still benefits them, even if the needle on the stock doesn't move. Only thing that would stop it is if Investors pulled out and the stock actually went down.
The reason why is because most Higher Management positions get bonuses structured on yearly Profit. If the company is coming up a little bit short as they enter Q4, it's already too late to make any other changes - for example, cheaper components/ingredients for the Product would require time to negotiate or may have to wait for certain distribution contracts to lapse, and then you don't get to recoup that cheaper cost for months if not years. It'll help for next year, but be far too late for their Bonus this year. So they need to find an easy, quick way to lower Costs immediately.
It just so happens Employees have a wage and if you lay them off, you no longer have to pay them, thus immediately lowering your costs.
The Higher Ups then hit their Pofit Bonuses, and they can then turn around and tap into that "unused Employee budget" next year.
In the mean time they throw a Pizza Party, and convince their remaining employees that they need to be more "Agile" and "Stretch their Position" more, and try to get by with a reduced workforce for as long as they can.
It reminds the workers of their place and expendability. It's not about business, but class.
@@Canadishyes! Considering it's not about removing the least essential people but the people who don't "fit in" it's now becoming obvious more than ever that it's a class issue
Oh yeah. This is hands down the main reason i save & invest 50% of my income. I want to be financially independent and/or start a business. So i can walk away from these groups & never look back.
Its not just layoffs. If you are an hourly employee. Keep track of your hours. Every week. Not just occasionally but every week. Several of the companies ive worked for shave time off your hours to cook the books. Sometimes its just 15 minutes. But ive seen them shave several hours off. Repeatedly. To make the numbers look better. Ive called that bs out multiple times. Once the company bribed me with a promotion to keep quiet. They were arranging scenarios to fire me over it. I mean. To me 15 minutes isn't worth the confrontation because its almost an error margin. But... if you get print outs or records of your clocked in time. Keep them.
CEOs and Executives don’t care because they’ll take their multimillion dollar bonuses and retire, or work somewhere else. Or, hire the desperate people back but pay them less, raise prices and blame inflation.
That’s not true. Most of them have vesting periods of 3-5 years for their stock compensation and the higher up you are, the higher percentage stock accounts for your compensation package. Any stock they own that hasn’t vested decreases by the time its vested and they can get their hands on it and any options are worthless if the stock declines because they don’t have enough people. It has nothing to do with greed for profits. It’s a combination of lack of intelligence, stock shorting schemes, and corporate espionage.
@@johnmartin4641 it is true, how do you know this isn’t year 5 of when they received the stock? You’re assuming a 3-5 year vesting which you’ve admitted is most , but not all. And even if you haven’t vested, you STILL get a relatively large percentage even if you liquidate on day 1. This doesn’t negate anything I’ve said.
And all those people are going to hate your company and tell others so nobody wants to work for you.
I love the disgust in his voice as he describes this corporate greed.
I met a man at the unemployment office that had put in almost 40 years at Kroger. He was a few months from his pension and retirement when suddenly he was "no longer a good fit" and terminated with zero notice, taking away his full pension. So he'd only receive a fraction of what he deserved. These are the common practices here in "right to work/fire for unethical reasons" states now. Thanks politicians for allowing working Americans to be thrown away/destroyed as yesterday's trash for the benefit of the corporations that donate $$ to you. Our country's quickly spiraling down due to these unethical, greedy politics.
Love of money and power is sin
Do you know Jesus Christ can set you free from sins and save you from hell today
Jesus Christ is the only hope in this world no other gods will lead you to heaven
There is no security or hope with out Jesus Christ in this world come and repent of all sins today
Today is the day of salvation come to the loving savior Today repent and do not go to hell
Come to Jesus Christ today
Jesus Christ is only way to heaven
Repent and follow him today seek his heart Jesus Christ can fill the emptiness he can fill the void
Heaven and hell is real cone to the loving savior today
Today is the day of salvation tomorrow might be to late come to the loving savior today
Romans 6.23
For the wages of sin is death; but the gift of God is eternal life through Jesus Christ our Lord.
John 3:16-21
16 For God so loved the world, that he gave his only begotten Son, that whosoever believeth in him should not perish, but have everlasting life. 17 For God sent not his Son into the world to condemn the world; but that the world through him might be saved. 18 He that believeth on him is not condemned: but he that believeth not is condemned already, because he hath not believed in the name of the only begotten Son of God. 19 And this is the condemnation, that light is come into the world, and men loved darkness rather than light, because their deeds were evil. 20 For every one that doeth evil hateth the light, neither cometh to the light, lest his deeds should be reproved. 21 But he that doeth truth cometh to the light, that his deeds may be made manifest, that they are wrought in God.
Mark 1.15
15 And saying, The time is fulfilled, and the kingdom of God is at hand: repent ye, and believe the gospel.
2 Peter 3:9
The Lord is not slack concerning his promise, as some men count slackness; but is longsuffering to us-ward, not willing that any should perish, but that all should come to repentance.
Hebrews 11:6
6 But without faith it is impossible to please him: for he that cometh to God must believe that he is, and that he is a rewarder of them that diligently seek him.
Jesus
Honestly one reason I have never invested in stocks is so much of the whole thing feels unethical. Like I’m fine spending within my budget and saving money, and being debt free. But that next step of “investing” feels like it domes with a lot of ethical baggage.
But how else you supposed to save for a house or retirement with inflation eating 3-6% of your cash value yearly?
Hey if they are going to gamble the dollar, and therefore my money, I might as well get a seat at the table. If they fire me in the name of shareholders I better be one of those shareholders 😈
There are some "socially responsible" funds out there. You'll have to seek them out, though. My socially responsible fund is doing as well as my husband's more traditional one.
Layoffs should be a last resort. Finding more revenue is always preferable, so cost increases can be absorbed.
It used to be a last resort because:
1. Hiring used to be a bigger pain for companies.
2. It made management look bad.
3. Investors were more interested in increasing profits through growth than through short-sighted unnecessary cost cutting.
This is bad for the workers AND the corporation. They'd make more money and be more successful in the long term if they treated people with real integrity and fostered a loyal team with skill and experience.
The same thing is happening in the dating market. No one is loyal, everyone is trying to trade up and sleep around. But our grandparents, who focused on love and commitment and marriage, got laid WAY more as a result. Instead of swiping on Tinder, Grandpa was at home making babies. So even what you really want is to smash, the correct way to get that is STILL loyalty, integrity, and commitment. If it can be reciprocated...
The problem is the quarterly reporting requirement. Companies used to only report annually. Once they changed the reporting requirements, mass layoffs became the norm.
100% Dave. That’s exactly what happens. This is why the “stock market” is one of the WORST indicators of the economic health of “Main Street” , NOT the best. Coupled w the fact that the indexes only represent a tiny fraction of the number of publicly traded companies and of course ZERO private companies… it’s a silly economic indicator.
Shortsightedness leads to inefficiency in the long term.
It’s greedy but it’s also capitalism. We need some checks and balances to corporations. They will never do the right thing. Not socialism just oversight.
Yes, well-regulated capitalism is the best system.
Socialism just means the people who work in a company also own part of a company and vote on their affairs. Imagine if all the people who get affected from pollution from their own workplace gets to vote on how to regulate it. Or they can vote to keep their business in the area instead of sending it overseas just to make the owner even richer.
Too many people think socialism means government owned property thanks to propaganda by dictators (to justify their control by saying it's not capitalism) and by the ultra-rich (if employees knew they can vote in their affairs, the ownership class will lose power like kings did.)
Why are CEOs paid more than $80k if the ONLY obligation corporations have is to reward shareholders . They keep trying to tell us that about our labor - then apply it to CEOs too. Until the financial ecosystem is SUSTAINABLE!
It's because a CEO has massive impact and responsibility in the company.
While I agree a lot of CEOs and top executives get way too much especially with "bonuses" that could make or break the average ppl beneath them it is also a very very high stress position where you won't sleep much eat well and unless you make profit you get shit on. It takes a lot of work too usually to get to the top of a company. There needs to be a healthy balance. That's how you create a middle class. No one needs hundreds of billions when there are those who can't even get 12k together annually. There is a better way but until we figure it out psh
@@noobslayer10101alot of companies now are allowing special stock options if you work for them. It's a way to actually hold these people accountable and if you are laid off in the name of stock price you can at least cash in those shares before it tanks
@@James-yi1vkThis. Companies are willing to offer their CEOs ludicrous amounts of money because they absolutely must have somebody who can make decisions that are good for the company. When one person can make or break your entire operation, you will pay whatever it takes to attract someone competent.
@@noobslayer10101I don't mind CEOs making more money than me. But I DO mind them getting paid bonuses and whatnot even when the company does poorly or they get fired.
It's not short term thinking if your plan is to do that to a company, jump ship while the stock price is still high and get an even better paying job at a new company, rinse and repeat every few years. The problem is thinking that the people doing this actually care about the company.
Amen. That's why I invest in stock of my company so if they lay me off I at least get a peice of the pie
@@bensheard3969Actually, I've been advised to not have more than 10-20% of your 401k in the company stock. If they tank, so does your 401k. (Think Enron. So many lost their entire 401k as the company encouraged employees to have primarily Enron stock. Very sad, difficult times when the company went under.)
This is one way of growing your income and experience in our modern work culture. It does have its dark side. (For example, do it too often and companies won't want to invest in you; depending on your profession, that may result in lateral pay instead of increasing at a certain point; you have to start over with vacation time/sick leave, although sometimes that can be negotiated, too. Plusses can include that pay raise, moving on to broaden your experience and increase your value to the next company. It's a trade off.) Many companies have made it clear that their loyalty to their employees ends with their most recent pay check, and in turn there is not much loyalty to the company, so perhaps there's less stigma and more benefit to job hopping than there used to be. And sometimes it's about more than money, if you do happen to find a company with a workplace culture/ethic that floats your boat.
This happened to me several times but because I listen to Dave Ramsey and his crew i had nice size emergency fund , car paid off and home so me i just jumped on unemployment and distressed and relaxed for a few months until I found my next job
Once you quit a miserable job that feeling is a high you chase for the rest of your life 😂
Amen! Don't fall for the other side of corporate abuse: spending more money than you have on things you don't need. Becoming dependent on companies for your materialistic social status makes you even more dependent on them for your income. You have to protect your own interests before you can complain about other people protecting theirs.
You aren't paid by how hard you work. You are paid by how hard you are to replace.
I've been saying this for years to anyone who will listen.
I run my own business and make my own luck. I’ll never work for another human being ever again
I hated this most about doing corporate security at one of the biggest tech giants.
I would deny people access after they got fired, then issue them new badges in a few months when they were rehired.
Exactly what every CEO does.
Yeah nah. Exceptions don't make the rules mate, small buisness don't play stock markets, their talking corporations., and corporations have a workforce full of waste. Look at X . 80% unneeded .
Untrue. CEO's of closely held companies generally don't do this because they are the shareholders as well. Not even all CEOs of publicly traded companies do it.
@@jtither4646a good chunk of that unneeded is middle and upper management
I read a manga named Investor Z that criticizes this too. They say people get so caught up in short term profits that they fail to do proper business etiquette and mess up in the long run.
Yet ALL the big companies do it and their stock price keeps going up; year after year, layoff after layoff, quiet-firing after quiet-firing
I disagree with almost everything I hear Dave Ramsey say but this is spot on. Private equity firms use this model to buy businesses, inflate profits, and sell them for more
And what's even more egregious is how every time they do Mass layoffs, the CEO and other execs get MASSIVE pay raises and bonuses. What the heck? 😭
And corporation wonder why the employee work ethic has changed...
Why give 110% to a company that does not value you?
I would never return to a company who fires employees. 2008 I was laid off and left an entire industry, which is now struggling to find qualified people. And that particular company is now a shell of what it used to be.
He's 100% correct. AND... I also heard (via a very reliable source/co-worker) that the company where I worked at years ago had once laid off an entire department.
Next... about 2 weeks later, the company & it's HR reps were present at a local job fair & were hiring to backfill about 90% of those same positions... but, at significantly CHEAPER salaries & with reduced benefits.
One of the recently laid off employees was at that job fair and saw her own job (& other former co-workers jobs) listed there & was furious & confronted the company HR staff.
For giggles I would have handed in my resume to see if they try to rehire 😂
@@charliedallachie3539 Yes, I've seen that... but, usually with poor results. They DO keep records of who was once there earlier.
However, your statement brings up an interesting point and reminds me of an other situation (same employer BTW)...
I knew a gal that had been laid off THREE TIMES at my place of work. Each time, she was hired back... but would end up in another Dept and with different mgt and different job title/duties. She was very smart, professional/personal, great biz savvy and had a great work ethic.
The above proved "hands down" that relationships and hard work, etc. can payoff. HOWEVER... in spite of the above, the company had an unwritten rule'-policy of trying to avoid rehiring old employees... They called it the Yo Yo effect.
Happens a lot here in Britain. There was a large logistics company that was renowned for it.
They won a big contract and took over a food warehouse near me, laid off 150-170 truck drivers, hundreds of warehouse staff etc, then offered them all the same job for 70% of the money.
Most companies who takeover places offer people new contracts, but to lay everyone off is a scum move.
They probably had security guards nearby (like bouncers) to head off any “perceived” problems. I would not be surprised.
I was at a webinar recently, and the guy leading it said, "The most likely effect of a layoff will be a second layoff. The most likely effect of the second layoff will be the third layoff."
Can confirm. Huge layoff in September, and then I got the door in January, less than three months after I started. The other people in my department were already overworked when I started, so.....well, let's just say I pray for them. Not for the management that kicked me.
This is totally one-sided. Why shouldn’t the business get rid of employees if it’s better for their business, when the employees will leave their jobs in a second, if it’s better for them. They should both be free to act in their own self interest. The employee/employer relationship only works if it’s beneficial to both parties. It’s not a welfare system. You shouldn’t stay at your job because you feel sorry for your employer and you’re trying to do them a favor. And the employer shouldn’t keep you on for the same reason.
Corporations do it all the time. And they will deny unemployment also.
As my uncle (who was in business) always told me… every year try to cut your costs somehow. You’ll always find a supplier willing to undercut to get the business. That should be part of every businesses yearly plan. How/where can we cut costs without changing our value proposition.
Corporations were supposed to have the interests of the employees and the community.
Unions used to enforce that.
We need to get corporations and corporate influence out of our government as well. When Republicans granted personhood rights to the corporations they did a disservice to the country that is supposed to be about we the people.
I agree. And this is also why I don’t take the SCOTUS seriously anymore. They are a joke. Why should anyone believe anything they write opinions about anymore? 😂😂
we had 5 large lay offs and now all our customers think we are shutting down and wouldn’t renew contracts
I don’t understand these multi millionaires and billionaires, they always looking for the ways to make more and more money. Where is the end to this???
They just make sure to make us poor so we can work for them forever for generations.
Never chase to increase your stock price.
Work to improve the things your business does.
Stock price and profit is not same for the business in the long term. Only long term solutions are going to make to business grow.
Sounds EXACTLY like BIG TECH! And the more senior you are, the more disposable regardless of value aka productivity. Pawns for the executives not the shareholders and certainly not the employees aka the pawns
There needs to be a rating system of how good a company is to work for. If a company does layoffs it rating goes down so potential employees can decide if they should look elsewhere.
I used to tell my accountant brother in law this all the time. I called him Hatchet Man. We laugh about that all the time. I would say. How is it saving $$ firing/laying off people you now have to find and train again at a massive loss to down time and damaged goods and angry customers used to high quality. Boeing is a prime example..
Serving the golden calf is all some people think about.
Any American paying attention should realize that labor is one of the most in-demand resources in the modern marketplace. Labor makes the rules if labor understands the play.
It’s too late when you learn ‘What goes around, comes around’
The only one who has experience fighting corporate control and is trying to rid the nation of it is RFK. Please research. He is amazing and has real solutions we desperately need
It's not like nobody has been pounding the table about this for decades. 1989 film Roger and Me documents this exactly.
This is great advice! Thanks Dave! I was short on time so I only watched the first 24 seconds though. Gotta go lay off more people!
If you trust people in power and rich people you’re seeing a veneer most of the time and should beware
Amen. Perfectly said.
It’s good to see conservatives catching up to this. The biggest defenders of corporate greed is the reputation party
My company has been following the same approach, and they’re now about two heads short of operational collapse. I’ve already got my team working on their resumes, and am advising them to go get their voluntary redundancy applications in.
Never understood why investors or ceos only look at profit instead of how the profit was made. Cutting labor cost seems to me a shot yourself in the foot play.
Companies seem to always become unethical when they go public.
CEOs shouldn't be allowed to own stock in their own company or companies they are on the board of!
Never be loyal to a company. You are a contractor. Do your work one day at a time.
Also, don’t have anything personal in your office. Be ready to walk out and leave everything
Didn't think I would be hearing Dave Ramsey sound like Bernie Sanders 😂
Yep right before the holidays this year my company told me and my team they are calling our commissions because they payed us too much money this year and it will look bad for their IPO. Then told us how grateful we should be for working for this rocking ship of a company. Don’t get me wrong super grateful to even have a job but that type of logic just blows my mind. It’s like cheating on your spouse and then tel them how lucky they are to be with you for every nice thing you’ve done for them.
A big problem with corporate America was legalizing paying execs with stock options. That led to the mindset of maximizing short-term gain to boost stock prices at the expense of long-term fiscal viability, thus increasing leaders' personal gain. Another is the practice of stock buybacks and reverse splits of company stocks to give the impression to investors that a company is healthier than it is. Little wonder that company leadership has become so risk averse, quick to layoff and cutting corners on product and service quality. Not to mention how innovation has been stifled in the name of consolidating gains
Change the laws. Corporations that do mass lay offs and have profit should pay additional taxes.
Call it recession avoidance tax
Thank you for posting this short video ! -Jen Gable (Justeson)
It’s worse than what he said, to grow profit is also to exploit the public and or rip them off
What's even more perverse? When the company re-advertises your job...overseas...on the same day you and your whole team are laid off.
The problem with corporate America is that America is for the corporations and not the people...
Just happened with my company in the UK. Got bought from an USA company, fired more than 30% of the whole company staff
I love how much Dave Ramsey gives scathing feedback to the people that deserve it. Thank you for holding a higher standard for the stewardship of employers!!!! Besides teaching business owners to be debt free, which is probably the best way to teach anyone to provide low cost goods and services while also providing the best job security for employees, you also just have so much great philosophy on stewardship in general. I love it!
The thing is that they don't care and you know it about theses companies and still go to work there cause there's nothing else out there
Watched it happen first hand. Hack off everyone on the bottom, hack off everyone on the upper tier. I made the cut, but still was like, "I'm not playing this game, i quit."
Good man, thanks for speaking up.