2,800 WORKERS FIRED! (LEAKED AUDIO OF PELOTON'S LAYOFF DISASTER)
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Strapping an iPad to an exercise bike was probably never a good business plan.
It worked as luxury gym equipment but they really needed to keep offline functionality for their products.
That's kind of the problem with the whole model right there. Its a product more expensive than you could buy an iPad and a stationary bike separately... and it can't even do as many things.
You know what is funny is my friend has what he calls his redneck Peleton. It is literally an exercise bike from the 90s sitting in front of a projector hooked up to his laptop in his basement. There are videos of people who recorded them riding their bike with a gopro on their helmet, bike, or whatever on TH-cam. He streams one of those videos when he wants to exercise.
@@claytonbouldin9381 Get that man a few million investment funding and he too could live the dream of starting your own business to run into the ground
There will always be a market for high end products. Think Starbucks. They capitalized on covid and put out a lot of commercials to build the brand. The fact is people will still buy these bikes but only if they keep them in high end light (like big gym contracts and celebrity endorsement)
I remember hearing about some corporate raiders or whatever. People who come in and buy out businesses that are on the brink of bankruptcy. They were asked what is one of the first things they do when they take over and they said they fire the CEO. The interviewer asked why didn't they interview them first before firing them, after all, they could be valuable in helping rebuild the company. The corporate raider people said, "If they were good for the company, we wouldn't be there to buy it."
The richest man in Brazil is a dude that used to do just that: buy struggling companies and turn then around.
He would immediately fire not only the CEO, but all the directors.
@@AmandaVieiraMamaesouCult who is this brazil guy and can he come to the US
Corporate reading end up in the 80s since the advent of contractual poison pills.
@@AmandaVieiraMamaesouCult I can't remember the roles or people, but yeah. Basically that. It was purely that if they were good at their job, then the company would be doing good. I think companies that are failing so bad that they have to lay off a large amount of employees, probably haven't been doing a good enough job to sustain. Aside from a major catastrophe, pandemic, or act god. Obviously there are circumstances beyond anyone's control, but in a general circumstance, yeah. Like the CEO of Peloton should have anticipated a lot and he should be out of a job as well along with other executives.
vista
I got laid-off from 24 hour fitness when they went bankrupt in 2020. I was a successful personal trainer there for 6 years always putting up good to high sales numbers monthly and as part of the firing notice they offered a free 1 year membership as a "thank you" I went to redeem it and the code they gave was "invalid" lol
Wwwoooww.. that’s a double slap in the face
Like some ex texting you “I miss you” just to see if you’re still being strung along so they can say “as a friend”
8:45
Dog in the back paying attention.😂😂🤣😂🤣😂
Oh man that's hilarious
Broooooo that's fucking brutal. Good for you calling them on it.
@@Meowface. Bro has trauma
Giving employees a free 1-year subscription after firing them has to be one of the most disrespectful things ever. That's like Kleenex firing employees and giving them free boxes of tissue. Super insulting.
I know right 🙄
if these employees did their job they wouldnt need to be fired.
And hilarious
@@ashishpatel350 They did do their jobs. The company expanded too quickly and hired too many people in a knee-jerk reaction to a market quirk in the form of the pandemic starting. This isn't the fault of the lower or mid level employees, and blaming them is appalling. Literal victim-blaming, fam. Not cool. 2,800 people are scrambling to find a new job in a less-than-ideal economy, and you're blaming the people who *didn't* make the hiring decisions?
@@hauntedshadowslegacy2826 they took the job. they expanded and didnt make money. so now they are fired. seems to be their fault. or to employees just want to show up to work to collect a welfare check. you must not know what victim blaming is.
If a company says you’re family it means they’re gonna force you to work extra for no extra money 🤷🏻♀️
H&M
Literally family
Don't apply to work there. Family nor any other business is changing for you. They go bankrupt? They do not lose.
You do.
The one year peloton membership was the icing on this cake
For certain! 🤡
It’s a slap in the face!
That cake is a lie.
Taking tips Scotty?
imagine trying to sell people a "subscription" on using a fucking workout bike. oh? you gonna show me workout videos? for riding a bike?
Whoever leaked the audio of the "Project Fuel" consultant meeting deserves an award. But so depressing that the employees reacted with Stockholm Syndrome. Especially the "spite" guy: "I'll show them; I'll worker HARDER and LONGER right up to the day they fire me!"
FUEL = Fcuk up employees lives
@@_baller That's a good one!
Simping never saved anyone
so brainwashed they’ll donate their severance checks back to Peloton lol
project fuel likely means
"those we will burn, to power us forward, thanks ex-family, you're the best pile of ash ive ever fired without notice"
People who say "we're in this together" are the first to bail on you.
Thanks for sharing these things. It is good to see and hear it.
Hahah
ah, the the people on the yachts floating during covid
As soon as I saw they had a retail store in the mall, I knew this company and their product was overpriced and ultimately doomed.
@@sbrazenor2 I mean it was years ago, I didn’t even know the brand name at that point. One of their retail people walked up to my uncle and tried to sell him one. They told him the price and he was pretty much, 😦😐🤣 ‚ ‘no for that price I could buy an exercise bike, a tablet, and still have money for groceries’. Pretty much what he said, and the worker didn’t really know how to respond.
What are you complaining about Josh?
Didn't you hear that the laid off workers all got a free 12-month subscription to the Peloton App?
What else could a newly fired person want? Sheesh...
Wait, didn't they get a Spotify Premium too? They're so generous!
Yeah, so much better than being able to put food on the table. 🙄
🤣🤣
Folks NEVER forget, we are just numbers. A work place will very rarely, if never truly value us. Always put yourself first, work second!
and with that i also suggest keep moving every few years
I laught at the people who act like their work is their life.
100
Yup, you're just a cell on a spreadsheet.
@@8015908 yeah so many people in upper management are ready to move on to the next project without waiting even a day
I've always felt that Peloton was cultish, and the "we don't know the whole story" apologetics makes me feel that I'm right.
Just like Tesla and Apple and all the others. People that buy a "cool" product just to be abused.
Yup, pelotom and pelotom people always have me a weird "Mormon meets scientology" kind of cult vibes
I think it's a scam. It's for lazy people. Who needs a person on TV to motivate them when you have your health provider, family, and friend's to help u through week times. Why waste $400 - $1000 a month on this garbage 🗑
Yeah. A cult for the elite cause middle class and low income earners can't afford this.
These people are not delusional, they're just saying what they believe are expected to say because they fear saying the wrong thing will increase their risk of getting laid off.
Or not getting hired by their next potential employer.
thats because we live in the world of facists, they punish honest behavior.
Why would they have to even say anything? Keep it quiet and do your business.
Exactly! Its not the best idea to turn into Rambo when 💩's hitting the fan all around you.
Correct, keep your comments and personal life out of the workplace, focus on your job and pad up your CV, You never know when nepotism or the buddy network circle will toss you to the curb.
Peloton was notorious for offering fantastic developer salaries. Even they couldn’t believe how much dough they were coughing up. Unsustainable!
I see how it could impact the bottom line I guess, but it didn't say the layoffs / cuts were happening in the software / engineering departments from what I saw, rather the sales and marketing + brick and mortar stores if I remember correctly. Sounds like the sales / ecommerce / marketing business units became bloated due to the leadership's optimistic outlook on the future of the company i.e. continuing to grow revenue, income, etc. higher than 2020/early pandemic levels, they scaled up too quickly and paid the price in those areas.
It was not the dev salaries. The business was overvalued because of the pandemic, they hired too many people too fast and now they have to retrofit. In the end, that was the unsustainable part
@@AmandaVieiraMamaesouCult Exactly, they didn't learn or even plan to scale beyond the scope of the pandemic. Once every customer has bought a bike it's unlikely they'll buy another one anyway, and further profits will come from repairs or selling in bulk to gym owners. Even without the pandemic, their business model was unsustainable from the start.
@@AmandaVieiraMamaesouCult the business definitely scaled up too quickly but there is also some truth about bloated software salaries in many industries.
Developer salaries are crazy right now. I know because I'm a developer. There are way more jobs than talent.
Josh, I wonder if this "leak" was done on purpose to motivate people to do exactly as you suggested: quit! I heard a story of a CEO of a cellphone manufacturer that did just that to save money on severance!
I worked at a company that did this to me. They were even sabotaging my work & made it look like I didn't do as much as I was doing. I stayed & got my severance. Now, I'm trying to start my own company
Qualcomm?
Research in Motion allegedly.
Isn't that a good thing to tip people off? Gives them a longer window to find another job.
@@seinfan9 True, but it's not done in the goodness of the corporation's heart.
I had an opportunity to work for this crash-and-burn company, but I saw this coming and decided against it.
Ah, Peloton, the most expensive coat hanger.
My wife has one of those coat hangers
It’s hard to feel bad for people who drink the koolaid, time after time companies show you that you’re just number.
Do your job, be good at it, but never get too comfortable.
Wise words! But the young folks are too emotional, they want nurturing and mentorships etc, got news for ya, we're all numbers.
No loyalty to a company. Loyal to yourself only…
I remember laughing in amazement when I first discovered the price of Peloton products & services. I thought it would never be successful. Then Covid hit. Peloton was the right product at the right time. They hit a homerun for over a year. Pure insanity. The bike was way overpriced, a good indoor bike is historically worth less than $500. But people were stuck at home and were willing to pay much more because they had limited options. But of course the insanity could not last forever. Gyms opened back up and the days of overpriced stationary bikes are over. Anyone who is surprised is a moron.
I guess we're also gonna see a glut of used Pelotons on Craigslist and FB Marketplace where they'll probably go for cheap since they're not as maintainable as *actual* bikes...
@@rachel_sj Indeed! LOL
@@rachel_sj New job opening: Peloton repair man
@@Helicopterpilot16 Monty Python was prophetic with their Bicycle Repairman Skit
When my colleague was raving about it in 2019 and saying it was amazing because you could see celebrities working out or whatever, I thought she was nuts. Paying that much to see other people exercising??
People should never be attached to a job or company because of things like this.
I had a boomer boss who told me never to have baggage and to always start a new job with a clean slate. I said that response made me concerned about them because one should always have a backup plan no matter what.
Facts
start new job with clean slate? if such is possible, how would one learn anything? in terms of job skills, and better understanding how world, and corporate world really works.
@@Numantino312 this boomer boss had poor coping skills. I said to them 'hope for the best, plan for the worst'. And they still didn't understand
@@citydweller99 sounds like he wasn't in boy scouts!
@@Numantino312 it was a she
You know trouble is brewing when the boss is wearing his corporate fleece vest 🤔
The bezos vest is a power move.
@@JoshuaFluke1 You should do a video on the company PreHired, which is an online sales training bootcamp that is being roasted on LinkedIn right now for their Income Share Agreements causing participants to owe up to $30,000 (which many can’t afford due to not being placed in a job like the program promises). Also, the CEO (Joshua Jordan) is suing ~300 participants.
The original LinkedIn post is by Matthew Provins.
It's easy to put "plants" into the meeting. On the more realistic side, I've known many people who are too damn loyal and naive at their jobs. I've left jobs, and when I'd check back, would hear how things got far worse. But still, people would defend the company dispite terrible treatment. You can't fix some people sadly.
Some sheep will never take the risk of trekking to the next grassland to feed. They'll take whatever crap feed they're getting in the here and now.
It's like what Josh says, people become groomed with terms like "we're family" and don't think they'll be fired (even though they work hard and do well). Perfectly good, hardworking people get fired for things completely out of control. And yeah, unfortunately, many of us have been put through this grooming process of not questioning those higher up. To trust the process. To trust management. Because "we're family. We're in this together:" I can't believe they would have a meeting after to ask people how they felt about the meeting. It is toxic.
Having been through two layoffs at rather larger organizations, what happened here isn't unusual. In one scenario, we were flat-out told in secret there would be layoffs. We even had the consultants onsite. If you see words like "Change Management", be on alert!
Yet, I'm not surprised that the workers were still trying to keep going.
1 - It's hard to find another job.
2 - Management does its best to act like things are normal, when they know it's not.
3 - There's a lot of uncertainty, as if you like where you work, it's natural to want to fix things and make things better.
If you are a good worker, you can survive the layoff. I did that once, but that was actually worse than getting a layoff. The place was broken. Morale was terrible. Again, finding another job is tough. I know people that have sent out thousands of resumes with no career improvement. Maybe one will get a job, but then it's just same unhealthy situation at a different place.
Work is broken.
Is it hard to find another job? I live in a state thats been decimated by the ruling class and jobs are falling from the sky. Now, if they paid you double what your market is then yes, it may be hard to find work.
Work is broken - that's like saying a car thats been sitting in a lake for 20 years needs new brakes. Our government and society are broken and as long as the average American thinks politics is a team sport then it will NEVER get better.
@@andrew8168 Governments always had problems. America has been worse. That's not new. What is fairly new to humanity is sitting in a box for eight hours a day. The office environment is so… yuck… and political too. So much jealousy!
I saw a video recently of how people couldn't get a job in fast food. One of the suggestions from the video was to tailor your resume. Seriously, tailor your resume, for an entry level job?!
That's the big problem with work. There isn't loyalty. If your application doesn't check all the boxes, it's rare that an employer will work with you. Training is rare and the career path is to job hop to get a decent promotion.
I'm also starting to wonder if the job postings are fake. I watched two people apply for a job. Both were highly qualified, but then the job just disappeared.
Maybe other states are hiring, but it's very difficult to relocate for another job. That's risky. Also, employers don't seem to like that. People get confused as to why you might want to leave a state.
I see the news, how there are supposedly so many jobs, and yet so many people I know are job hunting - or retired. 😄
@@PhoticsTV The problem is that HR departments have automated the application process, so it's an algorithm sorting through resumes.
@@Razaiel That's actually one of my concerns. What are they doing with all of that data? When a job mysteriously disappears, does the applicant data disappear with it too? 🤔
@@PhoticsTV Best case scenario? It gets deleted. Worst case scenario? Your personal information is being sold.
When they say “family” is a HUGE red flag 🚩
They act like they’re Dominic Toretto, Lol
If employees are told they’re“family”, then they’re laid off, they should be be allowed to sleep in the spare rooms of your home.
I was looking at a Peloton bike, but was shocked when I saw their business model. 2000 for a bike.. okay. Then $40 dollars a month for thier app? So $480 a year? At least with Amazon, they sell their proprietary devices close to cost and then get you on subscriptions, the insane mark up on both? It's robbery! So many other amazing models that have similar features and you can do a free TH-cam class (with a 11.99 dollar youtube premium account you don't have ads and support creators)
You could spend $999 or $1499 and get a better bike without the software fluff and it will last you a long time.
@@trippybruh1592 yup..
The subscription model doesnt make sense at all even during Covid, you got free videos on youtube
with a $0 ublock origin plugin I also don't have ads
Or just join a complete gym for that monthly price and keep the $2000?
This meeting isn't so much Stockholm Syndrome it's a beauty contest. They've already heard the numbers they know that about 40% of them are going to get canned or 4 out of 10 that means that 6 out of 10 won't get canned. They have also heard that the company's being packaged for sale to Apple, Google or Amazon. They see this as an opportunity to be seen as a positive employee and to keep their job and become an employee at whomever buys them. Look at it this way they have much better odds of getting hired by one of those companies this way than going through their front door and actually applying.
Gone are the days where you could work at a large company until you retire. Now you start at the bottom, do a good job and they keep you there because you do a good job or they fire you because you don't fit into their "culture"
No. They fire u. They find a reason 2 fire u 2 NOT pay u retirement or hell, even unemployment
@@incognitonegress
Thought it worked the other way around. If you quit, they don't have to pay you, so they just do everything in their power to get you to quit, so they don't have to give you a severance package.
$3,000 stationary bikes that need a subscription to benefit from, is probably a bad business model.
LOOL, the 1 year membership really got me :D I`m from eastern Europe and this sort of behaviour is really reminiscent of the transition period here from communism to criminal democracy lol.
So a lot of factories closed all in the span of a few years, I`m talking about hundreds of thousands of people lost their jobs, it was a nightmare.
My uncle was working for a company as an engineer in a factory which made TVs, like old era TVs for the russian market.
When they fired everyone, since they couldnt pay what was owed, they just gave everyone TVs :D
So my uncle had like 17 TVs or some crazy number like this, at the only way to get his money was to sell them, but all the other workers had the same idea, so at one point you could buy shit like TVs, tyres, kitchen appliances and other stuff for very cheap, because thats what everybody had, not money :D
Sounds familiar.
Interesting perspective...
I think a lot of the talk from the call is just people being afraid to speak out. They’re hoping their jobs aren’t on the chopping block so they don’t spread panic.
I literally just got laid off from a small company. They gave me 50% of my PTO and 1 week salary as severance. Executives last year were given 14 weeks severance. There is NO loyalty with companies and you are discarded the moment you’re not needed or their bottom line profit dips. You’re absolutely right, we need to become our own bosses.
My mother worked in a regional bank on a high level position and found out that this bank will be merged ( bought ) by another larger bank and more than 50% of people will be fired. Nobody believed her, they believed the board and CEOs. It's unbelievable what people "chose" to believe despite the FACTS!!! The icing on the cake was my father's company was funded by this regional bank and he would eventually lose his job also and stocks invested over years in this company. He also didn't believe her, and that's how far delusion goes. I needed to lend him money for food later on and utility bills.
The moral of the story is, if there are FACTS supporting you are going to lose your job BELIVE THE FACTS, AND ONLY THE FACTS!!!
I really hope Josh makes more videos on Peloton. This was definitely informative for a lot of folks!
That dude whose voice is in this leaked recording has his head so deep in the sand that he’s sh-tting silica crystals!
And how “nice” of them to be giving out 1-year subscription to people that are getting a pink slip. I’d succinctly tell the company to take their $500 “gift” & shove it where the sun doesn’t shine! Wow! They think they’re doing their ex-employees a huge favour. I think they did this just so they could feel just a little bit better for themselves that they are pulling the rug right from underneath 2,800 people that used to work for them. Nothing feels better than clearing ones’ conscience when you let go 41% of your workforce.
It only "sucks" to be fired if you enjoyed working where you were fired, 7 times out of 10, it's a greatttt time
There aren’t any other channels that I know of that show this type of information. I’ve been watching you for a long time,and I appreciate the awesome job you do on explaining and exposing BS in the work arena. Another great video. Thanks Josh and ✌️
I appreciate that, thanks Troy!
FYI the CEO also got stepped down because of his performance and the disastrous earnings report and guidance they provided.
After earning millions last year yes. He could probably live a decent lifestyle out of the interest on that money alone if he is wise enough
@@rahem027 I just hope he overextended his lifestyle like he overextended the company.
@@rahem027 oh definitely
Ever since that Sex & the City sequel episode where they had Mr. Big die while using a Peloton, things went downhill.
The guy below mentioning "Strapping an iPad to an exercise bike was probably never a good business plan." go hand and hand!
it was since gyms started to reopen, that clip was just the icing on the cake lol
@Laurence Snow you're right, I'm dumb. Woooooooooooshed me. My bad
@@JoshuaFluke1right? People like gyms. I work from home and love it. I like going to the gym to have change of scenery and to separate from my work space with I in the middle of my living room. Peloton was dumasses for thinking people would by the overpriced bikes and subscriptions. 😂😂😂
Dana White threw all Peloton piece’s of equipment from all UFC gyms. Who would think a company that charges $1500 for a stationary bike (plus monthly subscription) would fail in this economy. 🤔
I've leaned this sadly in IT / Infosec. I think it applied to every job. EVERY VP, CEO, HR person will give u same shit. "So glad you're here, we are a family here ""everyone here is so close" the minute they don't like you or they don't have the capital to keep you. Guess what? You're getting canned. They could care less about you situation, bills, Healthcare. It's the Goodluck ✌️ we wish you the best. No matter what, I took it on the chin. Have looked them dead on the eyes shook hands and said thanks and got my things and left. Never stoop to that level. Karma. What comes around goes around.
If you believe in karma/ devine equality etc, you havent experienced much of life brother.
So before March of 2020, I worked for a company that knew that the Peloton model wasn't going to work. This was because in order for it to work, it would have to be in every household in America. Which wasn't going to happen. So this wasn't a surprise, unfortunately.
I think the whole idea is stupid: buy this expensive, clunky, heavy thing when you can an indoor cardio workout for free, or go outside and run in good weather.
@@Seattle-2017 Even a nice commercial treadmill is cheaper.
"So before March of 2020, I worked for a company that *literally knew* that the Peloton model wasn't going to work."
How much money did you/they make shorting them?
@@channul4887 The whole reason for the research was to if they wanted to invest in the company, this was around February 2020. Then other things came about and the discussion of Peloton went to the waste side. So no financial gain was made.
@@katgelinas27 People who "literally know" make money on it, regardless. I call BS.
If employees had bought a ridiculuous amount of put options as soon as they sighted McKinsey in their office, would that be considered insider trading?
Yup
in my country employers complain about lack of employees
and they offer double pay xD then you come to job interview they say they gonna call you and they never do also the pay is a lie
Is your country USA? Sounds exactly like it.
I appreciate you taking time to make this transparent. You point about self employment is well met. Executive salaries should be in this conversation and THEIR jobs should be tied to the company results but that isn't how things work these days. In my view Gen Z is absolutely right in their point of view. They are not lazy. They just don't want to play the game anymore. I wish that conversation were on the table but sadly that is a hot take when it should not be.
Great work man. I subbed just on this content alone.
Welcome!
@@JoshuaFluke1 TY - I can't wait for more content.
I know it's wishful thinking, but I really wish people would come together to boycott these products/services whenever large corporations pull this bs. If it weren't for the people developing the product, and the consumers purchasing said products/services, they would be nowhere. Amazon is a huge proponent in this argument, yet nobody ever wants to stop purchasing from them whenever they treat their employees like garbage (December 2021 tornado at Amazon warehouse in Edwardsville, IL is only one example).
Amen.
I really want to tell you how much I APPRECIATE YOU. I always get myself into trouble because I stand up for those getting a raw deal when I can.
Great video as always!
Would you consider doing a video about the prevalence of gatekeeping information and training on new skills at companies to keep you from advancing in your role or preparing you for promotions, etc?
What's a promotion?
@@ThePrimeMinisterOfTheBlock 😆 yep
Yesssss!!!! I knew 1000% you were going to make a video about this today!!!! I was even about to send you this article to see how you would talk about all the simping and butt-kissing by employees that just got laid off.
During these hard times, only employees can understand the real pain when fired from a job. Tons of bills, loans etc
I’ve been in corporate for 11+ years now n need to get out. Please make a video on how people can start working for themselves or start a business etc. there’s stuff online but more bs than legit info. Much appreciated bro
I was wondering when you'd cover this. I feel so bad for all the affected employees.
Yeah 2800 employees is insane
people are easily manipulated that is why the world we live in is what it is
Greed
I wish kids were educated to be more independent earlier in life [by schools, parents, etc]. Working for yourself is so liberating. I'm not against working for others or companies in general, I just think ppl should have more options.
it's a real problem. our education system is hardwired to produce people who know how to work for others. but it's really difficult to get something going for ones self. best case scenario, one has to learn how to get past their own self.
"Working for yourself is so liberating. I'm not against working for others or companies in general"
Well yeah obviously you are not, because when you're working for yourself you have to have someone working for you. One word: hypocrisy.
@Numantino312
About the education system cranking out employees.... That was all by design!!!!
Andrew Carnegie and JP Morgan were on a board of people who decided what should be taught in public schools way back in 1905. First thing they did was *REMOVE* financial education! They wanted more obedient *WORKERS* not more *COMPETITORS* !!!!
Yes, by design....
@@channul4887
there's no hypocrisy to hiring someone -unless you try to lay the cringe on them that JF talks about.
"you have to have someone working for you. One word: hypocrisy."
Where's your "company family" gonna be when you're sleeping under an overpass?
on their yacht
Do what you do with your actual family..show up to their home unannounced and ask them if you can stay "a couple days until you can get back on your feet". Remember its only awkward the first 30 seconds.
Lol I can't believe someone is trying to simp for the company on behalf of somebody else that is losing their job.
I always have the feeling that when people are simping so hard that they dont really have any skills and occupy some kind of bullshit-job in middle-mgmt
When they bring people in to fix the company = management consultants
"We're a family!" OK, then the CEO can write me into their will.
I got a friend that's been hit hard by Peloton stock. They wouldn't stop going on about how great of a company they were but he's an idiot. They sell home gym equipment. THAT'S IT! The only question you need to ask to determine if they are a decent investment prospect is: how valuable is their brand? Not very in my opinion. Most people won't pay for WAY more expensive equipment simply because of the brand and everyone knows that paying subscriptions drains the wallet so a lot of customers don't sign up for it or jump on & off. Hyped up pandemic company. Nothing more.
man i love your Channel! please PLEASE keep posting! Its nice to hear someone Speaking the Corporate Truth!
Well Nate Diaz said it best.." i Aint suprised mouther fer".. ive done tech support for a bit ive seen the shiesty stuff of corporate but some how ppl dont believe it.. keep these videos coming...
Thank you for all that you do bro.
Investments in fast growing tech companies can pay off if you average in long term. BUT the important part is FAST GROWING! They are not. They had a spike in demand from the pandemic but now everyone that had space and wanted equipment already has it. They've get very little market left to target. There's no way their stock will ever return to the level it was at.
even if you are part of special circle, when there is a generation change where the child of the ceo takes the reign, if they don't like you, you will be gone quick.
I love that people send these to you. I've been through this twice; those closure/acquisition/merger announcements via email are HORRIBLE. I start looking for a new jobright away but I stay there helping them close and transfer property because of the health insurance. Always landed a higher-paying position (except when I got my Fed job).
They say this will save the company $800 million, which is over $285k/employee in compensation. Seems like they inflated the savings. Moved a former CFO into the CEO spot, that never works out well.
why would they move the cfo?
I always wondered...when the company beats the revenue and profit estimates, it's because of the "dynamic CXOs visionary management"...but when something gets screwed up, it's because of the employees.....it's like they're saying "Heads I win, Tails you lose'. BTW great job decoding the corporate BS 😀Keep them coming.
Bro!! You know what is ironic! Soon as I clicked onto you're video a peloton AD started in the beginning.. that's so coincidentally out of nowhere.. Ha!! Great work you do btw Josh I've been down the rabbit hole going through all you're videos again. I really appreciate the amount of back story and research you do for the Content.
This video reminded me of a past company I worked for. When I joined they asked me to pick up a company t-shirt and to have a polaroid-style photo made to place it in a wall at the entrance. I "forgot" about it because I do not want to be treated like a member of some sort of extended family.
I am not a mean or unfriendly person, but I want to have true work/life balance. And wouldn´t you know, a year later when the company had money problems I was let go without warning and by the back door. So much for family.
One of the main issues with the people on that coping conference call is they still think they have any control over their situation other than looking for another job. Naive people tend to think that they still live in a fair world where "hard work" will be noticed and will be rewarded. They still have no clue that the only thing that matters to the CEO types are the bottom line. If you can be replaced for a cheaper alternative, it doesn't matter how many TPS reports you filed, you are out. All the simping, coping, "spite-working", linkedn posting, inspirational facebook posting, hustle video watching, getting up at 4 AM, and completed years in college will save you from being cut just like anyone else. Treat these companies the same way they treat you. Make them replaceable. Don't lose yourself in your work. You are a human being, not a tool to make shareholders more money.
Is that McKinsey and company in NYC? All the employees are privileged top school name alum, they get hired right out of college
Peloton is failing yet Huffy is still around making money. Be more like Huffy!
OMG I was waiting for @josh to talk about this!
I have been in meetings like this before. The people who is speaking is all hand pick. Its always the one’s trying to be managers who are picked to ask questions.
Peloton is a weird company, I interviewed with them, and everyone there has accelerated titles, like there's senior managers who are like 27, directors in their 30s, they get promoted every year, most if not all companies are not like that at all, but I guess it was like that cuz clearly the executives take the company as a joke, there's no one in their 20s who is manager capable let alone senior manager lol...stop
That guy was the king of all simps :) I have been through a lot of this crap and I have one of those startup crazy dudes trying to convince me to jump for a almost 35% cut only to hand me less than .5% for my salary compensation in 5 years . I gave him what my salary with benefits is worth in 5 years plus the risk factor and when he saw I’m not a simp he backed off. If I will be putting time it will be on my own business not to make someone else rich and famous
They always say there is light at the end of the tunnel but it turns out to be the light coming from an incoming subway train 🚇
A company I worked for brought in people to save money and two weeks later lots of people got laid off. That's how they do it.
Thanks for sharing this! Sad to see Peleton join the growing list of shady companies I would never support or work for.
Never let a job refer to you as a family
I just play along with that nonsense for like the first 2-4 months until I set my foot on the other side of the line; My side of the line. Looking out for myself and few of those who are super nice & cool with me and are fully acknowledged of the game. Once, I see the signs of future firings or myself being targeted to get fired, I'm looking for another job and playing along at the current.
When McKenzie consultants get involved, you know some interesting shit is gonna happen.
Your videos are so entertaining and I really "vibe" with your arguments. If you re-enact some of these situations (perhaps get some of your friends together to do a parody skit) for a select few of your videos, it would be so funny.
The brainwash of corporate is real! Yeap, this is normal here. I was consider a top performer, every month getting praised by my supervisors. Then after the revenue presentation in January, I got the news with other 3,000 employees that we were laid off effective March 2021. I took 7 months of vacation to detox of all the brainwash. Started another job with the competition and is the same shit.😂 But this time I have experience with their BS! Saving money to get other 7 months of vacay.
I love your videos
Because you say it as it is!
I respect that.
Josh, great video, i was one of 3000 ppl let go from a railroad company during a merger. what you said was so very true. It's the lies the manipulation the double talk. Well done. Also i was unsubed recently. Have your users check to make sure they weren't unsubscribed.
Pelaton is trying to reap the capial value of calling itself a tech company. They're not a tech company they are a maker of excersize equipment. As an aside
I’m stealing this analogy from another content creator I follow. Most people are no more than NPCs. I wish it wasn’t the case but its true.
I knew you'd pick up this story :-) Thank you
Peloton finally found out riding a stationary bike in your living room is still boring AF 👌
They all got a free Peleton subscription as a severence...
This reminds me of corporate law firms back in the 2008 recession... they had to fire a lot of associates but they wouldn't own up to the fact that it was because the firms were struggling financially... instead they blamed it on associate performance. Screw that.
Simple: This is all bias. 80% of drivers think they are in the top 50% of all drivers. It is impossible, but it is how the human mind works. To look at the truth of the situation and say it is quite possible you are on the chopping block is what people will call depression. You need blind, forced optimism at all times in order to be considered "healthy" and rational thought on your place in the world is discouraged. The only thing the company did not want is for their bad workers to scare off the good ones.
You know you're in trouble when you're called to a company meeting to meet the new boss, and he has an unnatural orange tan, smiles and introduces himself then says he has golf game and leaves.
To think that I can just roll my bike out the door and ride it for free.
C'mon everybody! Let's get Joshua Fluke to 1M subscribers. We're more than halfway there.
Have you ever considered that these people ARE currently looking for another job and are just saying all this to look friendly as they plan their escape plan? That's a much smarter strategy than calling them out while you still rely on them
I want to believe, but apparently I'm wrong and some people really are like this.
They seem to be overcompensating in that case. No need to start with the oral gratuities when they're on the firing line
Fortunately if I get the boot, I can finally take the time off for myself. Plus I'll have more time to watch Josh.
These ceo and executives are like politicians telling bunch of lies. Be loyal to yourselves rather then company. Just try to do best at work, be ethical, contribute, enhance skill and move to another boat if there are right opportunities.