CEO FIRES 900 WORKERS BY ZOOM CALL! ( Better.com ) |
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Some interesting finds!
SEC Filings show the CEO Vishal Garg paid himself a bonus of $25 million dollars in 2020. The CFO Kevin Ryan bumped his base salary from $156k to $1 million dollars effective April 15th 2021, with the possibility to get double that as a bonus. The market doesn't seem like it was that bad in 2020 at least.
imgur.com/a/SRzRVHw
Page 322 and page 330 respectively - www.sec.gov/Archives/edgar/data/0001835856/000119312521235147/d154116ds4.htm
Because in financial terms , to increase the revenue and protect their equity, a CFO, or a CEO, needs to fire people to "reduce human cost" , they sucks... In my country that is illegal, and if that happened the unions can stop the entire country in all the industries and the CEO could go to jail.
Unions are necessary to protect people from that jerks.
Oh, for God's sake, he's the CEO. What are you now? A socialist??
Maybe that's why he has a picture of himself crying. :D
@@jshanker2005 $25 mil bonus on top of a $1mil+ salary and he definitely gets equity too. Does that compensation accurately reflect his value? Of course not. Bitching about a CEO's salary does not make you a socialist. Are you the man?
The second I realized that nobody gives a fuck about me except for me, is the second I started making some actual money.
“Where do you see yourself in five years?”
Probably laid off via a Zoom call.
Now THAT'S a good one! After the great recession, that question always made me cringe, and it took me days to think of an answer other than: "Someplace else".
I hate those bullshit questions. And people justifying it "they just want to know you won't leave the company and are loyal". Well, from what I know, people who stay loyal and do what they're told still get laid off. Those interview questions are cringe.
* spits pepsi all over the screen *
baahahahahaha
LOL
🤣🤣🤣
Ofc. If you work in an office of DEI, you are the first to go. And rightfully so. You don't do much of anything of value.
My step-father gave me the best advice I have ever received. He is a underground miner. He said, "you don't work at a company, you are selling a service. You are a small business contracted with your employer." Every interaction with your employer is a business deal.
Wise words. I'll always keep this in mind.
Excellent advice.
Smart man my father said there is no friends in business if you get in the way of someone and their pay check your head will be on the chopping block. Get what you can out of a business and move on.
Companies want good slaves who are married/have kids. After about 20 years working, I'll tell young people you should not have any loyalty to any organization, they will turn on you in a second when its convenient and fire/replace you. Also to ensure no slavery, young people dont get married and dont get a girl pregnant, make sure she takes the birth control pill daily in front of you and both wear protection. You will just condemn your new child to increasing poverty and freedomless slavery and these control/money/job trends worsen. Promote this idea in videos and social media to help prevent more young people into this new slavery.
@@rejectionistmanifesto8836 someone knows about these slave traps the system creates
Termination: Effective immediately
Resignation: Need to render a 2 weeks notice
Lmao
I wish i would.
You are not required to submit 2 weeks its just a "courtesy"
@@cclark2021 n if ur leaving that immediate, WHY n the world would u consider ur abuser? Giv them the same courtesy...
I quit on a phone call working n insurance b4. Just put the receiver down, boxed my things...rolled them n my chair 2 the front n had my guy pick me up. Never felt better. Well, til i left him as well 8months later!!!!
#ImOutEffectivelyImmediately
✌🏽✌🏽✌🏽✌🏽✌🏽🙏🏽
@@incognitonegress3453 I just Said it was a "courtesy" nothing more nothing less. I think most people understood the quotations...
I remember when my boss told me I was Fired effective at that moment I said “okay,” and deleted everything off my computer (it was mine) and then 5 min later wanted the sales numbers I had and said “they are gone you told me I was fired so I didn’t keep them” those numbers set them back months
Nice!
Wow
We love a vengeful employee
Love ya
Should have written on linkdin n Glassdoor about the company
Damn that was satisfying to read haha
Next time you have to do that, do a DoD hard drive sweep so it can't ever be recovered, lol.
😂😂😂
These are the same CEOs who get angry if you happen to work two remote jobs at once. And they wonder why we do it. Exactly because of this.
Yes!
There's articles online about CEOs having a personality called "the dark triad." He fits the mold.
Wonder how many of the Tesla and SpaceX employees that can work two jobs
@@businesscat4435 not dark triad, but probably sociopathy
Sociopathy is essential for positions of power in this sick society.
Especially for political and business based positions.
Excellent point
Reminds me in late 2020, I was working in a gigantic multinational pharma company. During the pandemic they made 10x the annual revenues (TEN freaking TIMES) in just one year during the pandemic. Guess what? The CEO and OM still used every single excuse to blame the operation teams for not working good enough. Cut the team's salary by 50% because the market and corona (dah!)!!!! Then by october they fired 50% of the team and squeezed the life out of the remaining teams (who are working on 50% salary and 200% work load) ...
The story had a good ending though... by the beginning of 2021, most of the remaining resigned. That totally paralyzed the operation, adding salt to the injury, borders were closed and he couldn't recruit to compensate... they lost series of hundreds of millions of dollars tenders.... karma is adorable!
Wow dude I am cynical enough when it comes to corporations but hearing stories like this just makes my blood boil, this people are not human how the fuck can they be so soulless.
@@mgarcia the world of corporations doesn't recognize souls or human or whatever. Only one thing...MONEY.
That's large corporates for you. Always looking for reasons to cut overheads. Amazing thing is that on another video on TH-cam regarding this issue, most people in the comments blamed the staff for being lazy.
Good
I believe that is the only reason they change CEO's every few years. In order to have an excuse to restructure the company and fire people.
Sure am glad he was strong enough to fire all those people without crying this time. SO STRONG SO BRAVE.
Sounds familiar to stunning and brave
much wow
@K L he said they are terminated.
Wiping his tears with 750mil$ poor dude...
they would have been crocodile tears.
Josh - My fave part - Companies just exit people instantly, but when people choose to quit/leave employers who falsely advertise the job, we're put on the defense for "why did you change jobs so often" - Maybe because companies have NORMALIZED lying to people?!
Theory - The school system tries to normalize compliance and abuse, so that way, when these kids get out of college, to them, an abusive company is then "Normal" and this is why you have so many with stockholm syndrome defending their abusers on Linked in.
truest words ever said lol
Linkedin is nothing more than HR and Recruitment agencies platform these days. Its been hijacked completely by authoritarians and as you rightfully say, those with a serious case of stockholm syndrome.
The school system (pre uni) was made to produce good factory workers
An honest resume from me (the closest I've ever gotten to perfection was my resume) looks like I'm the least dependable guy on the planet. I once did a practice interview with a friend who worked in HR just to lay it all out:
1) So, your first job was doing factory work in Indiana? Actually, my FIRST job was the lawn care and snow removal company I formed myself when I was 14 but legally I can't claim that.
2) After four years, some in manufacturing, some in shipping, and nearly three in Quality, all with the same company, you were laid off? Yes, because I had a supervisor who hated that I said no to her while in Quality so she tried to run me out of the company. We laid off the bottom 25% of the payroll when our main customer reduced their demand by 80%.
3) Then you delivered pizza for Dominos? Yes, and after only three months I was promoted to assistant manager. I was in a car accident and lost my license for 6 months and company policy is that you cannot work for them in ANY capacity with a suspended license.
And it goes on like that. Get a job, not even a good job, just something to stay afloat, and either the company folds or I do my job so well that a superior tries to have me thrown out. To write a resume that explained all the details would be like writing War and Peace and no HR person would ever read it all the way through. So here I am, stuck at 55, unemployable because everyone thinks that all I want is to put in ten years and then retire.
@@Comicsluvr i am going through something similar...was laid off from the last job on my resume, next job after I was fired without cause but with severance pay 4 months in after the dept manager finished their vacation, can't really put that on my resume, next job i quit after 2 months because the owner lied about what my job actually was, and was drastically under paying for my work, next job same thing but with a corporation. Then my last job I was fired without cause with severance because I pointed out to hr the general manager was stealing from employees. I am now homeless, and the main question potential employers have is "why is there a 3 year gap in your resume", and I hate the phrase "competitive compensation "competitive for who?.
I am a teacher and I agree that the education system is set up from the top down to teach complacency. I left public education and teach privately and at a college. Colleges are rife with their own systemic problems, but thinking still happens there. In addition to teaching I do independent contract work. Won't have it any other way now. A "company man" can easily be a slippery slope into being a modern peasant to a neo-feudal corporate tyrant.
As an IT guy who has to process terminations regularly, I panicked at the "effective immediately " clause.
But if you quit you better put in that two weeks. It's the right thing to do.
@@mrfriend722 in my country it's illegal to give less than a month's notice, for both sides.
Honestly, THAT's the right thing to do.
By the government, to protect employers and employees.
@@Nerobyrne what country?
@@asadb1990 I guess some european. In Austria/Germany the same rules apply for employees as also for employer. I got fired once because the boss bought a new Lambo and then did not have enough money to pay salary because he fucked up some deals. they gave me 2 month notice. Unfortunately, I got sick for 2 months .
@@corsax6067 oh that sucks. only once i got a full 2 weeks notice before being laid off after only 2.5months. i just came into work every day until it was time to leave to collect my final paycheck. i kept pushing any work to the last day and allow pushed off any work that was gonna take too long. i moved quite a ways for this job and by the second month, all joy for the job was dead. it was an internship where they were gonna train me and in reality it should have taken 4 months to get up to speed but they didn't put in the effort so i did the same. fast forward 10 years later, my last 2 jobs i worked for large companies both trained me for months before i got up to speed. both companies told me in performance review it can often take a year to get up to speed.
I'm a small business owner. I realized this BS when I was 19yrs old. I'm now 36 and my own boss. I might not be a millionaire or even make 6 figures, but I'm happy! My wife and 6sons are taken care of. Be smart people, most companies don't care about you as a person and never will!
Please how to contact you
@@digima3972 regarding?
Amen
If you're a small business owner, like myself; it's a quid pro quo...The days of employees sacrificing their free time for the company went out with Time cards... So, why should I care about them? Employees today are self entitled self centered lazy zilches (generally; exceptions don't disprove the rule)...This country has been in a downward spiral, Industrially speaking, since the 70's...I've seen it all first hand...
@ROB-IN-PHILLY I agree and will add that a portion of the reasons I started my company. I NEVER approached a job assuming the company will care about me. However, don't bullshit me or expect me to do 5 people's worth of work in the same 8hrs without extra benefits. I bust my ass because I have personal pride, but I expect compensation equal to the work I'm outputting. On the other hand I watched individuals complain in a morning meeting that our supervisor wasn't complimenting them enough on doing the work they were hired to do. It's a double bladed sword, so I decided to remove myself from the BS.
Just remember guys, loyalty! You can take comfort in knowing the people at the top who can't run the company will be keeping their jobs though. Happy holidays!
Indian CEOs are known to lay people off and run companies into the ground.
@@businesscat4435 yup. It’s fucking ridiculous
Corporations are perfectly balanced with no exploits!
Companies want good slaves who are married/have kids. After about 20 years working, I'll tell young people you should not have any loyalty to any organization, they will turn on you in a second when its convenient and fire/replace you. Also to ensure no slavery, young people dont get married and dont get a girl pregnant, make sure she takes the birth control pill daily in front of you and both wear protection. You will just condemn your new child to increasing poverty and freedomless slavery and these control/money/job trends worsen. Promote this idea in videos and social media to help prevent more young people into this new slavery.
@@Nerobyrne is that a spiffing brit reference?
I had a similar experience. My company announced on a all hands call that they were phasing out the Data department. So I immediately started looking for another job. When announced my resignation the COO tried to call me unprofessional and that the company cares about me and would find me a "spot". I said that the unprofessional thing is that the CEO announced the termination of my department without talking to me before the all hands call.
@@Skank_and_Gutterboy no, its a lot worse than that. you get stuck in the basement and then they eventually take your stapler.
Good to always remember that at-will employment law doesn't just apply to employers, though. In at-will employment states, employees can also quit their jobs or go on strike without having to provide an explanation. All 50 states in the U.S. and Washington, D.C. are at-will employment states. There are exceptions but those don't apply to employees quitting from what I have read.
Just lost my new job via zoom on 11/18...as they were firing me they said "We wish you the best, the job market is hot." Smh you can't make this ish up bro.
The job market is dead until February. What aholes!
If the job market was "hot" that would of meant the economy would of been in an expansion cycle and they would of been growing and needing you and not downsizing you and your job.
If the job market is hot, then the economy is hot. If you're laying people off in a hot economy, either your business model is shit, or you're hoarding all the money, or both.
Lmao yeah right, I just got a job after looking for months these mfrs lie through their teeth
The BBC is hammering this story, I can guarantee they haven’t contacted you Josh. Even though you’re the one that broke this story and did all the investigative journalism the BBC were supposed to do.
Well, it is the BBC, so what else would you expect?
"You are part of the unlucky group." He clearly doesn't give a damn about anyone but himself.
CEO should have said...'YOU'RE part of the LUCKY group.'
Narcissists ahoy!
People like Josh are needed. There are too many people out there that hold their heads down even when they hold the power to do something. I'm starting to see more people like him rising, and I couldn't be more grateful.
Thanks for everything you do.
Rickey - I wish that kids in colleges could see this - "This is your future, maybe you should go back to loving your family MORE than corporations..."
@@07wrxtr1 I completely agree. People take abuse, get thrown away, and then are expected to be grateful for getting behind on bills. I thought contributing to society meant giving something we all benefit from not these heartless "elite" guys. Sorry for the mini-rant.
I agree he’s needed, I’ve been on both sides of the conversation he is talking about. Two things though, what’s his alternative for people who can’t risk it all on a TH-cam channel? Not everyone can work for themselves. And, I don’t think he understands how recruitment works, often people get paid more by going through recruiters, good recruitment firms and consultants, factor that into their fee which is charged to the employer not the employee.
Rickey whats needed are more people to rise up to a55hole ceos, directors, managers who create a corporate culture that stinks all the way down into that dimly lit toxic working environment known as 'the office'. Its in these decrepit places where you will be out numbered, and often over powered and controlled by what I term as 'office manager minions' , these are the fools who will leap at the chance of getting you fired if they could. We can watch Joshua's youtube videos and post comments till the cows come home, but what we all REALLY need to start doing is naming and shaming ceos, directors, managers and companies.
@@The-Great-Brindian I completely agree. It's crazy how low people go on office work. They believe they can become the next boss. I wonder how long it takes for them to realize they are on a hamster wheel.
Thank you man for fighting this cancer work culture crap.
I love the younger generation. We used to put up with this crap when I was younger. Keep up the good work and get these big corporations aware that they do not NEED all that frickin money. We love companies that really take care of their workers.
Yeah I'm in college starting to see josh's video and you are right. I don't think I can go through the corporate culture. Thinking of starting a business tbh
I love the employee reaction alongside the video. Trashy startups HIRE FAST and FIRE FASTER. Absolute 🤡ery.
I'm almost 60 years old. Lifetime blue-collar worker. Yes, technically a dreaded "boomer." I just discovered you today. Everything you are saying in these videos is 100% spot on. I have three uni-grad children your age, and I have preached to them pretty much exactly as you are saying in these videos. The sooner one learns these lessons, the better off one will be.
You may be older but don't group yourself in with the worst people. Being of that generation doesn't make you dreaded. We're happy to have you
I have found that ble collar boomers are more grounded than those in middle and upper management positions, good on you for trying to teach your grand kids.
He couldn't even clean up his desk to look professional while firing us. A clown.
Fun fact:
When a politician says "our democracy" they are not talking about you. They mean "their" democracy.
"The market" means two different things to the company getting millions in bailout and to the employees being laid off.
Every word has two meanings.
War is peace. Freedom is slavery.
Who is John Gault?
An Atlas shrugged reference 😳
The core thing that makes the CEO's delivery here super ingenuine is likely because of the constant facade businesses create that you're more than just an employee. If he were frank about what the real relationship is, I doubt anyone involved would have an issue.
I was on this call. It felt like I was on punkd.
Employees are mercenaries, basically
I wonder if he got any pandemic gov money to keep his employees?
Companies want good slaves who are married/have kids. After about 20 years working, I'll tell young people you should not have any loyalty to any organization, they will turn on you in a second when its convenient and fire/replace you. Also to ensure no slavery, young people dont get married and dont get a girl pregnant, make sure she takes the birth control pill daily in front of you and both wear protection. You will just condemn your new child to increasing poverty and freedomless slavery and these control/money/job trends worsen. Promote this idea in videos and social media to help prevent more young people into this new slavery.
@@rejectionistmanifesto8836 I testify to the truth, freedom, empowerment, and horror these words wield.
I remember working as an intern in a company that was the most toxic place Ive ever been. I won't go too into details in other cases of toxicity I observed since Im sure the one I tell you will be enough. We had a female engineer in production (the dept I was interning in) who was a bit far into her pregnancy and was still showing up everyday and working as much as she could. One day she walks into the office and sits down on her chair, to catch her breath and HOD barges in. He goes all "Your line is doing terrible, 5 orders pending, outputs low blah blah blah". Its not even her fault her orders are pending btw. He fully well knows that the supply was short. She couldn't have finished products if she tried. But he goes on anyways. Shes probably had enough at one point. She throws away her steel toe boots, shouts "fuck you and your company, Im done" and walks away lol. He comes back later to say, he was going to fire her anyways. The entire staff of production, including the operators and engineers quit that week. Last I heard the company closed its regional production office in my country and only does sales and services for imported products. You treat some of your employees like shit, others gonna take note too.
Good actions done by employees.
If you see your Manager/CEO yelling at a pregnant woman, you're gonna get it more worse.
When the private jet and Yacht bundle you've been eyeballing for months finally goes on a flash sale and your company just got a $750m cash injection.
I got fired from my remote job a week ago. This hits home. I was upset because they did it right before Thanksgiving and at the end of the month. So the bonus I was supposed to get was voided and I loss 2 days of pay.
I will never work again. I'm done. I will create my own livelihood.
Sorry to hear that. Its not a good period to lose a job. Just stay strong. You got this.
Wondering how things turned out for you
This happened to me at a Fitness Tech company I worked for. They cut off all of our Slack channels, threw half of us into one Zoom and the rest in another. Those of us in the first Zoom got the chop with one of the CEO's sidekicks crying and saying "It was so hard for her to do this...but we just lost a million dollars in a week" but then had the balls to say "at least you can keep your company laptops..." 🙄 Oh gee thanks, I would have rather kept my job.
It was hard but definitely a life lesson to never drink the koolaid and look at a company I work for as "a family".
Peleton right? 😂
@@vp3179 Close but not quite.
Meritocracy is crap. 80% of management is not needed. They are micro managers there to piss off the work force. Ultimately, corporations will run normally without the 80% of management
Serious cringe @ those companies who hijack the 'family' word and associate it with their company name. May we ask you, what was the name of this 'Fitness Tech Company' you worked for ? Or is the pain just too fresh and unbearable at this moment in wanting to bring their name up ? its okay you don't have to if you don't want to. Also how much RAM is in that laptop and are you looking to sell it ?
@@Skank_and_Gutterboy hahaha
Their is no “mission” for that company.
You use soldiers to accomplish a mission and you don’t let soldiers go to save a buck.
Corporate America makes me sick
@@ahmataevo good point.
I should edit my comment to-
The whole American system makes me sick.
The military absolutely does let people go, just not abruptly.
Every year they have a quota for how many people to hire for each role, and if you don't make the cut when your contract expires, they won't keep you.
My manager made me fire someone once, I said I don't agree with your desicion and feel uncomfortable doing it. I called HR to tell them that I couldn't do it then they basically threatened my job and called me weak for even contemplating not carrying it out. I was crying and upset so my manager who is the one who made the desicion to fire her the weak one who put it on me to do so kindly said ill be with you then i said you can do the talking because you made the desicion. She called me weak. A few months later I just walked out of work and never came back because i refused to tolerate this abusive behaviour any longer. After I left HR treated me like shit harassing me. Moral of the story ...never trust HR and never tolerate abuse from your manager.
HR is not to help the employees it's to protect the business, fk HR.
HR is supposed to handle the firing of people.
@@nerychristian he wanted to do it himself so he can be smirk about it, it back fired.
H.R
Are an evil extension of any company, brown nosers!
Imaging having to tell your family around the Christmas table you got let go right before on a Zoom call lmao
I have no pity for people dumb enough to have kids in the US
@@businesscat4435 how does that relate to anything abt the firing of these people?
@@businesscat4435 because when the going gets tough.... discontinue our bloodline?
@@charles9571 yes absolutely thats what a sane person should do, not the breeding rats 🤷♂️
@@georgecarpenter5902 by all means, take your own advice.
That's kind of layoff sucks. I've had that happen to me before. I've never been a corporate simp, but I expect that layoffs happen if you stick around at a company long enough. Being an employee is business. That means you build value for your employer, but always have a side hustle and preparation to find a new employer as soon as a better opportunity arises. I've enjoyed all of my employers, and I typically stick around for awhile to build my skills. However, an employer really should be looked at as one of your clients. You're doing work for them until they no longer need you. When you understand that, you understand that you're always supposed to keep an eye out for new clients to do work for. The idea of working at a place for 40 years has been dead for awhile
A former employer get rid of me and while I was searching for new jobs, I found a job post by them for my same position (same job description essentially but with a "lower ranking" title) but for about 2/3 of the salary. I ended up taking legal action against them since I was over 40 and they were clearly trying to replace me with someone younger. I ended up winning a settlement several months later after I had already taken a new job that also turned out to be a mistake since those pricks ended up eliminating my position back in October of this year. I saw in the news yesterday that that company's president/COO was recently promoted to CEO. So that bastard gets a raise while people got let do during the pandemic. Disgusting.
ohh I wish you could name it so I can boycot it...
Please do so I can avoid them and tell others to avoid them as well.
No justice in this world, man. And yes, name them.
Name the company
don't think he should name the company name, this could backfire big time
Well said, brother. As an Indian, I am embarrassed by his behaviour. This is the behaviour we find in street IT outfit in India. your channel is awesome.
Something similar happened in a company I worked for a couple of years back. I wasn't one of the unlucky ones, but basically what happened was they went door to door and singled out people for "execution". Now, in my country you cannot fire and re-hire, you have to wait about 6 months and they were ok with that. However, what they didn't take into account was that this kind of news spreads quickly around here and soon after nobody wanted to work for them. They tried to re-hire later on but people simply wouldn't come. The company proceeded to go bankrupt. I left before that happened. Ripperino
They must think people are idiots and will work for a company prone to layoffs. Employers forget we’re only there for the money.
That's poetic justice. We need more of that, so shit companies and CEOs like the one in this post REALLY have something to cry about.
@@Seattle-2017 tech companies always has India and Chynuh to prolong the pain
@@cpK054L They wont have China for much longer.
As a manager myself, your videos help me ensure my employees are happy and what really matters. I hope to never be as out of touch at this dude.
The fired employee's reaction was everything, it was spot on! These employers don't care it's fantastic the employees are recording these heartless employer actions..we know you care Josh, keep doing what you do, it's necessary ... til your next one..
The $750 million was probably a bailout and had terms attached. One of them is usually "revenue per headcount". The revenue was likely too low per employee, so axe a bunch of employees to bring the revenue in line. If they didn't, it's likely they wouldn't have received the financing round, and would have ended up worse. Or who knows, maybe his performance bonus was based on "revenue per headcount". They likely don't want to release that information, because they don't want the investment public to know that the company is on shakey ground. They're probably bleeding a lot of cash, and the SPAC will try to dump the poop-potatoe by going public.
Exactly!
Thanks for explaining how this works, and insight to how these companies operate.
that's all well and good, but you're missing the main point.
the point is: of that $750 million he must have taken a huge chunk, and his job safety is never in doubt
so the take away is don't buy into that "we're a family" bs CEOs feed you, when things get tough you're out on the streets and they are living it up.
Basically its fire everyone or 25%, well better to fire 25% less productive, but yeah we don't know for sure, when we talk about cash CONTEXT MATTERS
@@NeganLucilleForever cash infusions are usually a bailout to an underwater company not a bonus to executives
I think you're absolutely right, and this has become a way companies avoid annual pay bumps altogether.
Companies want good slaves who are married/have kids. After about 20 years working, I'll tell young people you should not have any loyalty to any organization, they will turn on you in a second when its convenient and fire/replace you. Also to ensure no slavery, young people dont get married and dont get a girl pregnant, make sure she takes the birth control pill daily in front of you and both wear protection. You will just condemn your new child to increasing poverty and freedomless slavery and these control/money/job trends worsen. Promote this idea in videos and social media to help prevent more young people into this new slavery.
@@rejectionistmanifesto8836 I 100% agree. I am not married, and even honestly these days.. relationships feel like slavery. Its a lose lose situation. I want to be loved and love someone but it seems like I am only worth whatever i provide to someone else. Ive never had a girl actually genuinely care about me and want to be with me..
why on earth would i want to help create a child to go through this fucked up world?
100% agree there is an overabundance of qualified college grads that didn't exist in the past. A business will only pay you what your worth.
@@xFersureMatt young man just be free, date, and make sure to use extra protection. The world now is not fit for good hearted people and the innocent children bought to this world are facing a terrible future. I say from experience as older and having a family. I feel bad for the innocent children and young people who dont realize what the current trajectory is.
@@TheCpj1976 this has nothing to do with whatever you just said... If the market allows for cheaper labor then companies will hire cheaper labor period.. Either make yourself too valuable to fire or find another job Period..
I got fired from Dell back when I was 19.
Best experience in my life.
The second time in his career you've got to be kidding
Maybe he's the problem then lol
In the UK, firing and rehiring the same job breaches the Employment Act. You just cannot do it. Alas, the US has no such protection for employees.
But what if you are firing someone because they are a bad employee?
Yes it's a breach, but not that difficult to get around by simply 'reorganising' and changing a few job titles. Even if you can prove it, it'd be a total headache trying to win in court
Yes illegal but Britidh Gas did it anyway. Government did nothing. Now 800 P & O staff gone and replaced with workers on less than £5/hour
The rules on that are totally different. That isn't redundancy. You have to work with the employee and help them them improve performance. If they don't then improve they are basically sacked, not made redundant
A company i worked for did something similar, fired 30 out of 60 people, then called half of them to work as freelancers.
I left that company on the spot.
That’s when you charge them contractor rate.
That sounds like a WIN.
"Want me as a FREELANCE? Pay me FREELANCE RATE"
which is usually 300% base hourly.
At HP / HPE they called them contract workers with slightly lower pay and the worst medical coverage. Unfortunately people who got furloughed needed jobs so they took it.
@@cpK054L I’m from Chile, working as a freelancer here means you lose your healthcare, and other benefits, and now they pay less for your same services :P
@@Pabloquerock in the US, its them risking losing tribal knowledge. And many times the employer realizes that they messed up. Knowing this why a lot of contractors are so disloyal to the company that they dont share information with the team.
They think its job security, but really its pissing off other team mates who need it to push projects forward.
I dont know Chile situation but in the US freelance dont get bennies, hence why they charge a larger overhead to compensate that
The curse of 900 employees and their families will come back.
And if you missed the Zoom call, all is well? It's insane anyone would stick around after this happening on such a large scale not once but twice.
It happened, they got an email
Lethargy01. It happens EVERY day AND EVERYWHERE. Go work for yourself....you can do it.
@@jneusbaum3697 yea, man, it’s that easy.. work for yourself, create a business out of thin air that’ll be able to pay the mortgage, health insurance, car notes, 401K, etc. yea, man, you can do it too!
@@MidTierVillain. It is that easy when one is put up to the challenge. Who is the hardest and BEST worker you know?
Start now and one will find that it holds water...THEN...wait for the other shoe to drop (and it will). Then one simply switches desks. Been there and done that. Wayyyy better working for ones self. You will see whether you want to see or not...Sorry, not my rules.
@@jneusbaum3697 “Sorry, not my rules.”
Who’s rules is it then? I mean you’re the author of that piece of fan fiction, don’t you want credit?
You purposely avoided the point being made, to say what again? Sorry, reality dictates otherwise. Ppl can’t just let their mortgage to go unpaid, lose their benefits, and allow their families to be homeless to work for themselves, as you simplistically put it.
I have to assume you’re very young, no family that depends on you, or depends on both paychecks(husband & wife) to sustain a household. Those rules you provided, don’t hold weight in majorities reality.
Yesterday I made the mistake to share some statistics about the salary level for junior designers (and such with 1 to 2 years of experience), working for different companies in Germany with one of the biggest Facebook groups for UI/UX designers in Bulgaria. Immediately a couple of people started calling me a moron, idiot, who doesn't know anything.
Why and who were those people?
Most of them were HR's of big companies with offices in Bulgaria as VMWare, others CEOs of smaller companies and digital agencies, and those that surprised me the most - fellow designers, defending their underpaid salaries, laughing over my comments about that they deserve higher pay.
It is still permitted to fire for “economic reasons” but keep rehiring? Guuuys in the US, ya need to push some worker’s protection…
@Juliana Lacroix there are a few jobs that have unions, but they take their share of the pie as well...
A lot of states have “at will” employment. Meaning you can be fired for pretty much any reason…
Keep up the good work Josh! People like you are much needed especially in today's world.
The company did fail, but I'm positive that the cash infusion was contingent upon the restructuring. The cash call should be a red flag to other employees.
Exactly this
Also TBH 3 months severance and benefits isn't bad. Not stellar but beats the hell out of the two weeks or nothing you often see.
I do not even respond to recruiters and agents. I thank the Gods I rarely needed a reference due to my skill sets.
tbh 3 months health insurance and a months pay is "better" than a lot of other awful tech companies
Its not a company's job to provide safety nets
@@SuWoopSparrow corperate sxmp
@@SuWoopSparrow yeah. It is the job of humans, the government , the laws and society
Yep. I lost count how often I got laid off without warning before Christmas, no severance, and all benefits were gone the end of that day.
@@minuit6305 ? You can at least try to spell correctly given that you are only listing two words.
Then companies are stumped and all offended when the employee doesn't give 2 weeks notice when they're quitting. My heart goes out to these people, it won't be a very great holiday season at their houses.
Jean Nespechal. Will be fine....have less 'stuff'....EASY. Spend time with GREAT friends and back off on materialism. Work for yourself.
I wish that these planned layoffs would contact unemployment agencies to help streamline the process.
The federal government needs to step in and keep companies from treating people like this. However, we all know corporations run the US so we are all fucked.
Agreed
Automate the Unemployment Certification with the state like a bar Q code
There is no purpose for this mass zoom call
@@businesscat4435 ....I'm with the government and I'm here to help....said NO ONE EVER.
@@businesscat4435 Debbie "Gets it" - ;-) I keep trying to tell people it's not a dem/repub thing, it's a Corporations vs. the people thing...
Highly doubt the CEO or any higher ups considered any type of pay-cuts against themselves before firing 900 people
No no no, I'm sure those 900 people had to go because they weren't doing the company any good. If they needed to grow they needed to let them go.
Its sad but it is what it is.
"Effective immediately"
And that's why everyone should join a union.
I'm an engineer... I don't need a union.
Every job I've ever gotten, I didn't apply to... they applied to me.
Don't make yourself need the job, make the job need you.
That's how you make the green.
Just like women, companies want what they can't have, and eventually they'll have to settle with what they can AFFORD or die alone
@@cpK054L lol, that's some incel level bullshit
@@AlegreFranz that makes no correlation unless you're a simp
@@AlegreFranz true. Out of nowhere he brought the topic of women. Freudian slip if I might say.
@@cpK054L
You think you're special? There are tons of other people with the same or better skillset than you have. Remember, as an employee, you are a completely disposable and replaceable resource
Classic corporate behavior. They don’t care and never will!! I’m self employed and have never been happier. Wake up people!
What did he mean by 'US employees' get severance and benefits?
So outsourced workers, or employees on work visas but who don't have citizenship get nothing? They just go home with nothing?
I was an outsourced worker once, worst job of my life they expected you to give 200% while paying 1/20th the salary of our US counterparts (which they blamed on 'taxes', like our country didn't have any). Also not so subtly hinted that we're lucky and should be grateful for the opportunity to work for such a 'well-known, internationally acclaimed' company.
I'm not outsourced any more, but for anyone who is, please do not trust US companies, or any 'big foreign companies'. They see you as second class, cheap labour that they do not have to respect or value the same as their US workers. There's usually no other choice, but always remember to respect and love yourselves, so WHEN stuff like this happens, you can move on to something better 🤜🏾🤛🏾
Nothing new, we're treated like substandard trash anyway ... be it by domestic managers, overseas clients, by local employees who look at you with contempt for stealing their colleagues job and at home when your grilled at home for pulling a silent fart of a salary despite working for a bigname company ....
@Mekehl really? I don't think that's true. Why do you think it is worst
@@vikrantsingh47 did you not watch the video LOL
@Mekehl US is only great if you are born with money, have connections. Otherwise, you much better off living anywhere else in the world.
Doing it in a ZOOM call saves him saying it 900 times to the individuals
November is a terrible time to get laid off. Alot of companies don't really recruit between November and February.
It's December, but you're right. These people most likely won't get work until February or April.
“It’s been a really challenging decision to make” while the CEO goes and buys another super yacht.
Rich people don't buy liabilities
Remember, Love the company as much as the company loves you.
The CEO could have given each those 900 employees 416k bonuses and pocketed the other half of the $750m.
Thanks Josh, you're making a difference, one scummy company at a time.
Why do so many people in America like, support, look up to and aspire to be like this guy and others like him?
Money
YES!!! You are replaceable to your employer just as much as your job is replaceable to you. *They are NOT your family* These types of turnover situations definitelyyyy matter, and I quit my previous retail job(s) for similar reasons. Thankfully I was not let go, but I completely empathize with everybody let go in any unfair way, especially following the pandemic. Sounds like were in need of more unions, or more businesses that do the right research !
Jobs are not as easily replaceable.
When you are young maybe. But after taking some age you have accumulated nice pay raises, and unless you accept to work for permanent rookie salary you will never find a job again.
You're only as replaceable as you make yourself.
The first job I had actually let me go because they ran out of projects and I was a contractor.
But the day they let my DIRECTOR (who was demoted to Manager) go... I knew that this company was bleeding itself from the inside out.
So they eventually let my contract expire... surprise to noone... they needed me again within 3 months.
Yeah, no... I'm not working for a company that keeps the harpies and lets go of the man that deals with the WORST part of development.
Unions are useless.
@@SuperHeroINTJ unfortunately they were made useless thanks to mostly Republicans and help by democrats. Especially during the Nixon and Reagan eras.
@@eegernades best bet is to
pray to G-D for an honest way of living and to not tell anyone else because everywhere people are complaining about not having enough money from their jobs for a life they enjoy, so if you find something don’t tell the world because yk
I'd like to see Joshua touch on WWE & their recent spree of firings, business practices, etc.
I was let go last month and worked as a loan officer. Industry is coming down from one of the most profitable years in a long time. Mortgage companies overstaffed to grab all the business they could knowing if the market took a turn downwards they would purge lots of employees. You are a cog in the system and very expendable. Feel bad for all the loan officers - many companies ONLY pay you after a mortgage funds. And pay commission. Most fundings happen at the end of the month, so good luck to them and making ends meet at the beginning of the month
What about wholesale, do you think they are getting hit hard as well?
@@giannizamora7247 probably? I worked lead gen. If you have established relationships with realtors via wholesale or retail you may be okay - but lead gen was getting to be slim pickings. Our two top producers for my region admitted to putting in 17 hour days.
I can’t stress this enough, take this from someone who has worked for over 20 companies since 18. They DO NOT CARE ABOUT YOU. And if they do now, one day they won’t. I’ve Job hopped so much in my life for a multitude of reasons but at the same time I’ve increased my pay by a boat load. When it comes time for you to leave, just quit, no 2 weeks notice, I don’t care if they are good to you. Because one day they won’t be and that is a promise, look out for you. Not them.
Careful, work references matter a lot for your next job
I have seen several times at an old job where people would give a 2 week notice and be escorted off the premises that day bc of "fear the employee was going to destroy company assets" I was like damn they would do that and say F you as they walked out randomly, not working out a 2 week notice to give you the opportunity to find a replacement.
@@TheAiriph You can literally pay this company to make fake references and so many of my friends have used them and never got caught. And it’s not illegal. If you understand how background checks work you can put in this information and get away with it.
@@iAlwaysSpeakTheTruth uh, which company please? you can scramble the name
@@rosedevereux2391 Career Excuse
Laying off the 900 was part of the deal for getting the $750M.
This new just broke into some mainstream media outlets here in the UK and I couldn’t believe most comments have been people defending him, calling his employees he laid off “obviously lazy” and anyone who thinks it’s out of order a “snowflake” because they didn’t get “fired”, they got made “redundant” and got a pay off… like how can people simp that hard for big corporate?! I don’t see how this is in anyway defendable…
Surprised the CEO did this, he should have let HR do it, that's literally what he should have done
HR was probably let go too. A lot of Indian leaders hire 3rd parties that telecommute just to do administrative duties HR normally did.
Well there's different levels of HR, the internal HR team was definitely not laid off lol, management needs them legally, I just mean to save some face it would have been better for HR to do it, as they normally are the ones to do it, instead everyone is meeting the CEO on their screen to tell them thanks but no thanks, not good
To be fair he probably loves doing this since it gives him a sense of power over others
@@businesscat4435 goondi poondis
@@bcuz8998 huh?
This CEO should be investigated immediately.
Infinite growth. They're liquidating assets, it's just the human ones in this case.
I'm not suggesting you spam them with AI generated resumes because that would be unethical. I'll just say AIs are good at getting past the AI filter resumes for contact.
i got fired like 3 times in 12 years. The last time without cause. Was the last straw. Started my own business and Ihave already replaced my salary. 4kmonth profit after just 1.5 years in business. Cant wait to give myself a raise every year and shoot higher. Iget such a rush now driving by my old office and seeing the same faces do the same things. Now I can be work 3 hours spread throughout the day on a laptop and call it a day. Some days Iwork 15 hours, some days Iwork an hour, end of day i dont take shit or orders from nobody anymore.
Damn, just closed on a mortgage through Better. If I’d known this ahead of time, I would have went with a different lender.
Oh honey, they're all bad.
@@businesscat4435 I’ve worked with smaller local lenders/CU’s that are great. However, I’d say all of the large corporate structures have these issues
@@JoshHitti I got my mortgage (first time buyer with great credit) through a credit union. It was ONE MONTH before they sold the loan to a big bank! As I said: I had great credit, and got a really good interest rate, so it wasn't some sub-prime bundle, but my hopes of keeping more money out of the hands of large mortgage lenders was dashed.
@@tvdavis VA loan, buddy. The government backs it. So if I don't pay, EVERYONE gets rekt.
I used to do sales and learned when a business owner suggests many people are involved in a decision, they are usually the only one who needs to decide.
When a business owner tries to suggest they are the one making the decisions, it is usually a panel that is deciding.
For the later, the owner's usually make out they are the one to decide to either "appear professional" or to "appear to be in control".
Cash injections always come with external pressures. I very much doubt this was his idea, and he is likely making the video because he wants to have some sense of control.
It goes both ways. Just like there are employers making idiotic lay-offs, there are employees who keep jobs that shouldn't even exist. (Hello "employee success managers", "Company culture specialists" etc)
Those jobs are basically “Human Resources”, can’t trust those cucks
Company Culture Specialists. 😂 Sounds like the Dai Li for companies.
Erik - BINGO!!!!!!!!! A few years ago Beaverton School district in Oregon - on one hand they lobbyed the public for the usual "The schools JUST need more money" and then on the other, I'm on my break, staring at an ad on indeed: "Diversity and Equity Admin - $117,000 starting.." I kid you not!!
Thank you! Excellent video showcasing the worst of capitalism. Antiwork on Reddit is right.
Bet the CEO and the rest of the C-suite, and directors make more money this year than they have ever made before.
Of course, they have 900 less employees to payroll, the crew of them are going out for drinks and ending the night at the strip club
"Would family do this?" - Depends. Family in the sense of people related to you probably wouldn't, but "family" in the sense of organised crime syndicates might, and indeed, may be even more harsh.
To all you youngsters, this is antiquated. Unfortunately you are not taught about the injustices of capitalism and how employers exploit workers. This is just one of the myriad of ways.
You realize the US is anything BUT a Capitalist society right?
lais·sez-faire
requires that government NOT touch the Market.
but look what's going on
Federal Reserve is dumping TRILLIONs into the money supply, a majority is being pumped into crypto and select stocks for MMs to manipulate more people to fall prey to Mad Money Cramer's stupid rant about how EVERYONE SHOULD VAX MAX (So that my MODERNA positions make more on Earnings)
You need to study more.
@@BugJuiceFlavor this is ALL about capitalism. The new capitalism. Stockholders make huge profits no matter what the cost.
@@cpK054L lmao how'd I know that there was gonna be some nut talking about "We actually live under communism" you're a goddamn clown. I swear to God if I hear "under a laissez-faire system everything is perfect and nothing goes wrong and anything wrong with it is communism" I'm going to Minecraft some Christians
@@cpK054L the US literally outsources, in your racist words “street shitters”, isn’t that the definition of capitalism? to maximise shareholder profits (or make attempts to)
Getting the 750 million was probably tied to getting rid of 900 employees.
And remember, they didn't warn the employees two weeks before the lay off. Cheers from Venezuela... yes, this happens all the time here, corporations here treat their employees like slaves.
I recently got fired from my job, and the reason was "A lack of passion for my position"! I poured my heart into it for 7 years. Corporate jobs are horrible! I got a job at a school making less money, but at least I have a real purpose, helping kids, not fat rich assholes!
hmm - he's had to do this before means he let things get to a state where it was "necessary" or at least has a track record of using layoffs to solve his company's balance sheet issues. This, to me, screams a piece of information that you should consider if you are ever thinking of taking a job at a company he runs - or work at a company he is brought into.
Job performance records work both ways.
It’s not just balance sheet , they also cut staff to make end of year goals so the top brass can make their bonuses
I have a strange feeling that if this where done by HR thru email, the public backlash would not been as it is currently
Hope recording these meetings become a trend. CEOs need to get some backlash from their decisions.
Hell yeah. The guy who recorded this scumbag CEO, and Josh, are doing God's work.
Oh I'm sure eventually corporate accountability will be labeled as "hate speech" - afterall, they're all in bed together.
First time viewer Joshua, absolutely loved your content, I'm happy you called this CEO out on his antics, your words are really true with these heartless companies and it's as if some employees have a "mass psychosis" regarding their love for a company that will never love them back! Great video!
I was going to get a loan from them for my first home purchase. F u Better mortgage. I’ll go with another mortgage company - a BETTER one ☝🏻
I worked at GM when they let go a lot of people in 2019. They announced it back in October of 2018. Whole teams and divisions were obliterated.
I actually wasn't let go. But I left the company 3 weeks later because there's no way I'd work for a company that let that many people go with such little regard.
He actually literally distanced himself from the camera too, so no close up signed of facial body language available! Who wants to see his legs on a zoom call? And, maybe he's just the fall guy who now needs to watch his own back, because who wants a manager who just lost all respect on their ship?
The company let go of 15% of its workforce. Guessing the other 85% have to pick up the slack.
Great point, if i had worked there and was one of the few "lucky" ones who got to keep their job, i would send resumes left and right if they did this to 900 people what do you think will happen to you eventually
And employers think they deserve a 2 week notice
These are basically delayed covid layoffs, they didn't lay them off cuz rates were low, they waited it out, and now are the covid layoffs
He's letting people go so he can pocket profits at the end of the 4th quarter. He's only letting people go because he's a greedy piece of shit.
Nope. Has nothing to do with covid. 2020 was a record year for the housing market. This is all about corporate greed.
@@shannamac3974 they were probably the only companies that didn't downsize during covid, so they're doing it now
There's your reward for company loyalty.
I recommend to do the minimum work to not get fired, save money and quit as soon as possible, and live speeding the minimum possible but keeping your freedom.
I hate this mentality... because this is why we get shitty products.
"Do the minimum so your products aren't absolute dogshit" would sound better please.
@@cpK054L You do what you want dude. This is a free country. My recommendation is not for you then, you can ignore.
@@FredySandoval_123 Yeah, but what I'm saying is that that mentality is why we get shit products.
At least put the effort to not release trash :(
@@cpK054L You get what you pay for. You pay lousy wages, you get lousy workers, the customer gets terrible service. The worker is not responsible for making up for the incompetence and pettiness of his/her employer. The other part of what Fredy says is is just common sense, live within your means, and don't tie yourself down.
@@Seattle-2017 yes, this is undeniable facts.
We are all replaceable. I’m 38 and have been fired two times and laid off one time in the 2008 crash. It was always a blessing in disguise. Better things always came.
Poor CEO! How else was he going to buy his third yacht and second mansion? Not enough time to pay those Christmas bonuses either and too much paperwork!
😂😂
Just start your own company. It is easy right?
I love how they say the market has changed like I care. Just say your summer home is more important than me