43 million in estimated servance costs -according to AA bragged about it in quarterly report to shareholders. Don’t know cost per employee let’s say it is 43k that means about 1000 employees will get the ax. Only a guess could be less. I told you all along even Mickey Mouse could make money in this business, looks like they are making money plus bragging about firing people to their shareholders, great job guys.
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In 2016 he tried to say it was due to bad market conditions, which was a real stretch. In this cut back he says things are very good, at least he his being more “honest”’about the way company operates. Williams is the best a lot of people can do, most employees don’t have any choice, but to accept the situation, that’s the way most companies are today, even with unemployment so low companies can still bring people in and out relatively easily, at least that’s the way they operate.
What company offices where sent to greener pastures?
If the average person who is severed has 10 years with Williams and makes $120k, that would be about a $46k severance. $43M/$46k = 935 people.....so round up to 1,000.
And that's about 16% of employees. The same reduction as company officers.
I suspect early retirements don’t count as severance. So if half the people take the retirement and half don’t and the remainder are “severed” that’s a reduction of about 1000 people, which i’m guessing is the goal? Plus severance due to office closings are also a nice way to say “good bye”
If it is 80k per person axed, means 500 people, don’t know the cost per head, but it seems cheaper to me not to overhire and then fire. But what do I know.