What's the impact? Layoffs? Furloughs?
6 replies (most recent on top)
Arrrrgh!
Looks like a lot of businesses are also now affected by being part of a region that includes the high COVID-19 cases area that is Chicago.
https://wgntv.com/news/coronavirus/state-and-local-leaders-pushback-on-pritzkers-plan-to-reopen-illinois/
Downstate will open up faster than anywhere else.
OK, so if needing something to do besides NOT return to work anytime soon (betting they extend the furloughs), here are some suggestions-
- Pester your elected reps to put into the next stimulus bill FREE higher education programs! And all via distance learning, too! One political party keeps pushing free higher ed as it is, so why not just make it a thing? Next downturn, you can analyze the verbiage carefully while churning out severance agreements as a lawyer. Or you can work in IT, probably the last department to ever be let go (the whole company would have to close before IT got sent away).
- Do frivolous things to take your mind off the fact that nothing, I mean nothing, is going on for a while, until there's a vaccine or cases become more isolated and better contained. Like...watch every season of "Real Housewives of Beverly Hills," old Joan Collins era "Dynasty" episodes, or old "Celebrity Apprentice" episodes (go Sharon Osbourne).
Can't get more frivolous than cheesey TV and it's more relaxing than CNN.
- Order up a home gym and a bunch of free weights so you can be buff while not at the beach. Because if you could be at the beach, as Billy Crystal's famous character on "SNL" puts it, "you look mahrvelous darling."
- Invent snarky Top Ten Lists, such as Top Ten Reasons I Wish I Had Moved To (insert the low tax/not at one grade above junk bond status state of your choice.
- Buy a truly randon number generating machine and play Powerball daily. If you win big, you can vacation on a secluded island and do nothing (kind of like how everything is closed or non essential right now, only with water and palm trees).
I only made it to five on an attempted Top Ten List.
In short, don't plan on the state returning to anything near normal by the end of May.
They just welcomed a brand new CEO. Interestingly, Nexus Capital had no confidence in promoting from within, which means they have solid business acumen (it's no secret among those who have taught or studied management, leadership or organizational behavior that beyond a certain reasonable level of tenure, you just become viewed as dead wood).
https://www.ere.net/not-all-turnover-is-bad-why-keeping-every-long-tenure-employee-may-be-overrated-2/
Continuing to bring in external CEOs whenever ownership changes means the company is perceived as lacking appropriate internal successors. Had they promoted internally, it would be more concerning.
PE ownership tends to "clean house" by about two years into a buyout. Have seen it happen within the first year during a turnaround at a different company. It's a good sign that they onboarded a new CEO with digital transformation experience from outside the company.
I wonder if the highly compensated execs, svps, and vps took more of a cut then the hard working line employees. Probably not since they are focused in lining their pockets. You know FTD, Find The Dough!
I heard 100+ furloughed include a pregnant lady. Also remaining employees got 20% pay reduction.
i heard they furloughed many people! With many flower shops also closed they cannot fill every order. FTD is going to hurt bad from this, plus if Mothers Day doesn't happen GOOD LUCK !!
Guessing layoffs. Can't imagine the business is healthy enough to withstand it.