This is a total cash grab by Dell Technologies. Layoffs are NOT needed. They are taking advantage of the economic uncertainty caused by Covid and grabbing cash to pay down the debt faster. There has been two consecutive great quarters despite the covid pandemic. Where companies like airlines are truly suffering, companies like Dell are booming so as to facilitate the work from home new normal. They started with cutting merit increases, then promotions, then the matching 401K contribution. They got $289.9 million from the government from the CARES act. They announced yesterday that they paid down the debt by $3.8 BILLION last quarter. Yes, they need to layoff people to pay off the debt faster which increases Michael Dell's equity in the company faster. At what cost? The cost of unnecessary job cuts and layoffs. This is corporate America at its finest, screwing the workers, who now work at home, paying the cost of their own internet access, consuming their own electricity to power Dell machines, consuming their one AC/heating costs, water, sewage, etc. while Dell cuts salaries, provides no ongoing stipend to cover additional work from home costs, and grabs more cash to accelerate Michael's equity in the company. It is disgusting. It is the workers who delight the customers, and this is how they are treated, with this unnecessary layoff.
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Corporate America.. corporate greed! This is totally immoral.
@1qys I agree with you to an extent. The problem is that opportunities are scarce for the little guy. Achieving that american dream and growing based on merit is becoming increasingly difficult for the little guy.
So, if a large group of people feel like there is no hope, they will just blow up the system. Capitalism as it is does not work for people without college degrees and they are the majority in the society. So, rest assured they will make sure we hear their message - and they are angry. It just started with 2016 elections - the electorate sent the message and they are doing it througout the world. If you look at countries like Japan where the gov and system still provides decent living opportunities for the little guy - you see very little radical politics there.
We simply cannot continue with our standard 'it's all about the shareholder' because it is not. It is about the society as the whole and something ought to be done.
Cash grab indeed
We all have choices and none of us is entitled to any guarantees. Italy, with it's aging population and anemic economy is hardly a relevant comparison.
Companies exist to make money. They must provide goods/services customers want and manage costs. We as employees and responsible adults have to plan & live our lives understanding the only certainties are taxes and death.
Socialism and heavy "safety net" burdens on companies only results in more regulatory costs and less people being hired in the first place.
Yes, getting laid off s—s. Not planning your life for such contingencies s—s more.
This is what large corporations do.
But this’s not only dell’s fault. This is greed and the system not only allows it but encourages it! Poor ppl and middle class voting against their own economical interests is almost unheard of. As a society we allow these corporations to become and act as micro-dictatorships that work on making those handful at the top richer at the expense and dignity of everyone else.
How can ppl feel safe and comfortable to spend, travel and invest in the economy if the live under a constant fear or losing their job not due to a fault of theirs. There should be minimal protection for individuals (Healthcare, labor laws...etc) to ensure that the economy isn’t impacted. When someone gets let go, it’s the entire family that’s impacted, their house and all the local businesses and services they use. Italy was giving its citizens 80%- 110% Compensation for renovation projects this summer... a way to simulate the economy, whereas here we gave big companies more money to restructure and increase their profits and savings and not to spend it back into the economy or protect their workers
You are so very correct. Dell s—s.