That means that this was just the start and we'll be looking at more cuts very soon. Our leadership has proven again and again that layoffs are their favorite way of making up for losses. Anything else would require too much exertion and thinking and planning on their part. Be ready for more.
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Last post nails it. And the weird thing is that the LL4+ managers don't even notice it. It is nuts that they call these meetings, berate the LL5-LL6-GSR population. Let go unceremoniously, without warning or allowing them to find another position, high performers and top achievers. And then think that they can hire in the toughest job market in history!!
I agree with the last post that this will end badly. When there aren't enough worker bees to do the work, and the toxic culture is all over the Internet and social media, this smug LL4s, LL3s and LL2s will be shown the door faster than you can say managerial harassment.
Mismanagement is systemic with this family. From their football team, to the motor company, to the ridiculous spending on renovating a building downtown (train station) that should have been torn down. (You mean to tell me Tiger Stadium was not salvageable, but that decrepit eye sore was?) This family couldn't manage a corner 7-11.
I see
- we dumped more of Rivian stock
- our credit worthiness has been downgraded
- parking lot after parking lot filled with unsellable (unfinished) vehicles
- talent jumping ship weekly
- a job market with 3 openings for every available applicant.
- the best employees being SIRD
I see carcar hiring “leaders” with posh compensation
I see “leaders” creating more positions for themselves and handing out promotions like Halloween candy.
I see no tangible improvements or a rational path forward. TickTock
Soon there will be no little red hens left in the employee ranks. Remember that storybook “not i said the little red hen”
It was actually a $1.6 billion profit before the special charges due to Rivian stock value loss that the law requires we recognize immediately even though it's a paper loss until the stock is actually sold. Stop blaming the employees for Executive Management's bad investing!!! And stop the hiring of all these expensive outside execs we don't need!
How about Ford stock? Am I the only one who is tired of losing his azz with this stuff. I have finally stop putting money there. Can't stomach the losses and excuses.
I wonder if you took out all of the recall costs, the warranty costs, the bad launch costs......how much lower would that 3.1B be?
Absolutely! But they won't include the LL5+ in any of this- don't believe me just watch. They'll just continue to promote one after the other after the other. If the business continues to deteriorate in the wake of declining market conditions, bet your bottom dollar they'll accelerate jobs cuts and even circle back to the previously affected areas for second helpings. They're almost giddy in their communication of more or next round of cuts.
And let me make one point. Most companies in the S&P are beating estimates and in some cases raising guidance. Was there even one other up to this point that lost money? Let's talk about Ford. A $3.1B loss coupled with a job cut announcement? I don't think any other company even mentioned involuntary cuts. I can't wait to retire from this dumpster fire of a company.