I was stunned in yesterdays EMEA Town Hall when told no merit increases this FY as the company isn’t hitting the numbers, but that we had been able to pay shareholders more than £500m… I am not sure how the EMEA President thought that was worthy news to share with disillusioned employees.
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@Richard-Daughter
"please join the Australian and newzealand native community celebrations and see for yourself how DXC helps and involves in communities."
Yes, joined and seen.
Now, can I have my raise please
please join the Australian and newzealand native community celebrations and see for yourself how DXC helps and involves in communities.
Share buy backs are renowned for being a rubbish concept. When Warren buffet says that it's probably true.
The only people who benefit are short term shareholders... Mainly the board... Who sell their shares quickly. Anyone in for the long haul (because they paid far more than the pennies dxc is worth today) is up the creek.
Oh but of course it raises the EPS, (less shares, more earnings per share) which triggers executive payouts because that's on EPS...
Anyone seeing a pattern here?
After a vast exec salary hike, a billion of cash flushed down the toilet and having to find 500m in cost take out... Guess what state the place is in? What exactly is there to show for that besides a thoroughly demotivated workforce, customers running for the hills and even more of a train wreck of a company.
And this is all OK with wall street?
It's simply blatant banditry by the Gang.
So, Mikey can spend $1B on a share buy-back.
He can then give $500M to shareholders.
Then he can declare that he needs to take $500M of costs out of the business by laying off staff.
But the people left doing the work get 2/10ths of f**k all. But you do get a great culture - surely that's all you need? I know, it doesn't put food on the table, or pay the mortgage, or help with the ever increasing food bills, but Mike says that people want to work for DXC for the amazing culture.
Hmmm. DXC culture is based on fear. Mainly fear of being laid off with little or no warning. After all, got to lay off more staff to keep the share price up and make sure Shouty can get even more $$$ this year. Shame about the layoffs but, hey, Shouty and Steak-cutter 2 are doing well, so he really doesn't care.
DXC: the company that cares - but only about the CEO and Wall St.
That but back could have gave each and every employee $7692 pay increase , all 130,000 of us.
I think in the current climate not giving a staff a payrise says everything about how emea leadership views employees.
A 1 Billion dollar share buy back was announced in May, I've not been able to find details of how much of that had been done until the EMEA Townhall yesterday.
It's stark isn't it? There isn't the money to give a payrise to employees but there is enough money to spend 1 billion dollars on buying shares.
I'm not even sure most shareholders like share buybacks! Many would prefer a special dividend be announced as that returns money to them directly. I see buybacks more as financial engineering that benefits the execs at the top of the company who may have bonuses / share options based on the share price - and if you buy and cancel shares then all things being equal the shareprice will rise.....