Why weren’t any executives laid off? They are the most useless pieces of sh-t that make the most money. They seriously bring no value to the bank other than complaining. The employees are the front line to customers and the ones actually creating/completing the work.
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https://www.thelayoff.com/post/@OP+1p4UivlY
Very much agree
Some of ours were.
If I made millions of dollars a year and was the one in charge of thousands of people at my company, I WOULD take a pay cut. How many jobs might have been saved if instead of 16 million for the year you just got 2 million.
Keep carrying that water bro. Bill D would be proud
I am not an executive.
Just saying the same can be said about you from someone who makes less than you. If you are some guy flipping burgers at McDonalds making $6/hr you can say the same thing about the folks working at a making $75K a year...
Basically people are upset that Executives make a lot more than them and they see that as unfair. I am saying there are people that can look at you cand can say the very same thing..
"you clearly don’t have the same understanding of hurt that the rest of us do. You have your nest egg, you have your reserves, WE DONT BECAUSE YOU DONT PAY US ENOUGH. .."
It's all relative. To someone in Somalia who is just looking for clean drinking water, the poor in America are rich beyond their wildest dreams. They would give their right arm to be poor in America.
To respond to @ccj+1p35s1Sr, I’ll be very specific.
They laid off significant contributors and some without backups. This clearly wasn’t thought through. For the next 45 days, they’ll rely on people’s goodwill to transfer knowledge (mistake 1) to people who don’t exist because they aren’t hiring replacements or don’t have a plan in place to fill the role (mistake 2). They opted for secrecy over thoughtful layoffs and decisions were made not based on performance, which is the most ludicrous idea and antithetical to good business. Cut your bottom 10% of performers and not people with critical roles. They didn’t let middle management know until an hour before the WebEx, so know you have a ton of people trying to figure out how to put the house of cards back up.
To the executive who said “would you take a pay cut just because you make more than the janitor” - you clearly don’t have the same understanding of hurt that the rest of us do. You have your best egg, you have your reserves, WE DONT BECAUSE YOU DONT PAY US ENOUGH. THATS THE POINT
They could have prepared for the recession better. Maybe they listened to those that claimed there would be no recession. Maybe there won’t be a recession but surly they should have known a downturn in the economy was coming. Isn’t there someone at the company in charge of monitoring the future economic direction?
I agree working within the bank for years the higher ups do the least amount of work but of course they won’t take a pay but the CEO making 16 million a year..think about that. The corporate culture is once become a manager you literally do little no work while complaining and nit picking others beneath you. Unionize people you have the control.
- This is how they are preparing for changing market conditions. The coming year is going to see heavy y losses in the banking sector. There is also likely going to be a recession brewing in early 2024. Everyone is in cost-cutting mode to be proactive.
- Would you be willing to take a pay cut ? If not, why ask others to do the same ? If the answer is because they make more than you then would you be willing to take a pay cut because you make more than the janitor ? It's all relative.
They could have:
- Better prepared for changing market conditions to keep the company healthy during difficult times.
- Taken a pay cut. 10% of c suite salaries could go a long way.
Execs can't control inflation or the FED raising interest rates. They have no control over the state of the economy. They are simply making business decisions in response to market conditions. A CEO who does not engage in cost-cutting given the current market pressures would be derelict in duties and run out of town by the board and shareholders.
What should have the execs done differently? Be specific and don't just provide a vague response.
To steal a line from The Godfather: "This is just business. It's nothing personal."