Facts on Aerospace Division upcoming cost cutting:
Furloughs
Layoffs
Delayed merit increases, MIPs
But, continue on with the lavish yearly Senior Leadership extravavanza at a plush southern California resort every January.
A company with a heart and compassion for the workers. So mis-aligned priorities and arrogance and mind boggling bonuses for top tier leaders!
And the same leaders wonder why worker morale is low? Go figure.
Talk is cheap.
Nothing new guys - it's all all pretty much the same plays from the old Bossidy/Welch play book from the 90's.. Unfortunately most of the large US companies are led by folks who have read that play book & and live by it, they make the 'hard decisions' based on it. There have been some US companies that have resisted it, but they tuck in eventually - Intel is a great recent example. Please bear with me, I have 3 points:
Once a company gets gigantic and public - it will happen. It's the path of least resistance to show either an effort by company leadership to improve margins or actually improve margins. We Engineer types aren't cheap. We are smart, but not cheap. Business leaders aren't stupid, they too see trends in data, they go for solutions to the problems they face, just like us.
We really don't have a lot of room to bitch. Sure, we can feel screwed, but shouldn't bitch. Any of us that have worked for these big companies have gotten a good bit of bounty for ourselves (be it pay, stock, retirement money/matching, health care) ... but the one thing that can't be taken in a lay off is the learning we got while making the profits happen. Is it CEO pay.. no, but hey, we didn't negotiate a contract to be a CEO. For those that do - way to go, and go live with. I'm happy to be smarter and generally humane.
Like I said - we are a smart bunch, not as savvy in business I guess as we need to be, but smart all the same. My thought is this - I think it might be time for the USA to benefit from engineering startup companies formed by all the laid off senior engineers that suddenly find they have a great deal of free time on their hands. Anyone know how to do this? How do we harness the talent and experience that is a result of the play book? Engineers with 20-30 years of experience! They get jettisoned every year/quarter at 1% to 10% rates across nearly every business segment that engineers work in. It's seems that the big companies are focused on a recent college grad pipeline while creating a similar never ending pipe line of experienced talent. How do we harness this? Any ideas?
If we are successful, we will get gigantic too, go public... and probably use the stupid playbook too... but we'll deal with that when we get there.
thoughts?
St. Regis Resort, Dana Point, Ca.
Site of Senior Leadership Celebration
Get a glimpse of DC's cronnies and co-horts in laying off people, and lack of sensitivity, still go on eith lavish spending.
His cronnies brown nosing big time.
Executive compensation is going through the roof. So much for 'difficult financial conditions' and 'disciplined management of company resources'
Since Mr. Cote is delivering the Annual Company Speech on Monday, 1/11/16, the Senior Leadership Pow-wow has to be the weekend of 1/9 and 1/10/15.
In the meantime, once the dust has settled on all these celebrations, the layoff begins... and more cost cutting for the masses.