No layoffs planned right now. Plan is to wait and see what happens this year with prices.
Thank is is wrong for a number of reasons...
Competitors are not standing still and when we are benchmarked against them our stock price will suffer.
Shows management as weak and indecisive.
Cash flow continues to be a problem, for the long term, cuts are needed immediately. Of course management does not think long term...
But the most important reason is that because things are so slow, employees are learning that they are being paid for not working. Older employees have retired in place and will never be productive ever again. Younger employees will be bitter at this waste of their talents and leave when the turnaround comes. Meanwhile they spend their days on YouTube, Netflix, and Facebook.
So what should management do? They should ask for volunteers to be RIF'D and then every one of them severed. Get rid of the unhappy people and then make clear that it was your choice to stay and you should happy and will support the company. Those that are found still not working should be fired.
Could we lose too many employees? No, the cuts need to be huge for us to survive. Look back on the case made for the stock when we split. As Ryan himself fumbled the answer at the last analysts meeting, there is no case any more. Layoffs are the answer but our management refuses to ackknowledge the truth.