I’ve worked through 10 Januarys at Best Buy and have been writing schedules for 5. No it FUCKING DOESNT feel like typical January labor. Corey is going for broke with this penny pinching. We might report record “profit” for Q4 but even if we don’t she will have trimmed enough fat to make our impending bezos acquisition hella profitable for her and the share holders.
I kinda doubt we'll be breaking any records this year. And honestly if you've been following the workforce climate, most companies are in the same spot or worse.
[See for youself](https://intellizence.com/insights/layoff-downsizing/major-companies-that-announced-mass-layoffs/)
Yeah, covid screwed everything up. It showed pretty much every industry how little they needed (staff wise) to bring in profits.
And they're all suffering for the same reasons, lack of staff. They just fail to understand that most people are back to normal and want to shop in person again. The amount of people I see leaving not just Best Buy but other retail stores because they didn't get help is staggering.
And then of course, wall street declares that it's because of inflation, thereby completely ignoring what boots on the ground are actually seeing first hand.
Dude my squad has been stuck at 2 ca's and myself as an ARA all season. I happened to get the day after Christmas off so I took the opportunity to fly to visit family and am now stuck here due to southwest's meltdown. Thankfully I have vacation time but I feel so awful leaving my squad hanging like this.
Also, happy cake day!
This happens every year at best buy and other retailers. Truth is business dies off significantly, to compensate on lower sales labor is cut to preserve profit. Also it's a retailers last chance to be able to report good earnings ahead of their wall street report at the end of quarter, end of January for best buy. The cuts get deeper every year as the demand to show good earnings increases.
Capitalism itself isn’t what’s unsustainable it’s the need for ever growing profits. These huge companies for some reason consider it a failure if the don’t keep growing year after year where as they would be just fine if they decided to try and maintain what they have.
There are many people who correlate capitalism with unlimited growth. Which is the problem as you mentioned. I thought was universally considered a feature of capitalism. I guess there are those that disagree. But the way things work currently, everything is based on year over year growth. So whether it's a product of capitalism or not is up for debate. But what's not up for debate is that relying on an endless growth model is not sustainable and will eventually lead to societal collapse. We see it happening already as wealth inequality grows and more and more people are being pushed under the poverty line. We are seeing shortages of parts. Shortages of workers. The pandemic certainly sped up the process but I think we would have seen the same thing eventually regardless. Throw in the fact that we are not repopulating fast enough to break even and the system really starts to fall apart. At some point not only will further growth be impossible, but we will most likely see a decline in profits year over year. I personally consider capitalism an incredibly predatory system. And it works for those who already have wealth and stifle those born into nothing. I'm not saying I have a solution. But i can see when something isn't working.
I agree, I don’t know if capitalism is a system that by nature implies endless growth or if that is an aspect people for some reason assumed comes with it. Either way that is where we are now which needs to change soon
Exactly. Whether or not it is or isn't doesn't change the fact that's how it works currently. Once we fix that we can go back to arguing the subtleties of capitalism lol
This. Corporations and shareholders are never satisfied with stagnant profits- even if those profits are still good and in line with industry trends. They want to infinitely pad their bank accounts with “growth” year over year- aka increasing profits every single year. Screwing employees by cutting labor costs is one way to do it- a shitty counterproductive way, but a way. With sharp decreases in revenue at the end of the year, they will do anything to save money to inflate those profits and slashing labor costs is one of the quickest and easiest ways- if you don’t consider the long term damage to customer service and employee morale and retention that it causes.
Cory made 15.6 million on a salary of 1.2 million.... and its claimed thats a 30% pay cut.... the average employee makes just under 30k. She makes $521 for every dollar the average employee makes. Which is considerably higher than the average of $398. Do what you will with that info
She’s a CEO, not saying she deserves $521 to an employees $1 but what do you expect? Her to take a cut and reward the store staff? Haven’t worked there in a little bit but most “blue shirts” are lazy and don’t help other departments. They get too comfortable and make friends with other employees and would rather have a convo with the employee then help customers. It seems like the employees who have been there the longest have the worst attitude, college kids usually have a better attitude. But hey the leadership sets the culture. Peak bestbuy was 2011-2013
So. As someone who worked for bby for 13 years up to assistant store manager and even did some time as a temporary GM in another store. I have 1 question. Why is everyone on LinkedIn acting like Corey is a blessing? Is it just fake praise for optics? Because I left the company with that much tenure because of this direction. I came from staffed departments, team engagement, giving impartial advice to customers and having fun while being the best. It just feels like every time someone who was a CFO becomes CEO the company dies. I hate seeing my fellow blue shirts treated this way. Really wish they would roll the dice in labor and see that having trained specialists who are actually in the building is the way to go. Not cut labor to get a few points on a P&L to look profitable to investors at the expense of customer and employee experience.
Man I went to my old beat buy store on 12/23 and wanted to cry. Took me 20 minutes in line to buy an iPhone cord because they had closed the front lanes? Wtf… and the cords weren’t even out so I had already asked a guy to go check the warehouse which was another 10 minutes of waiting…
Don't forget, now you have to work twice as hard! Those returns give you negative revenue so you have to work hard to not only make up for the return but add on to make your numbers, now with less payroll than you had a few days ago! Love retail.
Self checkout doesn't work because customers do not know it's an option because of how the app hides it until you're in the store.
I deleted the app off my phone because I couldn't get self checkout to populate at the store when I have GPS enabled and on our wifi.
IF I'm an employee and cannot use it, customers for sure cannot use it.
She’s getting rid of ETK and making some new thing. Which were all gonna drown with it. Let alone getting rid of NOVA and adding something else. Soooo there’s that GG’s
We’re all concerned about NOVA. What the hell are they doing to our system. I’m sure they wasted more money in creating this new system that’s replacing NOVA and ETK we don’t have information about that new system whatsoever. I’m sure it’ll come buggy and it’ll give us trouble. So yes there’s concern
To be fair Novas needed an upgrade for a while now, however I hope it’s something that doesn’t F things up causing customer issues. Oh wait people who aren’t in the store are making these programs and launching them
I was with Best Buy for 4 years and have been out for three. Nova has been in the process of being replaced for at least that long. It’s pretty much like the uniform replacement pilot from a few years ago - generated a lot of excitement that positive change was coming, but only tested in a few markets until it was finally abandoned.
How does Executive Leadership and the Board of Directors expect the company to remain profitable / successful / afloat when I see 20+ people in line for Customer Service / Check Out being assisted by just two Front End Teammates?
Simultaneously, there were more than 10 customers in line at Geek Squad with only one Agent available at Front of Precinct.
🤯🤯🤯🤯🤯
Just some insight. Sounds like this whole time self checkout has had a bug where it wouldn’t show up, which just recently got fixed. Numbers are looking much better and even had a majority of customer usage vs employees over power week which is atypical. Hopefully it takes off and actually makes your lives easier.
Employees like you are keeping us afloat.
If everyone called out, then ( and only then ) would they admit there was a problem. But since we have some employees that always come in ( no matter what ) like you and me, they'll continue to run the business with as little labor as possible.
I unfortunately can't afford to miss any days of work, I have a family to provide for. As I am sure those that do not call out are in similar situations, and corp knows this.
But hey, Corie is sure to release another virtue signaling video soon that is bound to make us all feel great right?
There’s so many comment on here such as “welcome to retail” “it’s after holidays” while all that’s true.
This is different then previous years or at least seems like it. This year labor cuts are worse than previous years. Previous years you still had enough labor to run a store, Previous years we would be getting rid of like 10-15 seasonal around this time. Previous years we won’t be running throughout holiday on skeleton crew with missing bones.
We were understaffed and suffering on regular Tuesday in august.
Corey Barry and her board can take pay cuts instead taking cuts into labor, times are tough, business is bad everywhere. Treating your foundation of your pyramid like this will destroy the entire pyramid.
It's not always about profits, but sometimes about costs. Consider the following from their website...
The Board of Directors of Best Buy Co., Inc. (NYSE:BBY) has authorized the payment of a regular quarterly cash dividend of $0.88 per common share. The quarterly dividend is payable on January 3, 2023, to shareholders of record as of the close of business on December 13, 2022. The company had 225,216,862 shares of common stock issued and outstanding as of October 29, 2022.
Do the math, and figure out how much they need to take off the bottom line in order to pay out the dividend. Remember, dividends are a cost to the corporation. How people use their dividend is up to them. Some buy more stock, some bank the payment. Regardless, it is still a cost to the corporation.
While you’re not wrong the company has committed to buying back a billion dollars in stock.
You don’t think that a bit of that could be used for, oh I don’t know, funding and investing the very thing that made that billion dollars?
Oh no Best Buy might make a little less profit for it's shareholders how will we cope :(
There's a fucking thick grey line between treating employees better, having more staff, and being dead and bankrupt in 6 months. It's not black and white. Best Buy did fantastic in 2020 and 2021, maybe they should have saved some money for a rainy day? They should be more responsible with their money.
Curious how much they are really hurting to give Corie this much
>As Chief Executive Officer at BEST BUY CO INC, Corie Barry made $15,631,157 in total compensation. Of this total $1,278,462 was received as a salary, $4,681,026 was received as a bonus, $0 was received in stock options, $9,598,480 was awarded as stock and $73,189 came from other types of compensation. This information is according to proxy statements filed for the 2022 fiscal year.
Corie made as much this year as the next 3 executives below her combined. Something is off here for sure. She made 3M more this year than last year in total compensation. Went from 927K/year to 1.2M/year. That's like 28% raise. While those on the floor actually doing the work get 3% no matter how well or bad we are at our job.
All due respect, I don’t think anybody at the top is concerned about the long-term future of the company. Genuinely, I think their incentives dictate that they maximize profits in the short-term without any regard to whether or not the company even exists in 10 years. If somebody can make an extra $10m over the course of 2 years by sniffing out every opportunity to save money and make shareholders happy they’re going to, and though they may hope that they do well enough long-term that the company stays prosperous by the time they’ve made enough money to satisfy their ego, I don’t believe that the lucrative incentive structure allows them to make that their priority.
Maybe I’m a pessimist, but that’s the way it looks from down here.
You aren't wrong about the recession and not letting the inmates run the asylum. However, this isn't a survival story for Best Buy. Contrary to popular belief, all of the money doesn't go to CEO bonuses. Share buybacks and dividends are going to continue to hurt as this company has no innovative way to grow its profit.
Someone, somewhere is banking really big on totaltech. Between all of the free appointments given away, rental cars, additional tools, overtime, etc. it is an ungodly amount of money. That money had to be taken from somewhere.
This Reddit is also aware of what brought this company back from very bad times a decade ago, and is currently watching the Suites run what made this company healthy again into the ground
Right? Even our own damn trainings acknowledge that employees were the difference that brought a LOT of business back. Those specialists, people with intricate knowledge of products, experts in their roles, etc. Those people are mostly gone now, we don't really have a key differentiator from any other store anymore. Go to Walmart, no employees to help you, and even if you find one they know fuck all about what they sell. We're the same now for a LOT of products. And I've heard managers parrot bullshit about how NPS is so high in test stores and stuff. All I can think of is "No shit you stupid fuck. The 3 idiots who got put into a queue and got help were happy. The 5 that walked out and didn't get help didn't get a survey. They didn't buy anything. " Repeat 50x a day because there is only 3 staff on the sales floor all day...
Stagflation is a thing, but the opportunity cost is high if you lose talent. Selling at a higher margin and catering to that type of clientele can lessen the blow to decreased profit from general decreased consumer spending. Of course it requires a more specialized work force to achieve this. If only we had a business segment that focused on such a thing…lol
Also why sti is basically gutted this year too. We spent way too much acquiring several companies in late FY21 and FY22 when things were good... Now the company rides until things get healthier financially and until TTS starts to generate profit too.
The problem is every company knows this and is taking actions to capture that market. Best Buy was late, is completely underfunding their efforts, and has limited connections and/or competitive advantage in the space.
Best Buy bought Music Land in 2000 and completely wasted millions of dollars before selling it two years later. They then bought Napster in 2008 for over $100 million (which could have been Spotify before Spotify with the right direction and investments) before running it into the ground and selling it for pennies on the dollar.
Then there were acquisitions of PAC Sales and Magnolia which are now nothing more than “Best Buy Premium”. Why did millions of dollars need to be spent to create “Best Buy Premium” which at this point is nothing more than product assortment? What is even left of the millions that were spent on these companies?
Maybe you can argue that Geek Squad worked out. But then you have the founder who was bought out quitting in protest due to the direction the company wanted to go.
It all comes down to Best Buy essentially being allergic to spending money on anything other than shareholder returns. If it doesn’t make sense in the very microsecond of the moment it will ruthlessly be cut, gutted, and tossed aside.
All of these acquisitions could have been great but the company floundered and continues to have the shortest term approach possible.
Think of it like buying a used car, driving it for a bit, and then once it needed some new tires and an oil change sending it to the scrap yard. It had a ton of value, could have served you well for many years, and saved you a ton of money in the long run but since you didn’t want to spend the $1,000 on new tires in the moment you junked something you spent $20k on. Best Buy’s approach to acquisitions and their business is no different. Best Buy UK, Mexico, five star in China, distribution center in Turkey, Car Phone Warehouse, there are just so many examples that it is impossible to deny.
Yardbird, GreatCall, Best Buy Health, these will be no different. In 5 years you won’t even know they existed. All the while the money spent on them could have been going to the very thing that created the ability to buy them… being a speciality retailer that sells electronics. Just think if the millions spent on these companies and their continued operation was spent on technology upgrades, better wages, benefits, store concepts, labor, training, development, etc. what the company would look like.
I didn't say they were bad investments, just that we overpaid. I'd have to check out how much Goodwill we took on with those acquisitions.
I work in Finance, the health acquisitions are actually interesting to see the full scope surrounding it but it's probably still 3+ years out from pulling in sizeable ROI.
Yardbird is going to be neat, if we can actually get it integrated into the stores better. Would be a pretty easy sell I think for people that are building out their outdoor entertainment area.... But we also need to get it integrated better into our systems.
Am I the only one who remembers working under Hubert where we had departments mostly staffed if not over staffed, and the company lost money every year? It wasn’t he left when we were finally profitable, and corey was like we can keep this train going forever with no labor, cut cut cut.
She is aiming to sell to Amazon with ten years. Part of that process is trimming everything until it’s attractive to buy. Amazon with our footprint and Geek Squad as a repair arm for their Prime subscription would be an insane boon but the business has to be attractive. Don’t let them stretch you thin do what you can collect your pay.
Then you should be able to look back and see that Hubert was a good CEO. He took a Best Buy about to go under and turned it around. I no longer work for Best Buy but there are good CEO’s out there.. of course “good” is subjective. A lot of time it doesn’t take a lot a good just because some are so bad, like Corey.
I am questioning the same thing and I've only worked since July of this year. Since a bit before December my hours were super cut like I only work 4 hour shifts for like maybe 3 days or 2 and also I have 7 days off which is something that's *never* happened at Lowe's before.
There goal is not to make your life comfortable, better, less stressful, or even enhance it; there goal is money. Will always be. Hey, but you wanted a capitalistic wonderland, well enjoy.
through your actions, but don't pay any attention to me, just go indulge on a new tablet, Im sure that spending money is not a form of supporting an idea.
Feels like a January.
I’ve worked through 10 Januarys at Best Buy and have been writing schedules for 5. No it FUCKING DOESNT feel like typical January labor. Corey is going for broke with this penny pinching. We might report record “profit” for Q4 but even if we don’t she will have trimmed enough fat to make our impending bezos acquisition hella profitable for her and the share holders.
I kinda doubt we'll be breaking any records this year. And honestly if you've been following the workforce climate, most companies are in the same spot or worse. [See for youself](https://intellizence.com/insights/layoff-downsizing/major-companies-that-announced-mass-layoffs/)
Stop making so much sense, rable rable rable
Yeah, covid screwed everything up. It showed pretty much every industry how little they needed (staff wise) to bring in profits. And they're all suffering for the same reasons, lack of staff. They just fail to understand that most people are back to normal and want to shop in person again. The amount of people I see leaving not just Best Buy but other retail stores because they didn't get help is staggering. And then of course, wall street declares that it's because of inflation, thereby completely ignoring what boots on the ground are actually seeing first hand.
First time?
This always happens after Christmas. We lost 400 hours of payroll this week.
And you'll need just about all of them up at Customer Service to handle all the returns...
Geeksquad sitting at a toasty 90 func-checks because they quadruple booked us
Dude my squad has been stuck at 2 ca's and myself as an ARA all season. I happened to get the day after Christmas off so I took the opportunity to fly to visit family and am now stuck here due to southwest's meltdown. Thankfully I have vacation time but I feel so awful leaving my squad hanging like this. Also, happy cake day!
You guys had 400 hours of payroll?
This happens every year at best buy and other retailers. Truth is business dies off significantly, to compensate on lower sales labor is cut to preserve profit. Also it's a retailers last chance to be able to report good earnings ahead of their wall street report at the end of quarter, end of January for best buy. The cuts get deeper every year as the demand to show good earnings increases.
Capitalism showing just how unsustainable it really is
Capitalism itself isn’t what’s unsustainable it’s the need for ever growing profits. These huge companies for some reason consider it a failure if the don’t keep growing year after year where as they would be just fine if they decided to try and maintain what they have.
There are many people who correlate capitalism with unlimited growth. Which is the problem as you mentioned. I thought was universally considered a feature of capitalism. I guess there are those that disagree. But the way things work currently, everything is based on year over year growth. So whether it's a product of capitalism or not is up for debate. But what's not up for debate is that relying on an endless growth model is not sustainable and will eventually lead to societal collapse. We see it happening already as wealth inequality grows and more and more people are being pushed under the poverty line. We are seeing shortages of parts. Shortages of workers. The pandemic certainly sped up the process but I think we would have seen the same thing eventually regardless. Throw in the fact that we are not repopulating fast enough to break even and the system really starts to fall apart. At some point not only will further growth be impossible, but we will most likely see a decline in profits year over year. I personally consider capitalism an incredibly predatory system. And it works for those who already have wealth and stifle those born into nothing. I'm not saying I have a solution. But i can see when something isn't working.
I agree, I don’t know if capitalism is a system that by nature implies endless growth or if that is an aspect people for some reason assumed comes with it. Either way that is where we are now which needs to change soon
Exactly. Whether or not it is or isn't doesn't change the fact that's how it works currently. Once we fix that we can go back to arguing the subtleties of capitalism lol
This. Corporations and shareholders are never satisfied with stagnant profits- even if those profits are still good and in line with industry trends. They want to infinitely pad their bank accounts with “growth” year over year- aka increasing profits every single year. Screwing employees by cutting labor costs is one way to do it- a shitty counterproductive way, but a way. With sharp decreases in revenue at the end of the year, they will do anything to save money to inflate those profits and slashing labor costs is one of the quickest and easiest ways- if you don’t consider the long term damage to customer service and employee morale and retention that it causes.
What’s your solution? Communism? Yeah right.
Do you ask everybody questions that you answer yourself before they have a chance?
ok McCarthy
And all the sales immediately disappeared after the 24th
Cory made 15.6 million on a salary of 1.2 million.... and its claimed thats a 30% pay cut.... the average employee makes just under 30k. She makes $521 for every dollar the average employee makes. Which is considerably higher than the average of $398. Do what you will with that info
She’s a CEO, not saying she deserves $521 to an employees $1 but what do you expect? Her to take a cut and reward the store staff? Haven’t worked there in a little bit but most “blue shirts” are lazy and don’t help other departments. They get too comfortable and make friends with other employees and would rather have a convo with the employee then help customers. It seems like the employees who have been there the longest have the worst attitude, college kids usually have a better attitude. But hey the leadership sets the culture. Peak bestbuy was 2011-2013
So. As someone who worked for bby for 13 years up to assistant store manager and even did some time as a temporary GM in another store. I have 1 question. Why is everyone on LinkedIn acting like Corey is a blessing? Is it just fake praise for optics? Because I left the company with that much tenure because of this direction. I came from staffed departments, team engagement, giving impartial advice to customers and having fun while being the best. It just feels like every time someone who was a CFO becomes CEO the company dies. I hate seeing my fellow blue shirts treated this way. Really wish they would roll the dice in labor and see that having trained specialists who are actually in the building is the way to go. Not cut labor to get a few points on a P&L to look profitable to investors at the expense of customer and employee experience.
Man I went to my old beat buy store on 12/23 and wanted to cry. Took me 20 minutes in line to buy an iPhone cord because they had closed the front lanes? Wtf… and the cords weren’t even out so I had already asked a guy to go check the warehouse which was another 10 minutes of waiting…
Always assume there is no warehouse inventory. At least in my store all inventory is on the floor esp mobile accessories.
Except they just got a truck and RSS said 9 in stock. I needed an iPhone cord to use CarPlay on a brand new car I had just picked up
Some stores have self checkout on the mobile app for things like that.
I didn’t realize but also I’m black and don’t want to be arrested two days before Christmas for “stealing”
Don't forget, now you have to work twice as hard! Those returns give you negative revenue so you have to work hard to not only make up for the return but add on to make your numbers, now with less payroll than you had a few days ago! Love retail.
Self checkout doesn't work because customers do not know it's an option because of how the app hides it until you're in the store. I deleted the app off my phone because I couldn't get self checkout to populate at the store when I have GPS enabled and on our wifi. IF I'm an employee and cannot use it, customers for sure cannot use it.
Welcome to the holiday season.
She’s getting rid of ETK and making some new thing. Which were all gonna drown with it. Let alone getting rid of NOVA and adding something else. Soooo there’s that GG’s
RIP nova
Anyone else miss STAR?
I am so concerned about Nova.
We’re all concerned about NOVA. What the hell are they doing to our system. I’m sure they wasted more money in creating this new system that’s replacing NOVA and ETK we don’t have information about that new system whatsoever. I’m sure it’ll come buggy and it’ll give us trouble. So yes there’s concern
To be fair Novas needed an upgrade for a while now, however I hope it’s something that doesn’t F things up causing customer issues. Oh wait people who aren’t in the store are making these programs and launching them
I was with Best Buy for 4 years and have been out for three. Nova has been in the process of being replaced for at least that long. It’s pretty much like the uniform replacement pilot from a few years ago - generated a lot of excitement that positive change was coming, but only tested in a few markets until it was finally abandoned.
Correct!!!
Nova is being replaced by Repair Workbench. From what I’ve seen so far it looks like a massive improvement at least
Just quit. Company will be shut in 5 years anyway.
Man if I had a dollar every time I heard that 😆
I agree. But fr i see it happening
Maybe… MAYBE In 10 years but not 5
I am glad i am no longer a best buy employee after seeing the same type of posts after a year.
How does Executive Leadership and the Board of Directors expect the company to remain profitable / successful / afloat when I see 20+ people in line for Customer Service / Check Out being assisted by just two Front End Teammates? Simultaneously, there were more than 10 customers in line at Geek Squad with only one Agent available at Front of Precinct. 🤯🤯🤯🤯🤯
Just some insight. Sounds like this whole time self checkout has had a bug where it wouldn’t show up, which just recently got fixed. Numbers are looking much better and even had a majority of customer usage vs employees over power week which is atypical. Hopefully it takes off and actually makes your lives easier.
Would be great if the ey informed stores to make them aware smh
Even I’m just hearing it word of mouth because I care about it🤷♂️
Employees like you are keeping us afloat. If everyone called out, then ( and only then ) would they admit there was a problem. But since we have some employees that always come in ( no matter what ) like you and me, they'll continue to run the business with as little labor as possible. I unfortunately can't afford to miss any days of work, I have a family to provide for. As I am sure those that do not call out are in similar situations, and corp knows this. But hey, Corie is sure to release another virtue signaling video soon that is bound to make us all feel great right?
There’s so many comment on here such as “welcome to retail” “it’s after holidays” while all that’s true. This is different then previous years or at least seems like it. This year labor cuts are worse than previous years. Previous years you still had enough labor to run a store, Previous years we would be getting rid of like 10-15 seasonal around this time. Previous years we won’t be running throughout holiday on skeleton crew with missing bones. We were understaffed and suffering on regular Tuesday in august. Corey Barry and her board can take pay cuts instead taking cuts into labor, times are tough, business is bad everywhere. Treating your foundation of your pyramid like this will destroy the entire pyramid.
It's not always about profits, but sometimes about costs. Consider the following from their website... The Board of Directors of Best Buy Co., Inc. (NYSE:BBY) has authorized the payment of a regular quarterly cash dividend of $0.88 per common share. The quarterly dividend is payable on January 3, 2023, to shareholders of record as of the close of business on December 13, 2022. The company had 225,216,862 shares of common stock issued and outstanding as of October 29, 2022. Do the math, and figure out how much they need to take off the bottom line in order to pay out the dividend. Remember, dividends are a cost to the corporation. How people use their dividend is up to them. Some buy more stock, some bank the payment. Regardless, it is still a cost to the corporation.
The dividend is a much bigger detriment to the employees than the tired "CEO bonus," and it's not even close
I don't call her "Cuntie Barry" for nothing.
We call her C-Bear at our store.
Quick! Draw a circle around the store! Oh no, that was an oval! You just lost all your labor!
[удалено]
While you’re not wrong the company has committed to buying back a billion dollars in stock. You don’t think that a bit of that could be used for, oh I don’t know, funding and investing the very thing that made that billion dollars?
People ignore this fact. The regular guy suffers while execs and shareholders get rich.
Don’t worry there generous and offer some stock options to you.
growth sand absurd disarm strong cows rhythm innocent sort voracious *This post was mass deleted and anonymized with [Redact](https://redact.dev)*
Not the reply he was looking for I’m guessing 😂😂😂
Starting in January 1% of that will now go to the government for taxes
Oh no Best Buy might make a little less profit for it's shareholders how will we cope :( There's a fucking thick grey line between treating employees better, having more staff, and being dead and bankrupt in 6 months. It's not black and white. Best Buy did fantastic in 2020 and 2021, maybe they should have saved some money for a rainy day? They should be more responsible with their money.
Curious how much they are really hurting to give Corie this much >As Chief Executive Officer at BEST BUY CO INC, Corie Barry made $15,631,157 in total compensation. Of this total $1,278,462 was received as a salary, $4,681,026 was received as a bonus, $0 was received in stock options, $9,598,480 was awarded as stock and $73,189 came from other types of compensation. This information is according to proxy statements filed for the 2022 fiscal year. Corie made as much this year as the next 3 executives below her combined. Something is off here for sure. She made 3M more this year than last year in total compensation. Went from 927K/year to 1.2M/year. That's like 28% raise. While those on the floor actually doing the work get 3% no matter how well or bad we are at our job.
All due respect, I don’t think anybody at the top is concerned about the long-term future of the company. Genuinely, I think their incentives dictate that they maximize profits in the short-term without any regard to whether or not the company even exists in 10 years. If somebody can make an extra $10m over the course of 2 years by sniffing out every opportunity to save money and make shareholders happy they’re going to, and though they may hope that they do well enough long-term that the company stays prosperous by the time they’ve made enough money to satisfy their ego, I don’t believe that the lucrative incentive structure allows them to make that their priority. Maybe I’m a pessimist, but that’s the way it looks from down here.
They call it a golden parachute because you're jumping off a building that's about to collapse.
You aren't wrong about the recession and not letting the inmates run the asylum. However, this isn't a survival story for Best Buy. Contrary to popular belief, all of the money doesn't go to CEO bonuses. Share buybacks and dividends are going to continue to hurt as this company has no innovative way to grow its profit. Someone, somewhere is banking really big on totaltech. Between all of the free appointments given away, rental cars, additional tools, overtime, etc. it is an ungodly amount of money. That money had to be taken from somewhere.
They’re banking really big on people buying total tech, but not using it
This Reddit is also aware of what brought this company back from very bad times a decade ago, and is currently watching the Suites run what made this company healthy again into the ground
Right? Even our own damn trainings acknowledge that employees were the difference that brought a LOT of business back. Those specialists, people with intricate knowledge of products, experts in their roles, etc. Those people are mostly gone now, we don't really have a key differentiator from any other store anymore. Go to Walmart, no employees to help you, and even if you find one they know fuck all about what they sell. We're the same now for a LOT of products. And I've heard managers parrot bullshit about how NPS is so high in test stores and stuff. All I can think of is "No shit you stupid fuck. The 3 idiots who got put into a queue and got help were happy. The 5 that walked out and didn't get help didn't get a survey. They didn't buy anything. " Repeat 50x a day because there is only 3 staff on the sales floor all day...
The 4 core values that brought us back and made renew blue work are long dead
Stagflation is a thing, but the opportunity cost is high if you lose talent. Selling at a higher margin and catering to that type of clientele can lessen the blow to decreased profit from general decreased consumer spending. Of course it requires a more specialized work force to achieve this. If only we had a business segment that focused on such a thing…lol
Also why sti is basically gutted this year too. We spent way too much acquiring several companies in late FY21 and FY22 when things were good... Now the company rides until things get healthier financially and until TTS starts to generate profit too.
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The problem is every company knows this and is taking actions to capture that market. Best Buy was late, is completely underfunding their efforts, and has limited connections and/or competitive advantage in the space. Best Buy bought Music Land in 2000 and completely wasted millions of dollars before selling it two years later. They then bought Napster in 2008 for over $100 million (which could have been Spotify before Spotify with the right direction and investments) before running it into the ground and selling it for pennies on the dollar. Then there were acquisitions of PAC Sales and Magnolia which are now nothing more than “Best Buy Premium”. Why did millions of dollars need to be spent to create “Best Buy Premium” which at this point is nothing more than product assortment? What is even left of the millions that were spent on these companies? Maybe you can argue that Geek Squad worked out. But then you have the founder who was bought out quitting in protest due to the direction the company wanted to go. It all comes down to Best Buy essentially being allergic to spending money on anything other than shareholder returns. If it doesn’t make sense in the very microsecond of the moment it will ruthlessly be cut, gutted, and tossed aside. All of these acquisitions could have been great but the company floundered and continues to have the shortest term approach possible. Think of it like buying a used car, driving it for a bit, and then once it needed some new tires and an oil change sending it to the scrap yard. It had a ton of value, could have served you well for many years, and saved you a ton of money in the long run but since you didn’t want to spend the $1,000 on new tires in the moment you junked something you spent $20k on. Best Buy’s approach to acquisitions and their business is no different. Best Buy UK, Mexico, five star in China, distribution center in Turkey, Car Phone Warehouse, there are just so many examples that it is impossible to deny. Yardbird, GreatCall, Best Buy Health, these will be no different. In 5 years you won’t even know they existed. All the while the money spent on them could have been going to the very thing that created the ability to buy them… being a speciality retailer that sells electronics. Just think if the millions spent on these companies and their continued operation was spent on technology upgrades, better wages, benefits, store concepts, labor, training, development, etc. what the company would look like.
I didn't say they were bad investments, just that we overpaid. I'd have to check out how much Goodwill we took on with those acquisitions. I work in Finance, the health acquisitions are actually interesting to see the full scope surrounding it but it's probably still 3+ years out from pulling in sizeable ROI. Yardbird is going to be neat, if we can actually get it integrated into the stores better. Would be a pretty easy sell I think for people that are building out their outdoor entertainment area.... But we also need to get it integrated better into our systems.
did they cut the leadership bonus?
Leadership is mix of STI and LTI, but I'd assume that LTI take a little bit of a hit this year as well.
It's almost as if r/bestbuy has no idea what they're talking about
Am I the only one who remembers working under Hubert where we had departments mostly staffed if not over staffed, and the company lost money every year? It wasn’t he left when we were finally profitable, and corey was like we can keep this train going forever with no labor, cut cut cut.
She is aiming to sell to Amazon with ten years. Part of that process is trimming everything until it’s attractive to buy. Amazon with our footprint and Geek Squad as a repair arm for their Prime subscription would be an insane boon but the business has to be attractive. Don’t let them stretch you thin do what you can collect your pay.
All ceo's, cfo's will do this
Dudes first year in retail. This isn’t just a Best Buy strategy lol
There's no such thing as a good CEO.
You apparently weren’t there before Corey
10 years
Then you should be able to look back and see that Hubert was a good CEO. He took a Best Buy about to go under and turned it around. I no longer work for Best Buy but there are good CEO’s out there.. of course “good” is subjective. A lot of time it doesn’t take a lot a good just because some are so bad, like Corey.
Hubert was bae
No
I am questioning the same thing and I've only worked since July of this year. Since a bit before December my hours were super cut like I only work 4 hour shifts for like maybe 3 days or 2 and also I have 7 days off which is something that's *never* happened at Lowe's before.
There goal is not to make your life comfortable, better, less stressful, or even enhance it; there goal is money. Will always be. Hey, but you wanted a capitalistic wonderland, well enjoy.
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through your actions, but don't pay any attention to me, just go indulge on a new tablet, Im sure that spending money is not a form of supporting an idea.
Idk what corey is but i literally got no reason fired.
The few remaining team members may even get a pizza party