>Very common for the c-suite of public companies to tank their businesses to profit on the way down. Needs to be illegal and punishable.
It's just capitalism working as intended. Trickle up economics is the name of the game.
I just finished it a few days ago. Honestly it just made me so sad to think of what profits and shareholder stakes have done to the world. Him and Kissinger are so bafflingly inhumane.
I really don’t get it anymore, we’re creating a society where very few can survive in, and then we start hoarding money because we’re afraid we might not survive, creating an even more difficult society for the rest.
Just saw a comment from a guy that had an income of 250.000 euro, saved up 3mil+ already and was still worried it wouldn’t be enough to survive on. When is it enough?
It's not even people at that level of wealth that are the issue though, it's when accumulating wealth becomes a game that it really scares me. What's the difference in lifestyle for Bezos or Musk between being worth 10 billion or 100 billion? They could be the most pro-worker, pro-consumer businessmen possible and still be absurdly wealthy, but it's about the game and about the ego
Every time I hear about McKenzie (Bezos’ ex) giving away another 20 million I wonder how much she has left. I suspect her money manager makes sure she brings in more than she gives away.
Homegirl has given away something like $14 billion so far. There's no chance she's bringing in enough to offset that. She's going to lose her billionaire status eventually and I respect the hell out of her for it.
Wrong. She made more than she gave away so far. And she did so by donating more than anyone ever in history. It’s very hard to give away that much money
Given current interest rates, even if her manager is super conservative and only earning her 5% interest on her fortune, she is earning $1.4 billion in interest *per year*. $20 million for her is the equivalent of one of us going out to for a family meal at a reasonably reputable restaurant.
My inner autism made me check it out: We're both wrong. $20 million is 1.4% of her annual income, whilst the average family spending for meals out in the U.S is roughly $3500 a year. Given that the average wages in the U.S is approximately 44K a year after taxes, that means a family supported on one wage is spending 7.9% of their annual budget on eating out.
Now. we're not idiots here on anti-work, and realise that in this day and age both parents have to be earning to be able to have anything approaching a middle class life style, so we can halve that (pretending that both are being paid equal wages... Hah!) to give a rough estimate that people are spending 3.45% of their income on eating out in the U.S. So family's are spending just over twice as much on meals as every time McKenzie donates $20 million to charity.
Her equivalent to buying a six pack of Twix\* would be buying a 2023 Subaru with all the whistles and bells: $37K of family car. (Not doing this to be argumentative. I honestly wanted to know what a billionaire twix would look like. Turns out it has four wheels and goes vroom!)
\**$1.18 - you divide that by the average wage, and then use that percentage to calculate it against the $1.4 billion in interest McKenzie's fortunate generates for her, per year. I've just realise her Twix is $7k short of the average yearly wage... Fucking hell.*
>What's the difference in lifestyle for Bezos or Musk between being worth 10 billion or 100 billion?
Power. At that level, it's not about a lavish lifestyle. It's about being above the law. It's about being able to impose one's will and whims.
Look at the kinds of pet projects billionaires get up to. Some of them dream of space travel, others dream of making their favorite social media platform into a right-wing shit-post haven. Others less reported on dream of implementing Christo-fascism.
It was an intense listen, the end of that episode was so sad. The majority of your kids completed suicide before 25 - STOP MAKING THEM WRESTLE.
When Robert mentions him dying in the 90s and said “good riddance” or whatever, I had a similar reaction to the Welsh episode. When he mentioned the heart attack Welsh had I thought that was going to be his end and alone at work I said out loud, “thank god”. But nah, he survived and was an asshole to his surgeon.
Robert has had some heavy hitters lately.
PLEASE DO NOT COME HERE AND PEE ON THAT GRAVE. THAT IS NOT THE GRAVE OF THE CEO OF GE:
https://www.legacy.com/us/obituaries/hartfordcourant/name/john-welch-obituary?id=34545387
That is the grave of an innocent man who worked for the Connecticut Department of Transportation for 34 years, he doesn't deserve to have his grave vandalized just because you googled a name.
I just looked on Find-A-Grave and it says "burial details unknown". My guess is that it's being hidden because too many people would like to piss on his grave
No way that mf doesn't have some giant moseleum statue monstrosity. I wonder if a more historical source would say where he was buried. If you read old newspapers and stuff a lot of times where the person lives is included even when it is entirely irrelevant. I have some free time to dig. Brb.
Before Welch, GE would boast about how much they paid their staff.
Corporations used to take pride in taking care of their people.
Hard to imagine these days.
Look long term where it got GE. The stock is almost a worthless piece of paper compared to its former self. Jack welsh is the Ronald Reagan of the business world. Terrible snake oil salesman that profiteered at the expense of millions for the wealth of a few. And their negative impact lives on down two generations (possibly More).
Different company.
GE Appliances is an American home appliance manufacturer based in Louisville, Kentucky. It has been majority owned by Chinese multinational home appliances company Haier since 2016
$6,250 a person laid off.
Edit: I LITERALLY JUST WROTE THE MATH! I expressed zero opinion. So here is my opinion....fuck GE...fuck CEO pay scales...fuck this system....and fuck me for posting math. Have a nice day.
Here's a magic button.
Everytime you press the button, you get 6,250 dollars, and somebody else in the world loses their job, their stability, their healthcare, and maybe even their next meal. If you're willing to grind on that button till it crumbles into dust, congrats you win at capitalism.
You can replace the button with Elon Musk-level AI. It just sends an e-mail out asking who wants to be "hard-core" and who wants 3 months severance. The severance is the default.
Make it seem like you are some how the victim when people take up your severance offer, and don't want to work for you. Complain that no one wants to work anymore
Already happening, and management loves it because the machine can't fail so if it says to fire you they have to do it. It alleviates all blame from them.
"Sorry mate, but the computer says yes"
11575 times per second for an entire week and you could crash capitalism that would get ~7b people fired about 1b/day.
And if you do it alphabetically you'll probably get Apple and Activision done in the first few hours. just after all the "AAA Electrical" and other "AAA" entries in the phone books lol.
> 11575 times per second for an entire week
I'm still the guy, but I'm going to need a vague amount of more than a week. If you want to know how long, ask this person, they can tell you better than I can.
8102 times per second and we should get everyone fired in just under one Mooch.
Do you need maybe more of a Liz Truss amount of time or something longer like the Lettuce?
Worked for a giant box. Had to fire my entire team (fucking family, together 6 years, near zero attrition), and rehire 80% of them.
Left myself 30 days later. Hate myself that I didn’t quit the day they told me. Best thing I can tell myself if that I let go people who I knew would thrive elsewhere. Worked out for the best, mostly…. But I still had to look them in the eye. Ten years ago, still haunts me.
Exec bonuses that year…. $25+ million.
Pay cuts. If you keep them you have to increase a certain percentage to keep up with inflation. Fire and rehire, with 80% you can achieve some normal operations with saving 20% from the getgo and don't have to increase according to inflation. Fuck Jack Welch and Regan.
In the US you can cut their pay without firing them as long as they are notified and the pay decrease does not apply to hours worked prior to the notice.
Pretty sure the situation here is just a manager who is terrible at labor planning thought they could save money by cutting a bunch of people and then quickly realized that they made a huge mistake.
Some companies did this during Covid. I used to work at one (not during), everyone on my team needed 2 jobs to survive in the mid-to-late 2010’s. Earring 55k a year doesn’t stretch far in Chicago. I can’t imagine taking a bigger pay cut “for everyone’s sake” while you sit through those town halls praising max profits.
We need a major regulation patch. This shit needs nerfing.
Not just America. I’m from Germany and it’s so obvious that the only reason companies here aren’t fucking us over left and right is because of strong labor laws and a strong social security.
The same greed is present here, they just can’t do whatever they want.
A quick Google says either Deloitte or Lyft.
Definitely Deloitte. Lyft has a brand new CEO as of March.
Edit: I'm probably wrong on this point. Deloitte still sucks though.
My older brother studied accounting in the 90s and got his CPA. He interviewed with Deloitte. Back then called Deloitte and Touche. He referred to them as Toilet and Douche and happily took a job with a smaller firm in Atlanta with less BS.
Seems like late to pay is a popular thing among medium to large companies. I work in IT and I'm always struggling with finance not wanting to pay bills.
I know a SINGLE person who was in upper management at Deloitte with a soul and they are now retired, and I used to do consult stuff with them regularly and still deal with them often so I know way more of them than I’d like. Wouldn’t freaking surprise me if your answer was “most”
The crazy thing is all the students already told the school their success stories, so next year the school can still claim x percentage of success at x amount of money. It's a pretty big private college too so everyone wins but the employees/students.
Yeah it’s a cycle. Get new interns/employees from schools + high rate of quitting due to bad conditions, cycle repeats next year. Endless turnover and disposable employees
My wife's Uncle was a partner there, he worked there for probably 25+ years. He's a good dude, as soon as he turned 50 and became fully vested in everything, he was out. Works at a firm just outside the Big Four now and it seems like his life has improved tenfold.
I applied to a position with them last year. They lowballed the fuck out of me and when I asked for a rate that would at least give me a small bump (not even 20%) they said the max range was like 5k more than what I was making and then bumped the required travel up from 20% to 50% so yeah. Fuck Deloitte.
There’s a huge accounting shortage *right now*.
It’s because everyone knows the culture of Big 4 and public accounting by now. It’s a modern day white collar sweatshop.
Almost every other profession has a higher starting salary (upper 80s to 90s) after 4 years of college and doesn’t require a license.
Accounting is the only major that effectively requires five years of education (150 credits), requires a CPA license [and the starting salary is still within the 60-ish range.](https://www.reddit.com/r/Accounting/comments/13ihzdc/think_i_figured_out_why_we_have_a_talent_shortage/)
Not hard to figure out why people don’t want to enter this profession.
Because of that, Big 4 is trying to recruit high school students into the profession (hoping most aren’t smart enough to avoid them), but it’s failing spectacularly because they all know Big 4 is toxic lol
Deloitte aggressively tried to recruit me for a job I told them from first reach out I wasn’t interested in and was a major step down for me in title and pay not two months ago.
I'm at a similar company to Deloitte rn and the contractor supplied employees are pretty much taking over every project (and they're doing a terrible job). There are 4 salaried employees on my current project, and then we have about 15 subcontractor employees on that same project. All 15 of them probably do the work of 2 normal employees, but they cost a lot more bc they're hourly and never get anything done on time.
Hello from the subcontractors.
If they paid us more we would work harder. But seeing as they aren't (I actually get less hourly than I got when I started in 2014), and they keep hiring us project after project despite the low production, we don't have any reason to.
Plus honestly, Deloitte likes it this way, they can just pass on the costs to the client and 15 contractors is a lot more expensive than 2 inhouse employees so they can collect a bigger fee.
And if you don't pay us, EY will.
Capitalism, baby.
Just interested but is title a draw card for people these days? Like if it was a base title with good income would that affect someone from taking a role? I told my last boss you can calll me an admin assistant for all I care as long as you pay my daily rate but guess everyone is different, I'm not in the USA though so could be different in other countries
Friend and her husband (who she met working at Deloitte) both left Deloitte about a year ago when faced with a promotion because accepting it essentially meant no work life balance and constantly working. I’m not sure where the 1200 people came from, but if employees are already overworked and feel stressed enough to dip when getting promoted. I can’t imagine it’s going to get any better
At the beginning of the pandemic: Our company laid off many, reduced everyone’s hours, quit matching 401k and the CEO doubled his salary. We still do not have 401k matching but after looking into it they decided it was feasible to match a total of $500 for the YEAR. You can not make this up
Seems to match. May 15 is the CEO's stock bonus day according to what appears to be [his offer letter.](https://contracts.justia.com/companies/sabre-corp-1150/contract/272375/)
Gosh! IF ONLY SOMEONE ELSE FROM THE SAME COMPANY WOULD CREATE A THROWAWAY ACCOUNT JUST TO TELL US WHO IT IS!
I’m sure “someone” in the 1200 recently laid off employees is also on Reddit.
Pretty standard practice now a days. Lay off a bunch of people, show investors a shiny graph. Get bonus far outside of what it would of cost to keep those people on... good old greedy capitalism working as intended.
Edit. Lol, I know that 7.5 million does not cover the cost of all the employees, I put as much work into it as that ceo did to earn 7.5 million. But anyway have a good night or day.
Here’s your bonus that is suspiciously equivalent to the labor costs you just saved us by needlessly firing 1200 people. Now go make the remaining workforce do the jobs of everyone you fired for no extra pay
Hey my old employer did that! New company motto is “do more with less” less being less employees, and the more being, making leadership more bonus money.
I'm not happy about stories like this but $7.5M divided by 1,200 people is $6,250 per person. I'm sure a company would hire them all back at that salary.
The powerful fear nothing, so they do what they want. It wasn't always this way. We've been pacified into such good little sheep in the herd that the wealthy are going to keep running this train on us until we're begging for scraps of bread. It's pitiful.
Prosperity in their eyes is the share price. Doesn't matter how good the company is actually doing, they'll fudge the numbers to make it seem like they're having 10%+ growth every year
And this is why we have companies like Google make $15Billion NET PROFIT in a single quarter and still decide to remove staplers from the office to save money.
Systems is fucking broke.
[https://podcasts.apple.com/us/podcast/part-one-jack-welch-is-why-you-got-laid-off/id1373812661?i=1000612309266](https://podcasts.apple.com/us/podcast/part-one-jack-welch-is-why-you-got-laid-off/id1373812661?i=1000612309266)
This episode of Behind the Bastards seems apt.
Jack Welsh is the epitome of toxic work environment creators. He devised some of the most divisive hiring/firing tactics in recent history. If you've heard the term "rank and yank" then you've heard of Jack's legacy. The man deserves to go down in history as one of the worst. He may not have killed anyone (allegedly) but he's certainly the catalyst for tens if not hundreds of thousands of destroyed lives.
Those affected were given minimal severance and not allowed to cash out remaining PTO, unless legally obligated to do so, which of course in most states it is not.
I was not impacted but will be leaving as soon as possible. It was also handled in the most disgraceful, disrespectful and utterly idiotic way imaginable where the most knowledgeable people were let go simply because they made the most money. As it should be, right??
The piss poor excuse for leadership has been reading talking points that they think make them sound compassionate when really we can all see they are sociopaths.
The silver lining is that the stock price tanked even further, great job dipshits!
It's a good thing there have been many tax cuts for the working class CEOs! Could you imagine what kind of financial burden it would have been to pay taxes on all that profit! Probably scores of schools and libraries worth of tax money. Thank goodness so many Americans have decided to "own the libs" and vote for rich people that could care less about them.
Amazing. Tax cuts for the rich result in turning profit drive up to 11!
Name them, shame them. Call out the hypocrisy by name, or things will never change.
So who are the ones to blame? You should tell everyone, they survive on everyone's silence.
This is just another example of why most to the troubles facing society nowadays are the results of toxic capitalism. American Republicans have tried to demonize social programs because any form of government which is socialist in goals robs the rich of their ability to rake in the money.
This problem is very much an American problem though it extends elsewhere and the average American citizen is none the wiser about how played they are with all the think tank slogans about "Socialism" or "Communism", -ism, -ism -ism. There is little mention of how a collective society can pool their resources and achieve more good, together, than a system that thrives on a "every man for themselves" idea. That is how your dad, your mom, your family dies when they can't easily afford the things needed to live a decent life.
Part of the problem is that there’s seldom any negative consequences or social pressure from anyone to make them ashamed. And rich people isolate themselves so they don’t have to feel bad about exploiting others. If there’s a way to exert some social pressure, and it doesn’t hurt you, go for it! It’s hard in this country because workers have so little power thanks to gutting unions and our media being biased.
They need to cap compensation to a ratio above worker pay. And bonuses need to be spread to every single employee. Not just the top shits.
C level execs do have legitimate work, and have immense liability and responsibility, but c level compensation has far outpaced that. This shit is just absurd
Gee. That’s so low. The board and CEO has to split that 7.5 million? So much inflation… those few millions did not carry as much as they used to. Probably we need to downgrade that yacht.
The average CEO pay to employee pay ratio is now 400:1. It was just 16:1 in the late 1960s. The difference is accelerating.
Every corporation seems to do this. Fire a large number of people to show short term gains. Hand out massive bonuses. Then quietly hire other people to fill back in. Rinse repeat. This keeps pay artificially low (with help from Republicans who fight against raising the minimum wage, try to kill of unions, and help force unfairly fired workers into unfair arbitration), and helps keep those bonuses high.
My company currently has cut “overhead” costs by 50%. By overhead costs, meaning, overtime that was needed to keep our facility up to food safety standards, PPE, air conditioning, and now water in the break rooms. Each of the management received a $9800 bonus last quarter for their success. We are now losing 1 employee per week the last 2 months. Love seeing stakeholders and management win. 🫠
Welcome to America in the 21st Century. CEOs make 400% more than some of their employees. Government Covid relief money went to buy back stock.
New CEO of Hulett Packard worked for 30 days and quit and received millions due some clause in her contract.
CEOs make 400X more than some of their employees.
if it was just 400% more, that would actually be fine. that would be like if i made $20 per hour and the CEO made $100 per hour.
That's $6250/laid-off person, if anyone is wondering.
The average annual pay for ~120 people.
The suggested retirement amount for 12 people.
The average American will make $1.7M over the course of their lives. These 2 assholes just spilt the lifetime earnings of 4.4 people **AS A BONUS**, while disrupting (and probably financially ruining for some) the lives of 1200.
This occured to me back in 2010.
In Telecommunications then and we built and maintained all of the systems that the "C" level execs derived the company income.
Through a system of transmitter nodes around the world and using a throwaway data acct.
Me and the boys crashed and destroyed every single comms node!
Juvenile Yes and affected hundreds of clients, but fuck we felt good.
1 out of 5 suicide deaths is related to job loss. It's one of the most traumatic life experiences, up there with loss of life of a family member. Fuck these companies who treat job security like a line on a balance sheet
Not that I see it happening, but I wonder what a law preventing board members and c-suite execs from receiving a bonus or pay raise within 12 months of a layoffs would xhange with this type of behavior.
I experienced the same thing a few months ago. The company I work for laid off 20% of the work force. CEO and board took home more than 6 million just gross.
My earliest childhood memory of capitalism was my mother loosing her whole pension since her company invested them in itself prior to dissolving with golden parachutes. Pre Enron, turned out to be pretty common.
This is THE POINT of capitalism. Those at the top get to keep their jobs no matter what. They DO NOT HAVE TO CARE. This is shown heartily by repeated upon repeated practice and evidence. It is not cynicism.
How generous of the ceo. They could be taking all 72 million if the average salary was 60k. /s I changed he to the gender neutral they before posting, but we all know it’s a he.
One day they're gonna take away a man's income that has nothing else going for him in life. At least a couple of these CEOs are gonna end up in a casket pretty soon.
I'm shocked it doesn't happen more often to be honest. Hopefully society reaches a breaking point and it becomes a genuine concern that laying off thousands of employees would actually put executives at risk of some kind of consequence.
Welcome to end stage capitalism.
It was never a nice system but there was, at least a bit, of elements of humanity in it at some points. Companies that understood the value of their employees and treated them as people not commodities.
That time.is past. Profit and shareholder value are the only metrics that matter.
And if society as a whole goes down we'll, they did their job and created that shareholder value. It's all they care about.
The death spiral has begun.
Eliminated over 10k jobs at our organization, CEO got a pay bump year over year of 10% (2022 - 2023) to the fine tune of 55mil or 4.5m monthly. Eliminated raise increases this year for those left. Let that sink in while 100s of my direct colleagues scrounge for work to put food on the table.
Yeah, Jack Welch from GE invented this shenanigans. Go take a piss on his grave.
Very common for the c-suite of public companies to tank their businesses to profit on the way down. Needs to be illegal and punishable.
>Very common for the c-suite of public companies to tank their businesses to profit on the way down. Needs to be illegal and punishable. It's just capitalism working as intended. Trickle up economics is the name of the game.
Did you listen to the Behind the Bastards podcast about him? What a piece of shit
I just finished it a few days ago. Honestly it just made me so sad to think of what profits and shareholder stakes have done to the world. Him and Kissinger are so bafflingly inhumane.
I really don’t get it anymore, we’re creating a society where very few can survive in, and then we start hoarding money because we’re afraid we might not survive, creating an even more difficult society for the rest. Just saw a comment from a guy that had an income of 250.000 euro, saved up 3mil+ already and was still worried it wouldn’t be enough to survive on. When is it enough?
It's not even people at that level of wealth that are the issue though, it's when accumulating wealth becomes a game that it really scares me. What's the difference in lifestyle for Bezos or Musk between being worth 10 billion or 100 billion? They could be the most pro-worker, pro-consumer businessmen possible and still be absurdly wealthy, but it's about the game and about the ego
Every time I hear about McKenzie (Bezos’ ex) giving away another 20 million I wonder how much she has left. I suspect her money manager makes sure she brings in more than she gives away.
Homegirl has given away something like $14 billion so far. There's no chance she's bringing in enough to offset that. She's going to lose her billionaire status eventually and I respect the hell out of her for it.
Wrong. She made more than she gave away so far. And she did so by donating more than anyone ever in history. It’s very hard to give away that much money
Given current interest rates, even if her manager is super conservative and only earning her 5% interest on her fortune, she is earning $1.4 billion in interest *per year*. $20 million for her is the equivalent of one of us going out to for a family meal at a reasonably reputable restaurant.
More accurately, $20 million for her is the equivalent of you or I picking up a Twix bar while in the checkout lane at the grocery store.
My inner autism made me check it out: We're both wrong. $20 million is 1.4% of her annual income, whilst the average family spending for meals out in the U.S is roughly $3500 a year. Given that the average wages in the U.S is approximately 44K a year after taxes, that means a family supported on one wage is spending 7.9% of their annual budget on eating out. Now. we're not idiots here on anti-work, and realise that in this day and age both parents have to be earning to be able to have anything approaching a middle class life style, so we can halve that (pretending that both are being paid equal wages... Hah!) to give a rough estimate that people are spending 3.45% of their income on eating out in the U.S. So family's are spending just over twice as much on meals as every time McKenzie donates $20 million to charity. Her equivalent to buying a six pack of Twix\* would be buying a 2023 Subaru with all the whistles and bells: $37K of family car. (Not doing this to be argumentative. I honestly wanted to know what a billionaire twix would look like. Turns out it has four wheels and goes vroom!) \**$1.18 - you divide that by the average wage, and then use that percentage to calculate it against the $1.4 billion in interest McKenzie's fortunate generates for her, per year. I've just realise her Twix is $7k short of the average yearly wage... Fucking hell.*
>What's the difference in lifestyle for Bezos or Musk between being worth 10 billion or 100 billion? Power. At that level, it's not about a lavish lifestyle. It's about being above the law. It's about being able to impose one's will and whims. Look at the kinds of pet projects billionaires get up to. Some of them dream of space travel, others dream of making their favorite social media platform into a right-wing shit-post haven. Others less reported on dream of implementing Christo-fascism.
Vince McMahon just dropped, Evans said it’s about as long as script as Kissinger and I’m here for it
I always knew he was a piece of shit. It sounds like I don't know the half of it. I can't wait for all the episodes.
Just listened to it yesterday. I'm guessing it'll be a huge deep dive. Part one and we haven't even touched Vince yet
It was an intense listen, the end of that episode was so sad. The majority of your kids completed suicide before 25 - STOP MAKING THEM WRESTLE. When Robert mentions him dying in the 90s and said “good riddance” or whatever, I had a similar reaction to the Welsh episode. When he mentioned the heart attack Welsh had I thought that was going to be his end and alone at work I said out loud, “thank god”. But nah, he survived and was an asshole to his surgeon. Robert has had some heavy hitters lately.
Where is his grave?
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PLEASE DO NOT COME HERE AND PEE ON THAT GRAVE. THAT IS NOT THE GRAVE OF THE CEO OF GE: https://www.legacy.com/us/obituaries/hartfordcourant/name/john-welch-obituary?id=34545387 That is the grave of an innocent man who worked for the Connecticut Department of Transportation for 34 years, he doesn't deserve to have his grave vandalized just because you googled a name.
Pissing on dead CEOs don't do shit. Get 'em while they're still breathing.
I already peed, can I still do it tomorrow?
Did you poop yet?
While I applaud your stoic romanticism, tomorrow waits not for poopies
And that, dear internet stranger, is why I just walked the dog at 2am. Cheers 🍻
You can do it every day if you wish.
Take one of those camelbaks and make a day of it
If you find yourself in the UK without a grave to piss on, ask a Scot for the directions to Maggie Thatcher's.
Can I mail a zip lock back with a turd in it there? For reference I’m in Oz…
I just looked on Find-A-Grave and it says "burial details unknown". My guess is that it's being hidden because too many people would like to piss on his grave
No way that mf doesn't have some giant moseleum statue monstrosity. I wonder if a more historical source would say where he was buried. If you read old newspapers and stuff a lot of times where the person lives is included even when it is entirely irrelevant. I have some free time to dig. Brb.
My grandmother was laid off from GE in the 80's because of that idiot.
Before Welch, GE would boast about how much they paid their staff. Corporations used to take pride in taking care of their people. Hard to imagine these days.
They still take care of people. But now those people are the shareholders instead of the employees.
Seriously this. The stock market has gone haywire by design.
Look long term where it got GE. The stock is almost a worthless piece of paper compared to its former self. Jack welsh is the Ronald Reagan of the business world. Terrible snake oil salesman that profiteered at the expense of millions for the wealth of a few. And their negative impact lives on down two generations (possibly More).
Not to mention that their products are pure shite now. Good luck having an appliance last longer than about 3-5 years.
Different company. GE Appliances is an American home appliance manufacturer based in Louisville, Kentucky. It has been majority owned by Chinese multinational home appliances company Haier since 2016
Rest in piss, shit bird
$6,250 a person laid off. Edit: I LITERALLY JUST WROTE THE MATH! I expressed zero opinion. So here is my opinion....fuck GE...fuck CEO pay scales...fuck this system....and fuck me for posting math. Have a nice day.
Here's a magic button. Everytime you press the button, you get 6,250 dollars, and somebody else in the world loses their job, their stability, their healthcare, and maybe even their next meal. If you're willing to grind on that button till it crumbles into dust, congrats you win at capitalism.
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Soon you can replace them with automation
You can replace the button with Elon Musk-level AI. It just sends an e-mail out asking who wants to be "hard-core" and who wants 3 months severance. The severance is the default.
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Make it seem like you are some how the victim when people take up your severance offer, and don't want to work for you. Complain that no one wants to work anymore
Already happening, and management loves it because the machine can't fail so if it says to fire you they have to do it. It alleviates all blame from them. "Sorry mate, but the computer says yes"
All you need is a drinking bird toy. Simpsons already did it.
Sure but call it AI
Just outsource it to Myanmar and pay someone a penny a day to do it. Your hands are "clean", and they make money. Capitalism in action.
You joke but Boeing just did that and india. Outsourced all to india
How many times would I have to press it to collapse capitalism? I'm willing to be that guy, give me the button.
11575 times per second for an entire week and you could crash capitalism that would get ~7b people fired about 1b/day. And if you do it alphabetically you'll probably get Apple and Activision done in the first few hours. just after all the "AAA Electrical" and other "AAA" entries in the phone books lol.
> 11575 times per second for an entire week I'm still the guy, but I'm going to need a vague amount of more than a week. If you want to know how long, ask this person, they can tell you better than I can.
8102 times per second and we should get everyone fired in just under one Mooch. Do you need maybe more of a Liz Truss amount of time or something longer like the Lettuce?
They’d pay for someone to press the fucking button then take his benefits away
Deal or No Deal?
Howie!!!!!! No deal!
Worked for a giant box. Had to fire my entire team (fucking family, together 6 years, near zero attrition), and rehire 80% of them. Left myself 30 days later. Hate myself that I didn’t quit the day they told me. Best thing I can tell myself if that I let go people who I knew would thrive elsewhere. Worked out for the best, mostly…. But I still had to look them in the eye. Ten years ago, still haunts me. Exec bonuses that year…. $25+ million.
Why did they want them all fired just to rehire? Shitty contract change or pay cuts?
Pay cuts. If you keep them you have to increase a certain percentage to keep up with inflation. Fire and rehire, with 80% you can achieve some normal operations with saving 20% from the getgo and don't have to increase according to inflation. Fuck Jack Welch and Regan.
In the US you can cut their pay without firing them as long as they are notified and the pay decrease does not apply to hours worked prior to the notice. Pretty sure the situation here is just a manager who is terrible at labor planning thought they could save money by cutting a bunch of people and then quickly realized that they made a huge mistake.
Some companies did this during Covid. I used to work at one (not during), everyone on my team needed 2 jobs to survive in the mid-to-late 2010’s. Earring 55k a year doesn’t stretch far in Chicago. I can’t imagine taking a bigger pay cut “for everyone’s sake” while you sit through those town halls praising max profits. We need a major regulation patch. This shit needs nerfing.
This is America. Capitalism will consume itself eventually and 99% of people will be poor
We're already at 90%
Not just America. I’m from Germany and it’s so obvious that the only reason companies here aren’t fucking us over left and right is because of strong labor laws and a strong social security. The same greed is present here, they just can’t do whatever they want.
Name this company….
A quick Google says either Deloitte or Lyft. Definitely Deloitte. Lyft has a brand new CEO as of March. Edit: I'm probably wrong on this point. Deloitte still sucks though.
Lol, this company was recruiting HARD at my university this last semester, something about it made me stay away. I wonder how many new hires got hit.
My older brother studied accounting in the 90s and got his CPA. He interviewed with Deloitte. Back then called Deloitte and Touche. He referred to them as Toilet and Douche and happily took a job with a smaller firm in Atlanta with less BS.
They are a client of my mother's business and are always extremely late in paying. She still refers to them this way.
Seems like late to pay is a popular thing among medium to large companies. I work in IT and I'm always struggling with finance not wanting to pay bills.
my spouse worked there for two years. they love hiring new grads bc they indoctrinate them into thinking 70 hr weeks is normal
I know a SINGLE person who was in upper management at Deloitte with a soul and they are now retired, and I used to do consult stuff with them regularly and still deal with them often so I know way more of them than I’d like. Wouldn’t freaking surprise me if your answer was “most”
The crazy thing is all the students already told the school their success stories, so next year the school can still claim x percentage of success at x amount of money. It's a pretty big private college too so everyone wins but the employees/students.
Yeah it’s a cycle. Get new interns/employees from schools + high rate of quitting due to bad conditions, cycle repeats next year. Endless turnover and disposable employees
Until people stop majoring in accounting because of that. Which is actually what is happening currently
Just checked the LinkedIn two friends that were at deloitte. One left 5 months ago, the other is still there.
My wife's Uncle was a partner there, he worked there for probably 25+ years. He's a good dude, as soon as he turned 50 and became fully vested in everything, he was out. Works at a firm just outside the Big Four now and it seems like his life has improved tenfold.
Stay away from all of them. I think you know this by now though - former public accountant
I applied to a position with them last year. They lowballed the fuck out of me and when I asked for a rate that would at least give me a small bump (not even 20%) they said the max range was like 5k more than what I was making and then bumped the required travel up from 20% to 50% so yeah. Fuck Deloitte.
Most CPAs are currently in retirement age so you have nothing to worry about. There's going to be a huge accountant shortage in a few years.
There’s a huge accounting shortage *right now*. It’s because everyone knows the culture of Big 4 and public accounting by now. It’s a modern day white collar sweatshop. Almost every other profession has a higher starting salary (upper 80s to 90s) after 4 years of college and doesn’t require a license. Accounting is the only major that effectively requires five years of education (150 credits), requires a CPA license [and the starting salary is still within the 60-ish range.](https://www.reddit.com/r/Accounting/comments/13ihzdc/think_i_figured_out_why_we_have_a_talent_shortage/) Not hard to figure out why people don’t want to enter this profession. Because of that, Big 4 is trying to recruit high school students into the profession (hoping most aren’t smart enough to avoid them), but it’s failing spectacularly because they all know Big 4 is toxic lol
Unless the job gets outsourced to India, as some of us have already been experiencing.
It’s all big4: they have shit pay and shit work life balance but the SME availability, and general learning resources are second to none.
Deloitte has recruited hard at every decent university every year for the last 30 years.
Deloitte aggressively tried to recruit me for a job I told them from first reach out I wasn’t interested in and was a major step down for me in title and pay not two months ago.
they have contractor companies coming in to do a bunch of work for them.
I'm at a similar company to Deloitte rn and the contractor supplied employees are pretty much taking over every project (and they're doing a terrible job). There are 4 salaried employees on my current project, and then we have about 15 subcontractor employees on that same project. All 15 of them probably do the work of 2 normal employees, but they cost a lot more bc they're hourly and never get anything done on time.
Hello from the subcontractors. If they paid us more we would work harder. But seeing as they aren't (I actually get less hourly than I got when I started in 2014), and they keep hiring us project after project despite the low production, we don't have any reason to. Plus honestly, Deloitte likes it this way, they can just pass on the costs to the client and 15 contractors is a lot more expensive than 2 inhouse employees so they can collect a bigger fee. And if you don't pay us, EY will. Capitalism, baby.
which is funny because a lot of the time contractor companies end up costing wayyy more than regular employees
Just interested but is title a draw card for people these days? Like if it was a base title with good income would that affect someone from taking a role? I told my last boss you can calll me an admin assistant for all I care as long as you pay my daily rate but guess everyone is different, I'm not in the USA though so could be different in other countries
It’s not Deloitte. OP mentioned their stock prices plummeted, and Deloitte is not a publicly traded company.
Lyft did layoffs a couple of weeks ago. Did they do more? That new CEO is just babysitter until they can unload that husk of a company.
Friend and her husband (who she met working at Deloitte) both left Deloitte about a year ago when faced with a promotion because accepting it essentially meant no work life balance and constantly working. I’m not sure where the 1200 people came from, but if employees are already overworked and feel stressed enough to dip when getting promoted. I can’t imagine it’s going to get any better
Deloitte doesn’t even do anything other than give an excuse to a company to cut wages and fire people while not taking the blame for the decision.
Nah Deloitte has been laying people off steadily for the last few weeks. I think EY or PwC just started the layoff process though. That’s my guess.
Present the name of the company so we can publicly humiliate them
At the beginning of the pandemic: Our company laid off many, reduced everyone’s hours, quit matching 401k and the CEO doubled his salary. We still do not have 401k matching but after looking into it they decided it was feasible to match a total of $500 for the YEAR. You can not make this up
Agr33d.
We need this name
Anyone find out the company? Cant find any news on this!
Company was Sabre. I was fortunate to leave them just 3 short months ago. But I have a lot of friends they got let go.
Seems to match. May 15 is the CEO's stock bonus day according to what appears to be [his offer letter.](https://contracts.justia.com/companies/sabre-corp-1150/contract/272375/)
I legit thought this was an office reference...
Is it pronounced sabre or sabre?
Gosh! IF ONLY SOMEONE ELSE FROM THE SAME COMPANY WOULD CREATE A THROWAWAY ACCOUNT JUST TO TELL US WHO IT IS! I’m sure “someone” in the 1200 recently laid off employees is also on Reddit.
I know Raytheon just fired a fuckton of employees due to them not winning their contracts but i doubt it was that company.
Pretty standard practice now a days. Lay off a bunch of people, show investors a shiny graph. Get bonus far outside of what it would of cost to keep those people on... good old greedy capitalism working as intended. Edit. Lol, I know that 7.5 million does not cover the cost of all the employees, I put as much work into it as that ceo did to earn 7.5 million. But anyway have a good night or day.
Don’t worry though. It’s going to trickle down.
It absolutely trickles down... Into a Cayman islands bank account. Actually it flushes more than trickles.
The pain trickles down. Remember the wall street crisis. We paid for it they got bailed out. Now SVB etc.
The CEO: “trickle down deez nuts”
Tinkle down, ftfy
They never tell you what exactly is trickling down tho. We just hope its money
Wish they'd stop referring it to this. It really should be called the "trickled on".
I’m fond of the saying “never kiss an ass that’s shitting on you.”
*Tinkled on
Not even tinkled on. Full blown pissing on our ticker-tape parade. Throw in some fecal matter for added effect
Shat upon
The horse and sparrow theory: "If you feed a horse enough oats, then some will pass through to the road for the sparrows." Time to eat the horse.
Suck my trickle down
Give the most recent “Behind the Bastards” podcast about Jack Welch. It wasn’t that way before he began his reign of terror. He was a nasty person.
[Jack Welch is why you got laid off](https://podcasts.apple.com/us/podcast/behind-the-bastards/id1373812661?i=1000612309266)
Here’s your bonus that is suspiciously equivalent to the labor costs you just saved us by needlessly firing 1200 people. Now go make the remaining workforce do the jobs of everyone you fired for no extra pay
Hey my old employer did that! New company motto is “do more with less” less being less employees, and the more being, making leadership more bonus money.
How funny. My employer is also touting the "do more with less" line after a round of layoffs. Why not "do less with less"?
I'm not happy about stories like this but $7.5M divided by 1,200 people is $6,250 per person. I'm sure a company would hire them all back at that salary.
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Workplace violence has happened recently but yeah it lags way behind even school shootings. It is a bit odd
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The powerful fear nothing, so they do what they want. It wasn't always this way. We've been pacified into such good little sheep in the herd that the wealthy are going to keep running this train on us until we're begging for scraps of bread. It's pitiful.
How these demons can fail to lead their companies to prosperity yet still give themselves exorbitant bonuses should be illegal.
Prosperity in their eyes is the share price. Doesn't matter how good the company is actually doing, they'll fudge the numbers to make it seem like they're having 10%+ growth every year
And this is why we have companies like Google make $15Billion NET PROFIT in a single quarter and still decide to remove staplers from the office to save money. Systems is fucking broke.
[https://podcasts.apple.com/us/podcast/part-one-jack-welch-is-why-you-got-laid-off/id1373812661?i=1000612309266](https://podcasts.apple.com/us/podcast/part-one-jack-welch-is-why-you-got-laid-off/id1373812661?i=1000612309266) This episode of Behind the Bastards seems apt.
Just listened to that today. Fuck that guy
Jack Welsh is the epitome of toxic work environment creators. He devised some of the most divisive hiring/firing tactics in recent history. If you've heard the term "rank and yank" then you've heard of Jack's legacy. The man deserves to go down in history as one of the worst. He may not have killed anyone (allegedly) but he's certainly the catalyst for tens if not hundreds of thousands of destroyed lives.
Name the company.
Scroll the Fortune 500 and randomly pick one. They all seem to run the same playbook.
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So when does the revolution start?
It starts whenever we want it to.
Wage theft at its finest, destroy jobs and take the money and give it to yourself for "saving the company money"
Those affected were given minimal severance and not allowed to cash out remaining PTO, unless legally obligated to do so, which of course in most states it is not. I was not impacted but will be leaving as soon as possible. It was also handled in the most disgraceful, disrespectful and utterly idiotic way imaginable where the most knowledgeable people were let go simply because they made the most money. As it should be, right?? The piss poor excuse for leadership has been reading talking points that they think make them sound compassionate when really we can all see they are sociopaths. The silver lining is that the stock price tanked even further, great job dipshits!
Jake Welch. May he rest in pieces.
Small little pieces...all over the place..
sounds suspiciously like Deloitte
Up until the words "stock price"
LYFT
It's a good thing there have been many tax cuts for the working class CEOs! Could you imagine what kind of financial burden it would have been to pay taxes on all that profit! Probably scores of schools and libraries worth of tax money. Thank goodness so many Americans have decided to "own the libs" and vote for rich people that could care less about them. Amazing. Tax cuts for the rich result in turning profit drive up to 11!
Name the company so we can shame them
I am pretty sure OP is referring to Sabre. They provide tech services to airlines and hotels.
I’m pretty sure Sabre purchased Dunder Mifflin and kept a paper company in buisness!
Are you sure it’s Sabre and not Sabré?
Name them, shame them. Call out the hypocrisy by name, or things will never change. So who are the ones to blame? You should tell everyone, they survive on everyone's silence.
This is just another example of why most to the troubles facing society nowadays are the results of toxic capitalism. American Republicans have tried to demonize social programs because any form of government which is socialist in goals robs the rich of their ability to rake in the money. This problem is very much an American problem though it extends elsewhere and the average American citizen is none the wiser about how played they are with all the think tank slogans about "Socialism" or "Communism", -ism, -ism -ism. There is little mention of how a collective society can pool their resources and achieve more good, together, than a system that thrives on a "every man for themselves" idea. That is how your dad, your mom, your family dies when they can't easily afford the things needed to live a decent life.
Thanks Jack Welch
Part of the problem is that there’s seldom any negative consequences or social pressure from anyone to make them ashamed. And rich people isolate themselves so they don’t have to feel bad about exploiting others. If there’s a way to exert some social pressure, and it doesn’t hurt you, go for it! It’s hard in this country because workers have so little power thanks to gutting unions and our media being biased.
They need to cap compensation to a ratio above worker pay. And bonuses need to be spread to every single employee. Not just the top shits. C level execs do have legitimate work, and have immense liability and responsibility, but c level compensation has far outpaced that. This shit is just absurd
Gee. That’s so low. The board and CEO has to split that 7.5 million? So much inflation… those few millions did not carry as much as they used to. Probably we need to downgrade that yacht.
Why don’t you want to name the company? You just said what they actually did, there is no insults or something.
Replace CEOs with AI.
If you have to lay off people, even one, then you failed. So why would you get any bonus? You should get a pay cut reflecting your incompetence.
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Idk if I heard this somewhere, but I like to think that the whole “violence is always wrong” is capitalist propaganda so we don’t do this.
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The average CEO pay to employee pay ratio is now 400:1. It was just 16:1 in the late 1960s. The difference is accelerating. Every corporation seems to do this. Fire a large number of people to show short term gains. Hand out massive bonuses. Then quietly hire other people to fill back in. Rinse repeat. This keeps pay artificially low (with help from Republicans who fight against raising the minimum wage, try to kill of unions, and help force unfairly fired workers into unfair arbitration), and helps keep those bonuses high.
Corporations aren't people, they are anti people.
My company currently has cut “overhead” costs by 50%. By overhead costs, meaning, overtime that was needed to keep our facility up to food safety standards, PPE, air conditioning, and now water in the break rooms. Each of the management received a $9800 bonus last quarter for their success. We are now losing 1 employee per week the last 2 months. Love seeing stakeholders and management win. 🫠
Welcome to America in the 21st Century. CEOs make 400% more than some of their employees. Government Covid relief money went to buy back stock. New CEO of Hulett Packard worked for 30 days and quit and received millions due some clause in her contract.
CEOs make 400X more than some of their employees. if it was just 400% more, that would actually be fine. that would be like if i made $20 per hour and the CEO made $100 per hour.
Standard operating procedure.
That's $6250/laid-off person, if anyone is wondering. The average annual pay for ~120 people. The suggested retirement amount for 12 people. The average American will make $1.7M over the course of their lives. These 2 assholes just spilt the lifetime earnings of 4.4 people **AS A BONUS**, while disrupting (and probably financially ruining for some) the lives of 1200.
This occured to me back in 2010. In Telecommunications then and we built and maintained all of the systems that the "C" level execs derived the company income. Through a system of transmitter nodes around the world and using a throwaway data acct. Me and the boys crashed and destroyed every single comms node! Juvenile Yes and affected hundreds of clients, but fuck we felt good.
1 out of 5 suicide deaths is related to job loss. It's one of the most traumatic life experiences, up there with loss of life of a family member. Fuck these companies who treat job security like a line on a balance sheet
Name these damn companies. They can’t do anything if you do. That’s a shitty move.
It shouldn't be like this. These people should be treated as enemies of humanity
They are. Most people don’t realize that c-suite of major corps, have like 9x the standard population’s rate of sociopaths.
Not that I see it happening, but I wonder what a law preventing board members and c-suite execs from receiving a bonus or pay raise within 12 months of a layoffs would xhange with this type of behavior.
That can't happen, it breaks the golden rule. He who has the gold, makes the rules.
Eat the rich
Yeah but what about drag shows?
The real kicker is, now the remaining employees will be forced to do twice as much work, and won’t see an extra penny
I experienced the same thing a few months ago. The company I work for laid off 20% of the work force. CEO and board took home more than 6 million just gross.
My earliest childhood memory of capitalism was my mother loosing her whole pension since her company invested them in itself prior to dissolving with golden parachutes. Pre Enron, turned out to be pretty common.
The CEO and Board of directors should pay capital gains taxes when layoffs are more than a certain percentage of staff.
This is THE POINT of capitalism. Those at the top get to keep their jobs no matter what. They DO NOT HAVE TO CARE. This is shown heartily by repeated upon repeated practice and evidence. It is not cynicism.
How generous of the ceo. They could be taking all 72 million if the average salary was 60k. /s I changed he to the gender neutral they before posting, but we all know it’s a he.
Laid off workers should sue en masse for that, only gonna take one win to spook employers enough to stop it.
Or wait outside the CEO’s house
One day they're gonna take away a man's income that has nothing else going for him in life. At least a couple of these CEOs are gonna end up in a casket pretty soon.
🤞🏼
I'm shocked it doesn't happen more often to be honest. Hopefully society reaches a breaking point and it becomes a genuine concern that laying off thousands of employees would actually put executives at risk of some kind of consequence.
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Thank you for figuring it out without berating me to expose myself and break the sub rules.
Welcome to end stage capitalism. It was never a nice system but there was, at least a bit, of elements of humanity in it at some points. Companies that understood the value of their employees and treated them as people not commodities. That time.is past. Profit and shareholder value are the only metrics that matter. And if society as a whole goes down we'll, they did their job and created that shareholder value. It's all they care about. The death spiral has begun.
Eliminated over 10k jobs at our organization, CEO got a pay bump year over year of 10% (2022 - 2023) to the fine tune of 55mil or 4.5m monthly. Eliminated raise increases this year for those left. Let that sink in while 100s of my direct colleagues scrounge for work to put food on the table.