Comment on Unexpected item in the bagging area!
Tiral@lemmy.world 10 hours ago
So a few years ago Kohls fired most of their LP staff. Their thinking was “We still have theft, so let’s save money by firing all LP and it will pay the difference of theft” SUPRISE! Theft went up 5x and now they can’t hire the people back because they got new jobs. I’m sure they have the CEO a raise for that brilliant idea.
Cosmonauticus@lemmy.world 10 hours ago
I feel like being a CEO is the easiest job on the planet. You can fail and make the dumbest decisions possible yet still be grossly overpaid with little to no consequences
Hossenfeffer@feddit.uk 9 hours ago
You think the decision is dumb. But for them the decision probably improved the company’s bottom line at a crucial moment when their performance-related bonus is being calculated. And it also opens the door to sideways promotion.
e.g. Twatty McBallbag Ltd: profit with loss prevention staff = 1 million
profit the first month after all loss prevention staff were fired = 1.2 million
profit the sixth month after all loss prevention staff were fired = 0.6 million
They claim the saving of 0.2 million (as a result of reducing staff costs) and get their performance related bonus. They also get to write 'While CEO at Twatty McBallbag Ltd, I increased profit by 20%", on their CV and move on to a new company with profits in the 10s of millions.
schipelblorp@sh.itjust.works 4 hours ago
You’re assuming new companies don’t do due diligence and still hire these CEOs who hollow out their companies; but the reality is “line go up” is all anyone cares about in late stage capitalism.
Cosmonauticus@lemmy.world 8 hours ago
In a true buisness sense its stupid because they stress short term make stock number go up instead of long term sustainable growth. That being said it seems with both agree that CEOs dont operate on fuck everyone but me
Hossenfeffer@feddit.uk 6 hours ago
I’ve worked with some of these guys and it’s absolutely all about them, their targets, their bonuses.
One of the Goldman Sachs bosses once came up with the term ‘long term greedy’, and had his staff apply it as a principle. Basically it means ‘do the right thing by your clients’ and ‘don’t gouge your clients’. Better to have a 20 million dollar a year client for 10 years than to screw them out of 50 million in the first year and lose them. That sounds great, but then he could afford to promote that way of thinking because he knew he’d still be there, with his stock/share options, in 10 years, profiting from that long term greed.
The younger guys are absolutely, 100% motivated to make as much as possible on day one and not give a shit about the long term view. How else are they going to afford the Porsche, Rolex, summer house in the Hamptons, etc. So they’re much more interested in screwing a client over for a fast buck, or shitting on the company’s long term well-being for this year’s bonus.