I think it's highly likely that companies make these announcements in the hope that the problem takes care of itself--that employees will leave for new jobs on their own, assuming they're already on the chopping block, and the company just won't replace them. This satisfies investors two ways: it allows the company to reduce headcount without paying severance packages.
Here’s what I’ve learned my short time on this planet: Humans like to reinvent the wheel. They don’t learn from their mistakes or the successes of their predecessors.
I’m sure everyone reading Bill’s column can share a story of a manager who fits that description.
Media fail to report that not one CEO and few execs of companies laying off take pay cuts, skip bonus payments, or share profits from jumps in share prices when cutbacks announced. Only the working poor suffer. Add perks of companies cars, bodyguards, boob jobs for mistresses, and $700m yachts per Amazon and bosses lives not changed one iota. Capitalism at its worst
Why is it called pink slip? I was laid off once, and was complete caught off guard. No prior notice or indication. But I didn't receive a pink slip. Instead I got a packet of info from HR on benefits.
Bill, I have to ask, why even make or send out a company-wide speech, letter, or email? What benefit does that provide to anyone? If a company wants to lay off personnel, why not just send emails to affected employees, or even have middle managers meet with the unlucky ones (like the way it used to be)?
FB, MS and Goog ditching employees matters not. They are all still major spying/data manipulation organizations. It's extremely rare for a person to manage to stay with one company for an entire working career. My sister has somehow done it having only one employer for the last 45 years.
Bill: with all due respect your rumantion about CEOs taking pay cuts "sometimes" is more wishful thinking. I have yet to see one announcing a pay cut when announcing the need for layoffs to save the company; the management apparently hired too many people on the way up and is now dumping them, and their secretaries, and the maintenance janitors; but mismangement in hiring too many people does not warrant firing or pay cuts or sharing their wealth with people making small amounts.
Always better to work at a company that is cash flow positive, not burning capital and has a moat around their business to deter successful competitors. When you are too concerned with woke agendas and not focused on your business you end up disappointing your young idealistic workers who were raised in the everybody gets s trophy era
The SVB fallout has also reached affordable housing developers, who for years have relied on loans and sponsorships from Boston Private Bank and Trust, which SVB acquired in 2021, The Boston Globe reported.
“Boston Private has been a backbone of affordable housing development in our region,” Dorchester Bay Economic Development Coalition CEO Kimberly Lyle told the newspaper. “It’s a scary moment for us.”
Meanwhile, members of Massachusetts’ congressional delegation are assigning blame and demanding accountability.
Perhaps as long as it doesn’t take your eye off the main ball of properly running your bank. They didn’t have a credit manager for 7 months- I’ll bet you that they didn’t have a cacancy in DE & I for seven months?
I normally blame lawyers first and HR staff second for the way that layoffs are now conducted. In the 70's my father was laid off several times, each time he was told in advance - usually 2 paychecks in advance, so he had time to plan. In the 2000's I survived 5 waves of downsizing, all kept secret in advance. After all why should a person with over 20 years at the company be entitled to have civlil farewell? That might be a risk to the company so escort them out immediately like a convicted felon and ask the survivors to pack up their belongings.
But it gets worse, when the boss invites everyone, including those laid off, to the department Holiday lunch, and then expounds on a what a good year it has been.
When I was a cog in an industrial setting, our international company decided that since our particular part of the company had blown the doors off of production, they were looking for employees who would like to be “voluntarily” laid off. The company would work with the Employment Security Commission letting them know that the company would put us back on the payroll when inventory got back down to an acceptable level.
Those of us who took part in this semi paid vacay would still be expected to “look” for employment while this layoff lasted. Needless to say there were more than enough of us to volunteer for this opportunity. If memory serves, I was off for about 10 weeks.
I think it's highly likely that companies make these announcements in the hope that the problem takes care of itself--that employees will leave for new jobs on their own, assuming they're already on the chopping block, and the company just won't replace them. This satisfies investors two ways: it allows the company to reduce headcount without paying severance packages.
Here’s what I’ve learned my short time on this planet: Humans like to reinvent the wheel. They don’t learn from their mistakes or the successes of their predecessors.
I’m sure everyone reading Bill’s column can share a story of a manager who fits that description.
Media fail to report that not one CEO and few execs of companies laying off take pay cuts, skip bonus payments, or share profits from jumps in share prices when cutbacks announced. Only the working poor suffer. Add perks of companies cars, bodyguards, boob jobs for mistresses, and $700m yachts per Amazon and bosses lives not changed one iota. Capitalism at its worst
Why is it called pink slip? I was laid off once, and was complete caught off guard. No prior notice or indication. But I didn't receive a pink slip. Instead I got a packet of info from HR on benefits.
Bill, I have to ask, why even make or send out a company-wide speech, letter, or email? What benefit does that provide to anyone? If a company wants to lay off personnel, why not just send emails to affected employees, or even have middle managers meet with the unlucky ones (like the way it used to be)?
FB, MS and Goog ditching employees matters not. They are all still major spying/data manipulation organizations. It's extremely rare for a person to manage to stay with one company for an entire working career. My sister has somehow done it having only one employer for the last 45 years.
Bill: with all due respect your rumantion about CEOs taking pay cuts "sometimes" is more wishful thinking. I have yet to see one announcing a pay cut when announcing the need for layoffs to save the company; the management apparently hired too many people on the way up and is now dumping them, and their secretaries, and the maintenance janitors; but mismangement in hiring too many people does not warrant firing or pay cuts or sharing their wealth with people making small amounts.
Always better to work at a company that is cash flow positive, not burning capital and has a moat around their business to deter successful competitors. When you are too concerned with woke agendas and not focused on your business you end up disappointing your young idealistic workers who were raised in the everybody gets s trophy era
73 million to Black Lives matter and direct quote in Boston newspaper from a low income community non profit
The SVB fallout has also reached affordable housing developers, who for years have relied on loans and sponsorships from Boston Private Bank and Trust, which SVB acquired in 2021, The Boston Globe reported.
“Boston Private has been a backbone of affordable housing development in our region,” Dorchester Bay Economic Development Coalition CEO Kimberly Lyle told the newspaper. “It’s a scary moment for us.”
Meanwhile, members of Massachusetts’ congressional delegation are assigning blame and demanding accountability.
Perhaps as long as it doesn’t take your eye off the main ball of properly running your bank. They didn’t have a credit manager for 7 months- I’ll bet you that they didn’t have a cacancy in DE & I for seven months?
I normally blame lawyers first and HR staff second for the way that layoffs are now conducted. In the 70's my father was laid off several times, each time he was told in advance - usually 2 paychecks in advance, so he had time to plan. In the 2000's I survived 5 waves of downsizing, all kept secret in advance. After all why should a person with over 20 years at the company be entitled to have civlil farewell? That might be a risk to the company so escort them out immediately like a convicted felon and ask the survivors to pack up their belongings.
But it gets worse, when the boss invites everyone, including those laid off, to the department Holiday lunch, and then expounds on a what a good year it has been.
When I was a cog in an industrial setting, our international company decided that since our particular part of the company had blown the doors off of production, they were looking for employees who would like to be “voluntarily” laid off. The company would work with the Employment Security Commission letting them know that the company would put us back on the payroll when inventory got back down to an acceptable level.
Those of us who took part in this semi paid vacay would still be expected to “look” for employment while this layoff lasted. Needless to say there were more than enough of us to volunteer for this opportunity. If memory serves, I was off for about 10 weeks.
I forgot to say that I did receive unemployment benefits during this layoff.
One other thing, too bad we didn’t turn that hot drone around and fly into the jet intakes. Oopsy!