These Companies are going to F around and Find out

Man this is so much like 2008 but it isn’t!

I’ve heard that a lot of companies are starting to lay off and consider a reduction in force.
You know this crap they are always trying to pull.

BUT here’s the thing, it’s different now. What is going to happen is their BLUFF is going to be called in the worst way.
With all the boomers retiring in droves, there’s not enough people. I’m old enough to have seen this process a few times, it’s wash, rinse, repeat. Here’s s how it goes.

Company has amazing stock prices, hires likes crazy.
Finance people put out “warnings” stocks still do ok.
Company warns of layoffs, they stop hiring so rapidly.
Then bonuses and pay can’t go up or are reduced/eliminated because if not they have to layoff (does this sounding familiar) Keep in mind profits are usually at record levels.
Then the cost cutting activities aren’t “enough” so they have to lay off. Of course they start with the little people and who they consider “dead wood”. Oddly, a lot of times this starts with contractors, some that are critical, then low level employees. Then that doesn’t achieve their goals they start swinging at the high paid people. Then the big RIFS. (Reduction in Force) That’s where they bring in groups and start laying them off in big groups.

I’m cracking up over here, I really am. It’s funny but it’s not funny. THIS TIME IS DIFFERENT.
That backside of this, after the show is over they try hiring people all over again at a lower wage, BUT this time, all those workers are going to be GONE GONE GONE, never to return, they able to secure better jobs and they will not be in the job pool anymore!!!! They will wonder why they stayed at that lousy place. We just saw a tidbit of this during Covid.

We are going to see what is happening in Fast food in the corporate world real soon.
Just watch!


PS. To anyone that loses your job, please know I’m not making fun of you. Please do not feel down for one second. It’s not you, these companies have been doing this crap for too long and getting away with it and it is finally going to bite them!!

a reply to: JAGStorm

Are they going to automate some of these positions? Of course in the coming years but it is moving at a snails pace.

How is self checkout going at stores?? People are stealing and they now need as many employees to help with errors.
How did Electric Vehicles do during the Florida Floods? Some areas won’t have electricity for over a month….
How about all those touch screens at restaurants? Covid pretty much shut those down, guess they don’t like disinfecting spray either.

I love tech, but we aren’t even close to being there yet. We need humans!

a reply to: JAGStorm

The customer becomes a unpaid employee at this rate.

Setting up a new business is tough, does take years to get established and settled. Having a lot of new people will have some personality clashes at times. Keeping it all running on budget and profitable does need a good team and experience. Not all of them work, but that's ok, that's capitalism, life goes on.

originally posted by: kwakakev
Setting up a new business is tough, does take years to get established and settled. Having a lot of new people will have some personality clashes at times. Keeping it all running on budget and profitable does need a good team and experience. Not all of them work, but that's ok, that's capitalism, life goes on.

Small business is a different beast and not really what I’m referring to in my initial OP, however I think small business could possible benefit from all of this.

Augustus (where the heck is he?) mentioned unintended consequences before and I think we are going to really see it play out here.

These companies think just because something has worked ten times before that it will always work, but things change. They are going to find out that a company only exists because of it’s employees.
Restaurants are finding that out the hard way.

I'm working for big corps, even as a Union boomer, I still have a mfg., wholesale, retail operation that I closed during covid. We're back open, hiring all kinds of tech, sales and support people. From my perspective the world of entrepreneurs is vibrant and healthy despite all the covid doom porn.
I have a great idea for a business servicing the Florida disaster.

originally posted by: olaru12
I'm working for big corps, even as a Union boomer, I still have a mfg., wholesale, retail operation that I closed during covid. We're back open, hiring all kinds of tech, sales and support people. From my perspective the world of entrepreneurs is vibrant and healthy despite all the covid doom porn.

People are scared of change, but that change is sometimes much more beneficial for them.

a reply to: JAGStorm

Not just commercial enterprises.

The government is also remarkably incompetent when it comes to retention of good personnel in good times AND bad.

Cheers

Is it hypocritical to rail against the corporations, their motives, their treatment of the employee for profit's sake if you have them in your 401K or other portfolio and they are giving you decent returns?

originally posted by: Zrtst
Is it hypocritical to rail against the corporations, their motives, their treatment of the employee for profit's sake if you have them in your 401K or other portfolio and they are giving you decent returns?

That is an excellent point and one that I hold near and dear to my heart.

I actually dumped some companies in my portfolio that I have have a moral problem with.
That being said, is there a way to do this 100% probably not.

That being said, I think this is a big reason “they” are scared to death of Crypto.

Being able to invest and have huge gains, being able to invest and withdrawal 24/7 seven days a week. Being able to invest without huge transactional fees or all the normal controls that 401Ks have…

It isn't going to take layoffs for this to happen. The Company I work for is losing people like crazy. It isn't because it is a bad company. The pay and benefits are actually very good, it's just that other companies are throwing more money around. If I were 20 years younger, I'd probably leave too. I've been offered stupid money a few times this year. The problem is that it is just a two or three year contract. I'm pushing 60 and with some of the investments I've made with this company, I'm further ahead to stay where I'm at.

a reply to: JAGStorm

That being said, I think this is a big reason “they” are scared to death of Crypto.

Exactly why we switched to square system from the old credit card procedure. Bit of a learning curve however.