Just have to put it out there. These layoffs are nothing but a cost cutting exercise. LT is trying to call it a strategic reset, but really it's just about cutting headcount to make the $$ fit. I know of teams where it was just all about how many ppl they needed to cut, and the long-tenured smart ones who knew they could get a solid package or those with other options (read: those who were proactive seeking out external opportunities) left, while others who were known to be struggling in their roles and were not performing even at a successful level, were kept. So great, the numbers now work - on paper. But who is left to carry this place through stabilization and a reset of process and operational excellence? guess we'll just be paying bain consultants to do that for us. oh wait, they don't do operations, they just give us the ideas. Ok then, we'll just wait 6-12 months and start to rehire key talent when the fire gets too big. the circle is vicious.
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@1miu+1scgjGr1 a large number of leaders I know didn’t “worm their way into SD roles” they earned them through hard work and talent. I know it’s easy to scoff at that and jump on the “leaders su-k” bandwagon but it’s a disservice to all the good leaders who earned their spots. One day it may be you spending 2+ years ki-ling yourself trying to show that you’re worthy of one of the VERY few internal promotion opportunities and then you’ll get it.
People complain when layoffs hit the "common worker" but this layoff was overwhelming targeted at directors and up because we have so many who were promoted just to give themselves a bigger paycheck and bonus range. Don't kid yourself, we needed this to happen, and people that wormed their way into those positions are why we can't have nice things.
What else would they be?
I completely agree from what I know. This makes me so angry as one who was let go and a solid performer. Let them rehire at more $$ and train all these new people, even more money out of their pocket. Fu-k this place.
Except Nike has the highest margins in the industry and no one is calculating brand lifetime lost with abandoning veterans.
Short term cost cutting always is more expensive long run