The corporate leadership, starting with Carl, is hell bent on taking as much money as the board of directors will allow. Their incompetence in sales, manufacturing, research & office management is manifest to all employees. I don't know of a single coworker who puts in a 40 hour week (apathy). Despair is the only word that sums up the attitude of any employee. The economic depression Covid has brought to our industry is accelerating our demise. I expect a declaration of bankruptcy by Q2 2021 and a quick sale to a private equity chop shop. I've enjoyed my career in the company but these last 2 years have filled me with disgust.
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It’s not capitalism, it is the stock market. If the company was private there would be no “unlocking shareholder value” or giving precious R&D dollars to dividends. There would be no entire infrastructure related to governance, compliance and regulations.
I am not anti-market. But failing companies in the market need to exit, because priorities of business success and share performance conflict and are often unresolvable.
Does Capitalism require a company to remove severance packages? To furlough those few left that were entitled to a measly pitance of 8 or 12 weeks pay for 35 or 40 years of service so they get nothing while the CEO gets 24 million for being a douche?
I dont think the issue is Capitalism. I think the issue is greed and the lack of any moral standards and respect for the people that carried the company, for some, their entire lives.
When I was hired there was an unwritten contract: 401K match, retirement guarantee & awesome health insurance. As these things eroded so did my effort and concern for the company. Yes, it's capitalism. You stab me in the back & I stab you.
Agree with 88 mph, it's just capitalism, in the end you owe Xerox very little as an employee and Xerox owes you very little as an employer. The heady days where there was heaps of cash and profit in the company is sadly long over. Right now it's about "right sizing" the company for the extreme revenue decline brought on by a change in customer behaviour relative electronic communication rather than paper and covid impacts with work from home. On top of all that the management made a real mess at strategic level with FX and HP. Plus the previous muppet show had the ship already headed to the rocks. Unfortunately it's the normal worker who will be most impacted through stress, insecurity and possible unemployment as the company passes through this stage of evolution.
Remember, it's the capitalist system, they pay for your labour and you provide a service. If the equation is not balanced look to provide a service elsewhere.
40 cents a mile shows they like using the employees to keep the bottom line more stable.
Greed? Maximizing shareholder profit? Empathy for your situation but you’re lamenting the “unfairness” of capitalism? A system that doesn’t promise good for everyone but the most good for the most people. In the absence of revenue what would you prescribe? Time travel? Yes these actions are going to affect employee engagement but that’s soooo obviously not a priority now or in the absence of a future for this zombie company.
HCL failing miserably in collecting outstanding invoices due.....customers catching on that jobs are outsourced with seeing all the last names on the emails....doesn't take a rocket scientist to see so many Hindu and Guatamalan last names on the emails
Revenue is in the garbage and it doesn’t matter what the slave drivers do- not a lot of buying right now going on.
As it is now apparent that COVID is not going away any time soon, this scenario is very extremely likely. 50% declines year over year to be expected with no end in sight.
Right-on!