The CEO is on the record in videos online with him saying he believes in removing 20% every year. This is called top grading. This is an old GE thing that some tech companies did for a short time and stopped due to the negative impact. The CEO supports this system per his own statements. People are on here saying they thought layoffs were over. However, he believes in top grading every year so it may feel never ending.
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Video linked in this thread at 32:00 - “You guys (CEOs) are the founders. You are the God and Goddesses of your companies. You can do no wrong through the eyes of many of your employees.” - JD
Just going to highlight that little gem.
In tech they are hiring a ton in Poland & India...of course telling everyone that it is "Growth" don't be worried...but I have seen this before...once those teams get up to speed the cuts at WHQ will get deeper....keep reducing labor costs...the easiest way to get short term "profits"
What is CDA?
Man, as a shareholder listening to that guy is disheartening. That's one cold and calculated carp of a CEO right there. How pompous. Nike employees deserve a wild salmon, not this s—er.
Im sure plenty of people will still want to work for Nike (likely more Junior) but anyone with half a brain will steer very clear of this mess
How are ETWs fairing with all this? Getting cut too or are they filling the gap?
Thank you for posting the video link.
It's weird when he starts off talking about what an amazing servant leader he is. What a joke.
Listen to his whole talk about hiring, firing, and talent development fron 18:00 to 33:00 and you will see what a disloyal cutthroat psychopath this guy is.
It's going to be a bloodbath with one out of every five getting culled every quarter. Considering revenue and stock price I have to believe these ghouls just do this sh** for sport at this point.
Here is a video from late 2018, so quite recent and only 15 months before CDA layoffs were announced to be coming. By 20% would not be stores and focused on leadership. I agree that is does not make business sense, but he is the one talking about it. 10% is what you normally see when companies do this, but that is damaging.
Start around 22 minutes to hear what I am talking about.
https://www.youtube.com/watch?v=TZ2tgWPDk1o
A link to these videos?
He may have said such things in the past. I don’t know. Regardless I really don’t think Nike intends on cutting 20% each year. That doesn’t make any business sense.
I do think that going forward job reductions will probably be a more permanent feature than they’ve been in the past. We’re in late-stage capitalism right now where nothing is ever certain past the next fiscal quarter. Including your job. The days of somewhat decent job security at Nike are over, in my opinion. Plan accordingly.
The layoffs from this week were unpleasant but not a surprise. The orgs impacted this week knew these layoffs were coming. I know that doesn’t make it any easier. Especially for the people who lost their jobs. Several long-time Nike employees were shown the door this week. Many of those people probably thought they were too valuable to be let go.
Learn from this and again plan accordingly.