If some of the competitors can give more, is it possible that Macy’s can’t give a little more to the people who should be this company’s most important asset? Perhaps those at the top wouldn't agree but not everyone is replaceable because there simply aren’t that many people who will replace all of us who go somewhere else to earn a little more.
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Exactly! How do you justify that?
But it wasn’t difficult to pay that 9 million to one person bonus last year. Not to mention all the other top level bonuses. They can do better, they don’t want to.
With the debt issues it’s hard to pay more per hour to the thousands of employees in the stores. I think they should like most everyone else but it’s a matter of how. Top level Execs making the money they make plus the gaudy bonuses doesn’t help. For years I don’t know how they were paying so many Execs 6 figures. Some of the Managers I reported to in MTech were definitely not worth their salary, a few of them were. Running on borrowed time it sounds like unless the online business really takes off like it has and then some.
Macys has been dealing with a massive debt issue for YEARS.....when the pandemic closed everything down in March 2020 they only had enough cash on hand to last for 30 days. Jeff and team were able to secure more funding short term that becomes due in the next couple of years. I am now a retired red badge.....I remember a store manager told me about 15 years ago that M operated on a 5 billion credit line from Citibank. Imagine the payments on that......the merchandise coming into the stores has to be paid for.....every penny of a controllable is being looked at......except for the salaries in the executive suite. This is a hot mess.
and the huge bonuses!
No, they will not. We are all replaceable except for JG who enjoys the firings.