Of course, Walmart blames inflationary pressures as the reason for all this. However, are inflation and recession worries the only reason for these layoffs? I don't think they are. I think everything would be a lot better if the company, that is, the management, cared a little more about the customer service at Walmart.
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GWP restructure and OPD sucking every penny of payroll.
This is easy… Doug and the officers sitting in exec row are to blame. They’ve been cluelessly failing to run the business with any sort of strategy for years, and it’s finally catching up to them. Honestly, this seems like a small number of cuts compared to what is needed/why is likely to come. Many people in home office don’t work or drive almost no value and could be cut tomorrow without any impact to business performance. As the market comes wise to WMT’s laughable plans for this year, hugely overinflated inventory stock, and declining margins and sales, expect blood in the streets! If the board were intelligent at all, Doug, John, Suresh, Donna, etc. would be gone. How long are they going to let these clowns fail before they instate some decent leadership that actually knows how to run a business?!
It’s the management the same ones that don’t have the ba--s to accept responsibility for their mess ups. Management the same ones that get paid bank to sit in the office and laugh and joke around all day while associates are miserable and stressed due to their store and departments looking like trash because management is too busy messing around in the office .
Like one poster said - get ready for bonus cuts - simply make them unattainable. At our store last year coaches got 20k - this year the goals are simply ridicules - 0 - 3-4 k MAYYYBE..
The plans are grossly inflated. The average realistic plan for most retail companies is +1-3% over LY. There are some departments in this company that are planned +60% over LY.
That is not only unheard of, it is unattainable. Well, if you make plans unattainable what else does that do? It’s a defacto pay cut for any management that gets bonuses based off of sales plan attainment.
Walmart always cuts costs thru understaffing. Customer service was just a nice sounded off perception that was fulfilled mostly by the customer themselves. This only became pronounced after store remodelings. We waited an eon in sporting goods for fishing licenses because a single, busy associate was covering three departments at the time. I don't think they can go much further without turning into their own self prediction of being a big automated vending machine.
Whoever created the plans for the year are to blame, they really didn’t take in account what was going on and planned to ride the wave. Any normal person saw inflation coming, product deliveries catching up, no free money from the government, etc..
Profit is all that matters.
Walmart still making a lot of profit, just not enough for investors.