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You would certainly hope that a CEO would have a strong strategic vision, and be able to sell it. However, companies get bought out by other companies all the time because management failed to stay competitive. The point I was making was that I question their competitiveness of pay and operational location. I interviewed for an equivalent job that I have now. They did not offer the work from home flexibility, their operations facility is located in a difficult place to commute north of Charlotte, and their pay in this case was 15-20K lower than the MRP rate here at one of the uptown banks. They will not attract top talent if they continue like that. We heard from the fellow out of Rhode Island who was to be be laid-off and said he could reapply for a lower salary. I promise everyone that the MRP rate from Rhode Island to Charlotte isn't lower...Boston and metro-west certainly is higher, but not Cumberland, RI. So, what this really adds is a third item that troubles me...they are damaging employee relations. I bet the Sr. Management is thinking, oh, we will take a temporary hit, but over time it will resolve itself. They are taking a risk, looking at the revenue potential, but what damage will be done in the meantime. This type of restructuring happened to companies in 2008, why is it happening to them today? Just like my LPL example, they cannot run away from customer service and compliance issues by outsourcing to India...I see it all the time, companies think the hit on customer service isn't enough to justify not outsourcing to say money. They want to say, took X business unit with 100M revenue and streamlined strategic operations to increase revenue 50% to $150M annually. There won't be mention of the negative ramifications like customer service, employee loyalty & commitment, etc. Resumes don't say, laid-off 95% of RI workforce to streamline operations, and consolidating operations in 'cheaper' co-location of Charlotte, NC whereby improving profits by 50%.
Understood. I do agree with you here, now that you explained
You would certainly hope that a CEO would have a strong strategic vision, and be able to sell it. However, companies get bought out by other companies all the time because management failed to stay competitive. The point I was making was that I question their competitiveness of pay and operational location. I interviewed for an equivalent job that I have now. They did not offer the work from home flexibility, their operations facility is located in a difficult place to commute north of Charlotte, and their pay in this case was 15-20K lower than the MRP rate here at one of the uptown banks. They will not attract top talent if they continue like that. We heard from the fellow out of Rhode Island who was to be be laid-off and said he could reapply for a lower salary. I promise everyone that the MRP rate from Rhode Island to Charlotte isn't lower...Boston and metro-west certainly is higher, but not Cumberland, RI. So, what this really adds is a third item that troubles me...they are damaging employee relations. I bet the Sr. Management is thinking, oh, we will take a temporary hit, but over time it will resolve itself. They are taking a risk, looking at the revenue potential, but what damage will be done in the meantime. This type of restructuring happened to companies in 2008, why is it happening to them today? Just like my LPL example, they cannot run away from customer service and compliance issues by outsourcing to India...I see it all the time, companies think the hit on customer service isn't enough to justify not outsourcing to say money. They want to say, took X business unit with 100M revenue and streamlined strategic operations to increase revenue 50% to $150M annually. There won't be mention of the negative ramifications like customer service, employee loyalty & commitment, etc. Resumes don't say, laid-off 95% of RI workforce to streamline operations, and consolidating operations in 'cheaper' co-location of Charlotte, NC whereby improving profits by 50%.
You are exactly right. I work for one of these Fortune 500 company's. 9 years in. About 3 years ago there was a leadership change at the top. All the efficiency/cost cutting programs went into effect. I and most of the other long time employees. Went from really caring about the company. To it just being a job! The nice benefit/vacation package we have built over the years. Along with seniority . Probably not losing your job if a layoff comes. We all know how big company's and layoffs go hand and hand(Glaxo) being the latest around here.
On the ground management powerless to do anything. Because smarter people at the top want to run every little aspect of the company. Eventually in the ground. What these people don't seem to realize is your front line employees are the face of your company. They have most if not all of the daily contact with the customer. When the employee is unhappy eventually that will show in the customer relationship. Sooner or later effecting the bottom line.
I'm not saying they're idiots, but they're not all PhDs, either.
I've met quite a few. For the most part, they are all very intelligent people. I'm not saying there isn't one or two who maybe aren't the sharpest tools in the shed, but 99% are all very, very bright people. Do you have any idea how difficult it is to lead a company of that size?
I've led a much smaller one, and I can tell you I cant imagine how challenging it is.
And on the note of the company at hand MetLife, I have never met Mr. Kandarian, but I can assure you he is extremely smart.
Anyways, way off topic here.. it doesn't really matter and I am not trying to start a fight over something so pointless !
I think Home Depot had the same issue. A while back.
I agree and disagree. These are still very smart people, who made some bad decisions. The Home Depot guy walked away with quite a bit of cash.. I wish I were that stupid
But yes, obviously people make poor decisions. Lets not underestimate how difficult the job of a F500 CEO is. Its much more challenging than people realize. (Not that I feel bad for them.. they still get paid millions even if they screw up)
My only point was the average F500 CEO is smarter than the average person posting on CD (including myself)
I've met quite a few. For the most part, they are all very intelligent people. I'm not saying there isn't one or two who maybe aren't the sharpest tools in the shed, but 99% are all very, very bright people. Do you have any idea how difficult it is to lead a company of that size?
I've led a much smaller one, and I can tell you I cant imagine how challenging it is.
And on the note of the company at hand MetLife, I have never met Mr. Kandarian, but I can assure you he is extremely smart.
Anyways, way off topic here.. it doesn't really matter and I am not trying to start a fight over something so pointless !
Hence my smart vs. clever comment.
There are no doubt some very bright CEOs out there. If they weren't bright, the odds are lower that they'd be CEOs of major corporations.
I have met some myself and most were pretty intelligent. Not exactly brilliant in a well-rounded way, but good at what they do.
I have also met some who were less than impressive. Now... I'm not saying they weren't smart in many ways... but, they ruined either themselves or their companies.
Some CEOs have no business dealing with other humans.
The ex-CEO of Sanofi springs to mind.
Not that I've ever met him or anything.
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