tag:blogger.com,1999:blog-32202893.post8678749921490201470..comments2023-10-18T08:32:17.510-07:00Comments on Kevin Hillstrom: MineThatData: Let's Slash Some Jobs!Unknownnoreply@blogger.comBlogger3125tag:blogger.com,1999:blog-32202893.post-43329693976091480682008-10-23T00:51:00.000-07:002008-10-23T00:51:00.000-07:00I found this Post full of insight. If i were ever...I found this Post full of insight. If i were ever laid off i would hope that person assigned the task of informing me has read this or has a similar mind-set (unlikely). And if/when i have to perform that task again, i am quite sure after having read this Post that i could do it with more sensitivity (which is about the only measure of effectiveness i am interested in when asked to perform this task). Thanksdoughttps://www.blogger.com/profile/16041019983406055716noreply@blogger.comtag:blogger.com,1999:blog-32202893.post-18144258071767251962008-10-22T06:26:00.000-07:002008-10-22T06:26:00.000-07:00I wouldn't criticize the concept of receiving a bo...I wouldn't criticize the concept of receiving a bonus.<BR/><BR/>I would criticize the concept of receiving a bonus for work that is contrary to the benefit of the whole company.<BR/><BR/>Say an executive receives a bonus equal to 75% of her salary for delivering a 14% pre-tax profit ... and receives a bonus equal to 0% of her salary for delivering a 4% pretax profit. Is there a problem with a bonus aligned with the success of the company?<BR/><BR/>So the complaint is with bonuses that are aligned with negative performance. Always remember that the executive does not receive a bonus unless the Board of Directors approves the bonus.<BR/><BR/>Blame, if justified, sits with the Board of Directors.MineThatDatahttps://www.blogger.com/profile/14014200122021988374noreply@blogger.comtag:blogger.com,1999:blog-32202893.post-8026489973711071752008-10-22T03:59:00.000-07:002008-10-22T03:59:00.000-07:00Kevin,What an amazing post! Thank you for sharing....Kevin,<BR/>What an amazing post! Thank you for sharing. <BR/>I think you forgot the other half of that equation, though. What did the C-Level Suite make in salary and bonuses each time you laid off workers? Didn't their bonuses rise that year? What % of that bonus or salary could you have used to keep even two of the people you laid off each time?<BR/>Yes, I understand that businesses as they become successful, especially after a period of high revenue, become bloated and even you could probably justify some of the "trimming of the fat". But executive salaries and bonuses don't reflect reality, and once a threshold has been passed it is rarely ever seen again.<BR/>What happened to Sarbanes-Oxley? What happened to making executives responsible?<BR/>Why do we give billions to bailout and not a single CEO/CFO is held accountable as promised after Enron, Worldcom and Tyco?<BR/>Why do the C-suite get away with nearly a billion of our $85billion and within weeks of the bailout go to European hunting trips and California spas?<BR/>Why do the execs of Boscovs get bonuses while their employees worry if they will have jobs and their vendors are closing down since bankruptcy is so lenient Boscov's basically got all their goods since beginning of this year for free?<BR/>Why do Mervyns and Linens and Things executives get away with tons of money as those close down hundreds of stores across the country?<BR/>Oh yes, we were over-retailed, too many stores, etc. "Good" CEO's and CFO's won't take the job unless they are overpaid and guaranteed ridiculous severence. I've heard all the arguments.<BR/>But what are you left with?<BR/>Empty malls, unemployed workers who have no retirment or savings, Walmarts that are only stores left standing, and of course as in Gottschalks case, Chinese companies buying into the store to guarantee they can only buy directly from their Chinese owned manufacturing---no American goods, no domestic importers---just straight Chinese.<BR/>Where's the accountability?<BR/>And who's next to fall? Bonton? Nordstroms? Macy's? Start the bets, and just remember, the only sure bet is that the CEO/CFO will get that multi-million bonus even if the company goes under.<BR/>KAnonymousnoreply@blogger.com