Active Duty Service Member | Executive Director at ACT Now Education | CEO at Service To Success | Military Community Advocate
Tesla laid off about 14,000 employees earlier last week. But wait, it gets worse! Some employees were notified of their layoff via email in the middle of the night without knowing. They were also sent low, incorrect severance packages. Most Companies: I’m sorry we have to lay off thousands of employees. It’s my fault - but I’m still keeping my millions of dollars in compensation. Here is what accountability looks like: Nintendo CEO: To avoid layoffs, I will take a 50% pay cut to help pay for employee salaries. Zoom CEO: I made a mistake. I’m sorry we have to lay off 1,000+ people. I’ll take a 98% pay cut, and my Executive team and I will forfeit our bonuses. Apple CEO: We haven’t done mass layoffs since 1997 and won’t start now. Plus, I’ll take a 40% pay cut. Leaders lead by their actions, not by their words! Words do not put food on the table. That's now how people deserve to be treated.
No one owes you anything. ~Life
How many jobs have Elon musk created?
Yeah they called me the day before with no explanation I was told tI was let off immediately after been with them for 2 n half years almost 3 .. I was at the Texas factory from the beginning before production even started
Those are Leaders with integrity and compassion!
Actions speak louder than apologies.
This! Words do not put food on the table💯
14,000… my goodness
Maybe the difference is that they are not in financial trouble, they are just implementing AI and need less people sadly. So a salary cut is not logical.
Cloud Security Engineer @ Hudl
2moWhile the intentions behind this is nice, there are some caveats that aren't really addressed by this. Lets take Zoom CEO as an example. The specific example is the 98% paycut, down to $10,000 salary for their current FY. But don't forget about other aspects of their total compensation. From FY 2022 to FY 2023, Zoom CEO's total compensation went from $1.16m to $75.96m. And if what I found was right, his salary for 2023 was around $400k and went down to $10,000. So even doing that, he still has millions in awarded stock as part of his compensation package. So my thought is, instead of cutting your salary, how about those awarded stock, valued in the millions, be distributed to the employees through an ESPP, which I would assume a company the size of Zoom would have. Or award the stock as a bonus to the employees. Or, lets take Tim Cook at Apple as another example with his 40% paycut. For 2023, his salary was $3m. So 40% of that is a, if I did my math right, $1.2m cut, bringing him to $1.8m. But he still has tens of millions in awarded stock per his compensation plan. IMHO, them doing the pay cuts on themselves is just a PR stunt. They're no worse off than before and people are still laid off.