Comment Bloat⦠lots of bloat. (Score 1) 54
I worked for a company that for many years squandered the cash cow to buy failing technology companies in the hope they did better. The bloat was real. People playing ping pong, people doing something, but it wasnâ(TM)t work or at least work of any value. Our stock lingered in the $28-32 range for at least 1 if not 2 decades.
We get bought out. Layoffs come. No one plays ping pong any more. All the low value work still gets done.
My CEO says someone told him he runs a big company. He objected, âoeI donâ(TM)t want to run a big company. I want to run a small company. Intel is a big company. They have 5-6x employees, but their market cap is 1/2 ours.â Gone went many groups. A couple of good, more bad ones gone. We went from sales driven to product driven. Sales people wonâ(TM)t make 1M a year anymore, but they will make a very good living for a long time. Very little turnover.
The company that bought us saw the bloat, and cut it and management is great. Itâ(TM)s not perfect. But a lot better than the âoefeel good, poor managementâ we had before.
At the end of the day, Meta, Google, etc., way over hired. And they will have to adjust.