Executives pressuring teams to cut costs. Pressure is too intense and executives won’t listen to reason. Bad decisions are being made that cut costs in the near term but destroy value and cost the company more in the long run. I wish the investors could see what is actually being done and how this destroys value for long term investors. When did we lose sight of long term value?
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Don't be a hero, let things fail. To second one of the post above, unless there's a major incident, senior managment will lead to believe they are making the right decision. cough KLTC/BTC cough
Those questions likely won’t lead anywhere….as these are easy to ‘justify away’ based on data. (The data doesn’t need to be correct, just too complicated for investors to follow.)
It would be good for investors to ask more about the sustainable cost cuing moves to learn just how sustainable they are.
Questions like are you deferring maintenance work to meet cost targets? Are you following your own integrity management requirements? How many deferrals have you justified?
Fat kids and cake when it comes to earnings. All logic that was here is gone.
I’ve seen on these board before a VP cannot change the % annual layoffs, and told it will not change anytime soon, ….it’s most likely DW or direct reports. Agree with others, cost cuts and annual layoffs will continue until something catastrophic or train wreck happens. Constantly deferring maintenance is a short term win, long term failure recipe. I still work extremely hard for my fellow workers, and site family, but this short term stuff will get someone eventually. For example I told my supervisor something was leaking, his response can’t replace that yet maintenance budget cut, parts not on hand and can’t be ordered because of funds. Years before this short term focus, response would have been thanks for keeping an eye on the equipment, glad you caught it early, we have spare part on hand, put a plan in place to replace…..things are totally different now.
An HR person once told me that the endless cutting (both people and money) are going to continue until something goes horribly wrong. Either a spill, lawsuit, explosion, etc. Until then, they are in a feedback loop because Wall Street loves seeing those earnings grow.
@eyg+1m0mC3AJ That’s the point! Generally they sc--w up more than they fix, play political games for personal gain and help their faves while smoking anyone that doesn’t agree with em. Let’s just eliminate the position and roll dice for pips
Man, I came here looking for this. Sooooo frustrating. They are destroying cashflow and they don’t care as long as they meet investor commitments. If I was an investor, I’d be more concerned about making money than cutting costs.
Again mentioning Sls’s?
Your SLS can control 1) How nice he/she is to you on a daily basis and 2) Can move you down in assessments but possibly not up. That is it. They have no power except the ability (or inability) to show up with a smile.
Your SLS’s boss has no power either. He/she has a bigger pot of people to whom to smile (or not smile). They can move you up in ranking. They can push a couple small chump-change projects.
I’m still trying to figure out how high in this company you actually need to be before you can make tangible change. VP level is my best guess.
I’m not trying to soften frustrations here. It is just mind boggling how little power most of management has. Next you ask ‘If they don’t have power, why do we have them?’ We have a massive system of henchmen with no actual decision making authority.
It’s sad, but it is the only tool in our Leaders’ toolbox that they know how to do well.
We are excellent at cutting, trimming and selling. We don’t know how to invest and grow, and have no speed-to-market. You can do the math on how that will work out over the next 30 years.
The really humorous thing is how the spending cuts are always taken down to a ‘personal pain’ level. Highest earnings in our company’s history, and our few ‘Appreciation Dinners’ are relegated to $75pp. Desks taken away. S&B chipped away at. Not only does our company want us to be dissatisfied with their business decisions, but they want us to be personally dissatisfied too.
When woods became CEO.
Woods is no different than the narcissistic toxic second lines that are drunk on power.. Instant gratification at all cost. Doing what’s right has long since fell by the wayside.