Does anyone else notice anything weird happening with American Corporations?
11 sats \ 9 comments \ @plebpegasus 21 Jun 2022 bitcoin
I keep finding stories about companies reducing their work force by cutting nonessential personnel. Not only that but companies are cutting back on work events and nonessential expenses.
I mean this all adds up, companies are preparing for a recession. Big corporations have ceased all external hiring. This allows normal attrition rate to weather down their work force without having to give a severance. I'm sure more is going on.
What else is going on that y'all have noticed?
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107 sats \ 0 replies \ @nullcount 21 Jun 2022
American work culture incentivizes the creation of bullshit jobs.
Managers gain prestige based on the number of employees they manage. They look for ways to create new roles.
Paradoxically, over-hiring leads to a productivity decline. Workers are more likely to delay action if they think someone else will tackle the job.
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20 sats \ 0 replies \ @Modus 22 Jun 2022
I'm the fourth comment here but for some reason I'm the first person to say...
Yes. You are correct. Whether it's technically an official recession* or not, companies are tightening their belts.
*2 quarters (6 months) of negative GDP growth as measured by the NBER after the 2 quarters are over.
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10 sats \ 2 replies \ @premitive1 22 Jun 2022
My company's still hiring. Anyone want to fix boats?
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0 sats \ 1 reply \ @plebpegasus OP 22 Jun 2022
lol, where at?
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0 sats \ 0 replies \ @premitive1 24 Jun 2022
South Florida. I wouldn't necessarily recommend the the company I work in, I wrote that statement tongue-in-cheek. I do recommend the marine industries, especially recreational boating. Boom times all through the pandemic.
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0 sats \ 0 replies \ @JustSomePleb 22 Jun 2022
This is not only happening in the US. I have seen it first hand in the UK as well. They know a storm is brewing and are trying to prepare.
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0 sats \ 0 replies \ @ideasourcing 22 Jun 2022
There is a lot of pain incoming Americans, you gotta readjust the expectations of how much you can buy with a dollar. Because up til now, it has all been a lie.
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0 sats \ 0 replies \ @jp 22 Jun 2022
Cost of capital is going up which means investment into Venture and PE funds is also expected to slow. Current funds are no longer investing in new companies and holding cash reserve to float their current investment portfolio companies (since economic horizon looks bad).
This is affecting both public and private markets.
In terms of microeconomics, it's really that simple
Source: I am one of those companies
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0 sats \ 0 replies \ @zuspotirko 21 Jun 2022
Well, a few companies let go a few employees - but many only reduced the speed at which they increase workforce.
All the supermarket chains and amazon had bad earnings...
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