Wayfair lays off 13% of its workforce weeks after telling employees to work harder | CNN Business
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Wayfair is laying off 1,650 employees, amounting to 13% of its global workforce, as the online home goods retailer struggled to rebound following its success amid pandemic lockdowns.

Wayfair lays off 13% of its workforce weeks after telling employees to work harder::Wayfair is laying off 1,650 employees, amounting to 13% of its global workforce, as the online home goods retailer struggled to rebound following its success amid pandemic lockdowns.

  • echo64@lemmy.worldEnglish
    36·
    10 months ago

    As Co-Founder, Chief Executive Officer and President, Director (Co-Chairman) at Wayfair Inc., Niraj Shah made $751,221 in total compensation. Of this total $80,000 was received as a salary, $0 was received as a bonus, $0 was received in stock options, $0 was awarded as stock and $671,221 came from other types of compensation. This information is according to proxy statements filed for the 2022 fiscal year.

    As Chief Operating Officer at Wayfair Inc., Thomas Netzer made $7,401,188 in total compensation. Of this total $236,539 was received as a salary, $13,462 was received as a bonus, $0 was received in stock options, $7,151,187 was awarded as stock and $0 came from other types of compensation. This information is according to proxy statements filed for the 2022 fiscal year.

    As Chief Commercial Officer at Wayfair Inc., Stephen Oblak made $11,216,919 in total compensation. Of this total $236,539 was received as a salary, $13,462 was received as a bonus, $0 was received in stock options, $10,960,533 was awarded as stock and $6,385 came from other types of compensation. This information is according to proxy statements filed for the 2022 fiscal year.

    • surewhynotlem@lemmy.worldEnglish
      21·
      10 months ago

      If they fired all three of those guys, they could pay a 12k severance to each of the fired employees. Or employ then all for a couple months.

      • sunbeam60English
        3·
        10 months ago

        Are you suggesting the company runs with no leadership? Or are suggesting the board hires leaders with less experience? Or are you suggesting the board offers less to the leaders they attempt to hire (who - broadly - choose based on the size of their compensation, like everybody else)?

        No leaders or bad leaders tend to lead to failing companies and more job losses.

        Try and be specific about your proposal instead of just spluttering platitudes.

        • KevonLooney@lemm.eeEnglish
          12·
          10 months ago

          I’m suggesting that the current leaders earn their pay through definable metrics. If the company is growing why are they shedding workers? It’s an indication that management either over-hired before or is stupidly firing people now. Both are bad.

          • sunbeam60English
            1·
            10 months ago

            I can 100% guarantee you that 99% of all C-suites are held to very definable metrics as a large part of their compensation.

              • sunbeam60English
                1·
                10 months ago

                Ah fair enough.

                If the company is growing why are they shedding workers? I mean, I don’t know, but some avenues I can imagine are: Their growth is happening in areas that aren’t people-intensive, their profit margins are lower than their competitors, they don’t have the right people to meet their strategy, they hired in anticipation of some trends continuing and they don’t, etc etc. Or a combination of the above.

                I’m not saying that their leadership is blameless. I’m only saying that from the data I have, their leadership isn’t automatically to blame either.

                • KevonLooney@lemm.eeEnglish
                  1·
                  10 months ago

                  Leadership is always to blame if there are problems. That’s what being a leader is.

                  Here’s an easy way to tell who to blame: if their recent projects were a success, who would get the accolades?

                  The executive leadership team, most likely. No one would say “they don’t automatically get credit”. So they should get the blame when things go poorly.

          • Dead_or_Alive@lemmy.worldEnglish
            1·
            10 months ago

            Terrible metrics are used by many companies which encourage short term profits over the long term health of the organization. I’ve seen managers make decisions to cut expenses which look good on a P&L in the short term but have terrible consequences for the organization that only become apparent two or three years later. Usually after the person who made the decision has collected their bonus and moved onto another organization.

            The sad thing is those people are promoted or recruited over more stead fast leaders who can actually grow an organization because their metrics look good.

        • Burn_The_Right@lemmy.worldEnglish
          6·
          10 months ago

          Co-ops are a big part of the global economy: they employ 10% of the world’s workforce and over two trillion dollars flow through their doors every year. At a co-op, there’s no single person with overarching, top-down power over everyone else, like a CEO at a traditional company.

          I’d also like to point out, having spent years working with C-suite guys… They are lazy as fuck and they don’t do jack shit that a decent manager couldn’t do as well or better. For example, the manager would at least know how to not fuck up morale.

          • sunbeam60English
            1·
            10 months ago

            I am all for coops. What makes you think I am not. But many coops have a C-suite too - John Lewis and Coop Retail in the U.K. are big examples.