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When Nintendo CEO Satoru Iwata left the company in 2013, he took a 50% salary cut and said, "If we reduce the number of employees for better short-term financial results, employee morale will decrease."
That's exactly what happened, writes Jeff Matthews at Entrepreneur.
"I think it's a short-sighted approach that reduces workers to data points and budget line items while ignoring the value of retaining employees over the long term, even when economic times are tough."
He cites NPR's report that the tech industry saw more than 260,000 jobs vanish in 2023 thanks to a hiring binge and high inflation, and the layoffs trend continues into 2024.
"The reflexive instinct among many CEOs today seems to be a throwback to the Jack Welch brand of management of the 1980s," Matthews writes.
"Welch, the CEO of General Electric from 1981 to 2001, was known for being relentless in his pursuit of profit and his preferred method for achieving it: firing employees."
Matthews cites a Time report that says layoffs "don't consistently boost profits and can lead to lower employee engagement and customer service quality.Conversely, while it doesn't always show up on a balance sheet, there are so many benefits to fostering an environment where employees feel safe and valued and
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A customized collection of grant news from foundations and the federal government from around the Web.
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