this post was submitted on 14 Jan 2024
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Da fuck is layoff season? Is that a real thing?
https://www.npr.org/2022/06/01/1101505691/short-term-profits-and-long-term-consequences-did-jack-welch-break-capitalism
The CEO that managed to take GE from being the single most valuable technology company and turn it into a poorly performing stagnant mess popularized the idea of survival of the fittest within companies. He asserted that by cutting the bottom performers and even whole divisions regularly that it would leave a stronger, better company. He set targets to lay off the bottom 10% every year regardless of whether it was financially necessary.
In the short term, this strategy makes efficiency metrics look really good, and with good looking metrics, the stock goes up temporarily. However, there are major costs to layoffs that take months, years, and decades to materialize. Eventually, forced churn ruins the best of companies, from GE to IBM. Unfortunately, this management style is still incredibly popular amongst publicly traded companies. Most of the investors are willing to accept the eventual demise of a company if it means a decade of really good returns in the meantime.
So a form of Enshittification