John Deere announces layoffs
- Thread starter QChawks
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I believe they were idle on a lot of equipment due to suppliers not being able to deliver parts to finish products. If suppliers are having trouble with finding workers or raw materials Deere might just be adjusting to parts availability. JMO
Look, it is what it is. I recognize companies manage year to year, quarter to quarter. My general point is so many companies are quick to pull the trigger on layoffs after years of record profits. Deere is not in survival mode. It’s just a shame.
(Admittedly I’m not aware of any union requirements in play here)
Profits mean that a company should not have a forecast/budget/strategic planning to determine how to run the company.
If a company has profits, they should increase wages and hire as many people as possible, they have the profits and the management team should get less, because we say so.
If a company has profits, they should increase wages and hire as many people as possible, they have the profits and the management team should get less, because we say so.
Deere should not run as effective as possible since they are not in survival mode? I agree it is always a shame when someone loses their job, but, it is still a private company after all.
Have you ever taken a business class in your life? Have you ever managed a company or even your checking account?
John Deere's annual sales in 2022 were $52.58 billion with profits of $7.13 billion or about 13.5%. Is that excessive in your world? I'm sure some years the profit percentage is a little higher and other years it is lower and I bet some years they don't even make a profit. Any old Joe can get 5% interest on a savings account today with zero risk. You think a company who is willing to take financial risks, that employs thousands of workers in hundreds of markets and countries with varying laws and regulations and economic conditions, which made 13.5% is excessive? Why would stockholders and potential stock holders invest in an unprofitable company?
From labor’s side, this is why they need strong unions.
You didn't answer any of the questions. Should any company continue production that exceeds whatever their demand forecast is? If not, should they keep idle workers on the payroll?
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Shareholder value over everything. It's disgusting.
I'm not for the wealthy or the poor or the middle class, I'm pro opportunity and freedom.
They have 82,000 employees and $60B in revenue. I think they can figure out how to keep 200 workers busy during a downturn. The cost of 200 lower-wage employees isn’t going to make or break the company and will have next to no impact on the stock price.
Maybe they’ve thought of this and there’s no way to make it work. Fine, I give them credit for trying.
But my guess is they saw demand flattening and the natural instinct was to just cut headcount. All speculation but I’ve seen these decisions from the inside before and it sucks.
Look what the UAW is doing at the big three! They will come to some agreement and at some point the companies will lay off a lot of workers to pay for the increases they had to pay. To make a big six figure salary to screw a bolt in an engine block is not only unecessary, it is insane.
Every market in free fall this morning--except energy lol--on the coattails of bidenomics, aka higher rates, costs, inflation and rules.... At least these UAW workers are getting their "shorter work week!" 🤡 🤣 Are you auto workers paying attention?!?!
You do realize the shareholders own the company right? Your statement could be phrased "to have Torbee buy a new car with his income, instead of giving it to the poor is disgusting."
Why/how would they do this? Does the union contract call for this? Why should they pay these idiots huge wages to sweep floors when the union has done nothing but trash them and gouge them at every turn for decades??
I get people being pissed about this. Folks getting laid off sux....
How do you fix it?
Does the government come in and force employers to keep unneeded labor? How would that effect US manufacturing competitiveness on the world market. I'd think negatively.
Robotics and AI will just continue to reduce the amount of humans needed for the same or better productivity.
Proponents of these advances say lost jobs in these sectors will be made up in for other sectors of the economy...we'll see.
How do you fix it?
Does the government come in and force employers to keep unneeded labor? How would that effect US manufacturing competitiveness on the world market. I'd think negatively.
Robotics and AI will just continue to reduce the amount of humans needed for the same or better productivity.
Proponents of these advances say lost jobs in these sectors will be made up in for other sectors of the economy...we'll see.
This is a compliment coming from some loser that never left school.
No, government solutions aren’t the answer. Not sure there’s an easy answer.
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I'd be in favor of legislation mandating that in any publicly traded company, if layoffs are imposed while the company is turning a profit, it would be mandatory to come with a freeze to all executive pay raises and bonuses. When those jobs are added back, then pay increases and bonuses can be re-instituted.
Pretty simple way to ensure publicly traded companies aren't enriching their shareholders and executives on the backs of the labor that allows them to make massive profits. It is absurd that only the frontline workers take a financial hit during an alleged "downturn."
Always funny watching you trying to make a point.
This attitude is why he writes for Go Iowa Awesome rather than SI or the great American novel! 🤣
So the UAW telling them how to run their business isn't enough?? 🤡
We need less people in the world. People need to die off and those here need to slow their roll in the baby making department. That's the fix. There's only so much "supply" for a never ending human "demand."
The idea that people will ever be kind enough to make sure everyone "has enough" is laughable. We're all self centered, greedy phucks that will ultimately crush the weaker on our way to whatever it is we want.
The bots that pop up here occasionally are more on point.
Well, it’s been awhile since Deere lost money for a quarter, let alone a full year.
This is just where I’d like to find a balance between corporate greed (no, I’m not saying this is inherently bad), vs doing right by the people that work for that company. Deere reported BILLIONS in profits, presumably these workers did their jobs well; and their reward…is to be fired?
People need to invest in stock market. The days of being “a company man” and being rewarded are over.
Publicly trade companies have to make profits and/or growth to succeed. So you better get in on that action. It is short sited to think wages alone are the key.
They aren't getting fired, they're being laid off by the terms of their expertly negotiated on, voted on and ratified UAW contract! Is there a but Trump in here somewhere?! 🤡
So they could continue to earn massive profits.
Thank God that I don't need a combine. My neighbor a couple miles away bought one last summer from a dealer North of here. When I asked him how much he paid he just grinned a said "a half"...meaning $500K for the machine.
Where in that entire quote did I say to run things based on feelings? All I said is I thought there were other options short of layoffs.
LOL, I thought you wanted inflation to come down? Higher unemployment should help, right?
None of these workers will be unemployed in today's environment.
