There have been many companies that have been on the verge of bankruptcy or just simply selling the business to the highest bidder. The one company that has taken a hard hit is the company well known for the slogan, "The Citi that never Sleeps". Yet as of right now it looks as though they are sleeping on having a prosperous future.
According to the CNN News, CitiGroup overall has endured about 3.8 billion dollars in lose revenue within their fourth quater. Not to mentin the stock market for the company has also plunged by 17% within the last week.
The Ceo has said that their are plans to make a lot of major changes for the company overall in order to help keep this "OneCiti" to stay afloat. The biggesst impact that this will fall on is the employees of the company, over 50,000 jobs are estimated to be cut over a period of time in order to keep the company from selling any of its' major assetts.
I understand that everyone may look out for themselves in the end but what about the loyal employees who work to help keep these billion dollar operations running yet only get paid pennies on the dollar?
It has become more popular for major corporations to have several job offerings for the people out of the country only because they do not have to pay them as much to work just as hard. And we all sit back and wonder why our economy is falling deeper and deeper in a hole.
NO DISRESPECT TO ANYONE but CitiGroup clients do not like to call the company and have to speak with a representative who can barely speak english. This bizzare transition is not only hurting the employees but the business overall.
Truth be told, the only real success can be found through trial and error. Hopefully this trial dos not last long.
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I can empathize with what you said about corporations moving forward and not really caring about the employees they basically mow over to fend for themselves and their higher up positions. I feel that those leaders should listen to employees because they are the ones that interact with people and make or break a business. Circuit City was kind of in a bind like Citi group a while back and I have many friends' whose parents were fired because the company couldn't afford to keep them on. This was a very well written piece. Keep up the good work.
ReplyDeleteIt is definitely hard to read this, because I know that it's almost unbelievable to see that corporations that need the people to work for them are cutting thousands without a blink of an eye. The people making the company and working hard to keep the business rolling do not deserve to be treated this poorly.
ReplyDeleteWhat would happen if, for example, Nike had to cut 30,000 employees, and cut labor in half? They dealt with a situation in their past where the employees were treated unfairly and paid awful amounts for their salary. The company made adjustments to be able to pay their workers better amounts, and the company looked a lot better to its customers.
Lets just hope it works out in a way where it will not leave thousands of workers stranded with no job in this struggling economy.
I agree with Stephanie, it is tragic that these corporations are cutting employees with no remorse. Too often this seems like a statistic but this means that over 50,000 men and women are going to be broke and looking for a job. This affects their families, their friends, and their communities.
ReplyDeleteHowever, I can only hope that the government doesn't involve themselves in this. If the government keeps handing welfare to these corporations, then nothing will ever change. We need the free market to weed out these corporations that hoard money for the wealthy and hire the working class at pittance pay. If the free market runs its course, then corporations will end up stronger than before and people will have more secure jobs.
Although it is a tradegy when someone is quote, unquote mowed over by their own corporate ladder, people need to open their eyes to the ideas. Our economy is in a crisis. It's hard to make it right now! I've watched my family go through it and it hurts. But we can't place blame on any one company nor person. People have to do what they have to do to keep their companies running. The more companies that fold the worse the United States is going to be. The only way we can help eachother is to S-P-E-N-D. If we all got back to living the way we used to we would stimulate the ecomony thus producing more jobs for the people that have lost theirs. Or by spending we can create new ones for the unemployed. It's horrible when things like this happpen but in the end we all have to make a stand!
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