Originally posted by: b0mbrman
Originally posted by: PrinceofWands
Originally posted by: compnovice
I will stick with Home Depot... At least they pay their employees well
WTF??? $8-$10/hr? Supervisers averaging $11/hr. $400/mo for family insurance. Hardly any sick or vacation time, no comp time, no employee discount, no differential pays, etc. How exactly is that paying well? Unless of coure you're the CEO, then you get paid in
direct proportion to your education, prior success, and network
Fixed
Oops...I mean...uh...f*ck all the richies!
Actually this one wasn't my usual anti-corporate rant. After speaking to a large number of home depot employees (worked there part-time nights for extra money during college) there is an almost absolute consensus that the company went downhill immediately after Nardelli took over.
As he took over stock was at an all time high of about $53/share. Within two years it dove to about $25 a share and has yet to recover (hovering around $40). During his time as CEO numerous jobs were lost. Full time employees were cut by almost 1/4 with 16hr/wk part timers picking up the slack (so that no benefits would be paid). Many benefits were dropped completely, and remaining benefit costs have almost doubled in the last 7 years. Average hiring wages actually went DOWN as cost of living increased as usual. Raises were drastically reduced and when given were about 1/2 of previous amounts.
Those are just the tangible costs. In general morale is down, people are irritated and don't support the company any more. Attrition is up as the job becomes another worthless minimum wage service sector time sink with no value to employees. If the new CEO doesn't focus on employees I would be happy to bet a months pay that Home Depot goes tits up, or nearly so, within the next 3-5 years. No matter what business people think the bottom line of EVERY business is employees. Once they're gone you're done, and you can't outsource service industry to India.
Now, in general, yes, CEO's are overpaid 99% of the time...but then so are entertainers, sports figures, lawyers, politicians, etc. So even if Nardelli hadn't been a total loser he still wasn't paid in direct proportion to anything, except the stupidity of the public and the greed of the new capitalist aristocracy.