Job one is jobs won.
Author | Rock, Robert H. |
Position | LETTER FROM THE CHAIRMAN |
WHILE NO CEO enjoys wielding the ax, many are getting good at it. Last year 2.5 million Americans lost their jobs, and this year a few million more will. On the precipice of a '30s-like Depression, CEOs in conjunction with their boards of directors are laying off large swaths of their employees. In the halcyon days just a few years ago, Donald Trump's punch line "You're fired!" did not seem so terminal, but in today's labor market, losing your job seems like a death sentence. The old adage is all too real: a recession is when your neighbor loses his job; a Depression is when you lose yours.
A job provides more than just a living; it offers self-worth, respect, dignity. Unemployment is terrifying to those working, and horrifying for those who are not. The official unemployment rate has reached 7%, but the unofficial rate, which includes those working less than they want as well as those who have abandoned their search, is close to 15%, not so distant from the Depression Era's 25%. When you talk to people like my father who grew up in the 1930s, they recall searing images of people sleeping in the streets with newspapers wrapped around them; and, as a consequence, they developed and have often maintained a horrendous fear of being unemployed. Today's psychology is veering in this direction.
In a recent posting to his Boards At Their Best blog, Jim Kristie wrote: "I'm sure boards hate to sanction management's layoff decisions. My wish is that both management and the board feel the preciousness of having a job--and that they're not engaging willy-nilly in what often seems to be a wholesale axing of employees. Most especially, my wish is that directors...
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