Southwest Airlines announced this week it is laying off 1,750 employees, 15% of its total workforce. This marks the first-ever major layoff in Southwest’s 53-year history.
These layoffs only extend to corporate (noncontract) workers, not the overall workforce.
roll (noun):
5. an official list or register of names.
“the school had no one by his name on its roll”
Inserting themselves into operations strictly out of greed and instant financial gratification with no regard to impact on daily operations is what investment groups do.
Private equity groups will kill us all in the long run and sometimes even the short run. The need to please stockholders is no way to run a company.
The strategy is well established: buy in a big chunk, load up the board, hire you buddies with HUGE golden parachute clauses, make very public cost cuts that show a very short term gain in profitability, reward yourselves with healthy stock options, package it up for an M&A deal, sell it on to the next private equity fund and cash in on the stock options and golden parachute before the real shyte from lost market and PO’d customers hits the fan.
Don’t you just love English?
Where we put a foot in a boot? Where is Gallagher?
While I’ll grant this may be common, let’s not forget that this is the first time in more than 50 years that Southwest is having a true “layoff”. So its not like they have done this over and over throughout their corporate history, like many corporations I’ve seen, every couple of years.
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