Let this be a learning experience about loyalty to a corporation when they have no loyalty to you but the bottom line. When you need a raise as a worker, they tell you they just can't afford it. When you are in a stockholders meeting, they are bragging about how much they are making. There is no leadership in these companies...
Yup, so the only way you can get a raise is to keep investing in your dividend paying companies. That's how you give yourself a raise. Give yourself a raise on your terms not theirs.
this is why you never go above and beyond in your corp job. you can give up family time and health for them but when they see fit, they will dispose you like a chewing gum
Disagree you go where you need to, to get to where you need to within reason. The arrow can go both ways. If you are just being used and not equally leveraging the experience, leave.
@@blackworldtraveler3711 That's why it's good to save and invest. If you work for any big corporation, they can give you the boot at anytime and never look back.
@@vickieclark5931 Indeed. Get in habit to save,invest,avoid debt,live within means,and contribute to retirement/emergency fund as if you were losing your job tomorrow. Many didn't read that memo.
@@blackworldtraveler3711 of course he is, anyone who owns any mutual fund or index fund likely is a shareholder of at least some of them. Are you suggesting we should all sell every fund we own so we aren't hypocrites when we complain about what these companies are doing? That would be self sabotage.
I'm an RN, I apply like crazy to hospitals, none will take me on. They aren't really hiring, just saying they are. And returning the money they saved to their investors.
He’s over 60 years old. It’s nothing new to him or and shouldn’t be new to anyone who at least been through the Great Recession/housing crash. It’s the reason why he says you save,invest,and avoid debt “living like no one else so you can live like no one else”. Dave’s not affected by this. Doesn’t affect me or anyone in my family either.
Laying people off it one of the worst things a company can do, you just created a block of people who will never be customers and will bad-talk you every chance they get. It is basically a PR disaster.
Under the former CEO of a company I work for, he would avoid layoffs as best he could and would look for other cost savings meausres. The new CEO I fear doesn't see it that way and will layoff if that person could. The new CEO has already publicly announced layoffs
This is why the working class needs to keep their options open. This is why it’s important to leave jobs on good terms. If you go to a new company and either don’t like it or get laid off then you have the option to go back to your old company at least until you find something else. Or use your emergency fund to hold you over during that kind of situation. I just started a new career and am still adapting. I’m giving it more time to find out if I really like it or not. If I decide I don’t, my previous employer already said he’d take me back with a 25% raise. It definitely gives me peace of mind knowing I have options available to me.
This shouldn’t take us by surprise. Recessions and layoffs (in the US) happen approx. every 8-12 years. We just have to be ready so when they happen we don’t have any debt (other than a mortgage), no outstanding CC’s and a fully funded emergency fund to battle the storm while it lasts.
@@dogguy8603 that’s the world we live in, we can’t change it, but what we can do is learn how to play the game, a farmer doesn’t pray that winter doesn’t come he prepares because he knows it’s going to happen
Finally an argument against companies shaving on the backs of their labor to save money that would be spent otherwise on health insurance, salary, vacation and retirement. It's COWARDLY and pathetic.
@@MrDual100 We deregulated them and provided them with tax cut after tax cut hoping they would share the wealth. Instead, they use that money to pay off politicians in order to take away power from us and transfer Americas' wealth to themselves.
Doesn't change anything. Dave own the bulk of these companies in mutual funds. Anyone that have mutual funds are shareholders as well. My investments in these companies are funding my car/home/health insurance,vacations,early retirement,etc...with monthly/quarterly dividends.
I currently work for a corporation and a small business pt each. The pandemic revealed a lot to me about both. During the uncertainty of it all, my corp job was letting go of half my crew left and right, thought i was next. Meanwhile at my other job, I feared the small business would tank and have to close down. While I could have potentially lost my job either scenario, the difference was how they made me feel. The small business desperately clung to their work family to keep afloat so I felt cared for as well as concern for the owner. The corp job I felt this this fleeting sense of relief that I "made the cut" or should I say "dodged the cut" followed by unrelenting self doubt. It really put into perspective how I'm valued in each place.
I don't think you dodged the bullet by being kept on. I could be wrong. Did you get more work by not being laid off by the company? I'd rather be the sap that gets the lay-off letter and keep my health. I work for a smaller company and care for my Boss more. Layoffs are nerve-wracking but help people understand their purpose. Big companies have no loyalty; that's a given. Smaller companies can't pay as much, but they do nurture concern during difficult times. A big company or a charismatic CEO/Boss wouldn't get that from me.
If you're working for a large corporate you better be sure you are producing visible/quantifiable value (i.e. technical solutions from engineering, tech maintenance from IT, financial planning from finance etc.). The people cut are always useless paper pushers or power point editors, sales people during down turn or not keeping up KPI etc.
The feelings Dave expresses here are what Bernie Sanders supporters have said for years about corporate greed. Just reiterates people have more in common than they might think. Not all people on the left live in mom’s basement. Not all people on the right think we should support employers & big biz regardless of how they act.
@@geebee6010 it isn't that most people on the right disagree with the immorality of greed and specifically corporate greed. I think the biggest difference is the solution presented rather than the diagnosis of the problem.
@@Drrobverjones in my experience, the people I’ve have conversations with don’t like the solutions proposed by leftists, but also don’t have proposed solutions.
Should be common sense and for public and private company. My whole career I saved/invested,contributed,funded,avoided debt,insured,and lived within means as though I could lose my job,pension,social security, or become disabled at any time.
The holidays are irrelevant. What seems to never be discussed is that if a company is MORE profitable with LESS people, the people that were pruned were not carrying their weight.
@@michaelhunsinger8351 Sometimes that is true. If the movie "Margin Call" is a frame of reference to your comment, they clearly layed off the wrong person, in the character Eric Dale.
@@michaelhunsinger8351 The movie "Margin Call" has a scene in it, where an HR person comes up to the senior risk guy (Eric Dale) to have him follow her to an office. There he sees another HR person and a guy who will escort him to his desk to clean it up since he is getting layed off. Now based on your comment, it would seem he was a guy who was dead weight or unproductive, but in the movie it turns out that guy they let off was extremely valuable. He just so happen to be on a list to be layed off. The firm laying him off didn't seem to take into account his role to the company, he just was unlucky enough to be on the layoff list. I say all that to say this, I'm not so sure in a large company layoffs are based off of merit or nonproductive folks. I agree with you for smaller companies for perhaps are.
I used to work for Bank Of America. Dave is right, I was just a number. They want sales but stay away from that word. They don’t call it a close rate they call it an acceptance rate. They set goals and expectations that are unrealistic
I have zero debt and a wonderful emergency fund bc of Dave. I was making alot of money in my job of 6.5 years but after our values and morals didn't align so I left. I'm taking it east at home and looking for a new job. Money matters but its not everything anymore. I wanna be happy and produce for a company that aligns with my values.
Valeria Gomez congrats on your plan to be ahead financially e always be ready to endure the upcoming storm. I'm well prepare financially as well so no worries on my side, if any laid off arrives on me I will ok.
Yup my company has done this every year to boost the stock price. And now worker morale has fallen because everyone left is wondering if they are next to be let go.
I was in this situation - I finally got made redundant in about 2010. I was a junior software developer back then, but did a lot of the work. Anyway, I would never be loyal to my work. I work from home these days, and I sell things online. If my emplyer makes me redundant again, its not such a big deal. Long story short, if you can, perhaps you can do some sort of side business...living in limbo is not a good place to be, and you could be the best emplyee, doing all the right things, but there is no loyalty in business and work.
@@covercalls88 yep, it is more satisfying than my day job. I'm mortgage free and looking to eventually just do my side business, perhaps this reset will allow me to.
I work for a company that's a small business, and I have to be honest with you this really hits home for me and my co-worker, because we've been seeing some changes in the staff around here, that makes me wonder. People being laid off an hours being cut, I'm wondering if it's because the boss wants that profit. 🤷🏻♂️ But now you've cut your staff so slim that there's only a few dudes doing the work, and now you're expecting them to do the same amount of work that you had with a full staff. Doesn't make sense
Prices needed to go up which sounds like it didn't happen. It's happening in a lot of places to be able to pay people with the inflation. Reduced staff is burnout. After burnout, people might quit. After that, less and less revenue and then it just shuts the place down.
as Dave said in the video, small businesses can be run by buttholes also. Your comment seems to indicate some red flags. Hopefully you got your emergency fund fully ready and are making an exit plan even if it is not ultimately needed. I’d request a a private meeting with the owner if I was in your shoes if the business really is that small. It is your right. If you would get in trouble for asking questions that would be a big indicator that you ought to move on anyways.
I remember specifically in Business Admin classes Business ethics was taught. 02-04 many chapters in management classes started with a person highlighted and how they affected or grew a corporation. Each layoff could grow the machine, laid off assume they will help your competitors. Thousands of assume you will get wiped out, they know your weak points intimately.
Dave is spot on... I was laid off from one of four Big Techs in 2023, I was targeted because I'm Remote + I was vocal about getting paid & promoted for the HUGE global initiatives I was leading solo... they didn't like it, I was laid off after almost 10yrs & a very senior role... now, a Team of 18-20 do my role... you can't fix stupid. And yes, the stock price went up $100 over 12mos. Mission accomplished I guess. 😒 I should have shut my mouth & "quiet quit" but oh no I had to work 18hrs/day & for what?! PS - and watch out for HR - horrible!!!!
Eggs at Aldi today 4.79. Crazy. Life is getting very expensive. I’m sure these layoff are just the beginning. It seems like companies are switch from growth to profitability.
There's also those companies that hired a lot of people because there was false demand the past couple years and now that they realized their analytics was off, they decide to let them go. There's also ceo's and managers that are just scared they're business will fail because they don't have good or any analytics and so they follow the crowd and let people go
Really good to see Dave hit the nail on the head here. If you have to work for a company like that to feed your family that's one thing, but if you have the opportunity avoid working for a big company that does this kind of thing and work for somebody that has a soul.
Companies look at people like Dave looks at a car loan. Easiest way to take a step forward is to get rid of the cars with the $800 loan payment and then get a couple $5k cars. Layoff a bunch of people and then hire some back at less pay.
@@DrSchor Trust me, these companies don't care. I've seen my company hire very loyal and good working people just to end up with a loser that replaced them. It happens a lot more than you think.
Any relationship that is a one-way street is one to be wary of. Yes, you get a wage, but it's ironic that they insist on 'loyalty' and feel no expectation to reciprocate.
He’s a phony. One year after recording this, Dave advocated for allowing the billionaire ruling class to take over the government & dismantle every protection we the people have against corporate malfeasance. And he’s loving every minute of it.
I was one of those laid off by a public IT company (though I was at the high end of the skills & capabilities spectrum - I'll be fine). I'd love to share my experience with Dave's team, if it helped reveal truth about public and private company culture.
I worked for a company that had started small but had grown to about 2000 people worldwide. But it still felt like a small company. The CEO knew your name and cared about how you were doing. In a company that big you were of course in some ways a number, but in the important ways you were a human and treated as one. Then the company was bought by a much larger corporation. This was a tech company so they threw some nice perks at you. But they didn't care about you one bit. Within a couple years most everyone had either left or gotten used to politics (not the good sort) and backstabbing as ways of life. For anybody that was still trying to hang onto the old days when the customer mattered layoffs took care of them. One story among thousands, but an all to common one these days. There are still good companies around, I'm at one. But dang you've got to look hard to find one these days.
They aren't a monopoly, but they do practice anti competitive behavior... They subsidize their e commerce business with their cloud business which is textbook anti competitive behavior. You can't take one part of your business and use its profits to subsidize another part of the business to artificially lower your prices against competitors. The two solutions are split up amazon and AWS or enforce something that makes this illegal or makes them pay a penalty.
Thank you for your input. Many of your viewers work for these large companies. Unfortunately, we are not allowed to publicly share our thoughts and feelings, so you are our voice and are encouraging us to make moves to secure our stability
To make it even worse the people in these companies that keep their jobs are now highly paranoid for their own jobs, and their work is severely diminished as well
Thanks for letting us know why so often the layoffs come in December just before Christmas - I had suspected that it had to do with the fiscal year. Am so glad that we of the diminishing middle class have Dave on our side!
Always give 30% effort 100% of the time so when you need to give 45% effort, it looks like you’re giving 120%. Work smarter and not harder and do the bare minimum that makes you look good. Loyalty is dead.
The freelance people in Hollywood like actors, directors, costumers, wardrobe, etc., don't say 'make sure you have an emergency fund,' they say 'make sure you have F.Y. money.' It shouldn't be too difficult what the initials stand for.
At one point, corporations cared about it's workers. Jack Welch changed it all. Chairs of corporations are also afraid of being voted out for not increasing shareholder value. It's sad when it's a liability to work for a corporation where you could get fired at a drop of a hat while shareholders make money through increased share prices at the expense of it's workers. It would be great if folks got rich through working, not trading stocks.
For the first time, companies are laying off people going into the holiday season instead of hiring more. People have less savings and more debt than 2008. The collapse is here
This is more like the 15-20 times since the 80s. No reason to hire extra personnel with low sales. Corporations have been laying off hundreds and thousands already this year. Layoffs get more attention during the holidays. Your own personal collapse is here if you learned nothing from 2008.
Companies have been laying off most of the year in the thousands. Layoffs get more attention during holidays especially from people that don't plan, don't save/invest,don't avoid debt,don't live within means,no emergency fund,slept through economics class,etc..and ignored 2008. Everyone else should be prepared for this sort of thing.
@Godzilla Hårddisksson, I would avoid that argument. You don't put off your life's goals because things aren't perfect. You never know how life will turn out. You could have an incredibly stable job in an incredibly stable industry and find yourself laid off tomorrow because of an unexpected event. And besides, humans don't behave that way. As the standard of living rises, birth rates go down, even in Catholic countries. In other words, the more stable people are, the fewer kids they typically have.
Before Halloween was over the Christmas decorations were going up. It's a sign people needs to plan for Christmas expenses early. Being retired for a few years, in September I've already started saving for my main Christmas gift expense for my kids and grandkids which are renewal of our annual passes to Knott's Berry Farm, which cost me over $1100. For me it's the time spend together through the years which is important.
What I think is awful, is when companies say they are making a loss, yet still making millions in profit, just not as much as the previous year, so they sack a lot of workers, & then the CEO gets a bonus of over $1m, for saving the company money. It's crazy how this is legal.
I’ve applied to several of these big companies. Ace the interviews but when it comes to availability they throw me out. 50 hours of availability is unacceptable to them for part time work. They want 90-100% availability for part time workers.
Private Equity Firms: "Buy an old business, let the company file bankruptcy, and eliminate the company's $Billion Dollar pension fund -- all while you pay yourself millions and millions. It's perfectly legal!" Do they still get away with that?
Love how Dave is looking directly at Ken when he says “I’m not going to fire you & treat you like garbage”. I know it’s a conversation but… Dave IS the boss. Haha
As someone who works for a small company, it's important to keep in mind that they may let you go to cut labor costs. While they might hold onto you for a bit longer than a corporation, the end result is often the same.
And this is why I keep way way way too much cash. if I’m let go tomorrow, I’m good for at least 5-10 years without touching any investments. The loss of value is worth the security.
Also Dave the corporateers (bucanneers: thieving pirates) can hire desperate people back at a lower wage to keep their profit buy backs in their pockets. I was a small business and the corporateers ruined me by not telling me they were selling to a bigger company and did not take my partner and me with them. We were just starting so we were to risky for them and to place on paper for the sale. We did not find out about the sale and what they did to us until the sale was done. I lost everything.
To be fair, most if not all of these big public companies are already experiencing a weakening of demand for the products they sell, so they are adjusting the size of their workforce to the projected demand. Of course, the more people that are out of work, the less people will be purchasing products from small/private businesses, so small/private business will be next to start laying off. A recession is literally guaranteed to happen if enough companies believe it will happen and act on it.
A Republican saying King Profit is immoral!! Never thought I’d live to see the day. I love Dave Ramsey. He is helping a lot of people. All I’m saying is IT’S ABOUT TIME y’all noticed the immorality of corrupt hyper capitalism.
@@jeepstergal12 Yes, I know. It it’s unusual for a Republican to make any kind of connection between profit and morality. I’ve never seen any of them do it. I agree with him of course, but it’s just surprising to see. I’m glad he is finally noticing such things.
We DO NOT have a shortage of labor, Dave. People are just sick and tired of the one sided nonsense from these companies. Get back in touch with the common folk!!
Every publicly traded company only serves their shareholders. They are all open about that fact because that is where their money comes from. Everyone is able to buy shares and be part of the system.
In part, many are following the Amazon model in which the bottom 10% performers are let go each year. It doesn't matter how well they perform or even surpassed performance expectations; the bottom 10% are let go year after year to 8morove overall performance.
I was in Information Technology field and was laid off twice. The second company handled it a lot better than the first company. It was in early 2000s. The telecommunication business was in downturn, so the company gave us quarterly meeting about declining sales and figures. The management told us that if we had a better opportunity somewhere else, go for it. Everyone was prepared and we don't make big purchase like a brand new vehicle. The first company, they handled it so awful. It's the corporate office. The management handled everything so secretly. Nobody knew what's coming. The reason why they had to lay off people because they brought a poor performance company early that year. The company was in red but they thought they could fix it. To make up some good numbers, they had to cut employment. I remember one guy, who was laid off, just bought a brand new car. Next year, the company hired people in India because they are so much cheaper. When we get our severance package, we had to sign an agreement that we can't talk bad about the company and we also can't work for the company ever again. No fault of our own, I thought that's brutal.
Let this be a learning experience about loyalty to a corporation when they have no loyalty to you but the bottom line. When you need a raise as a worker, they tell you they just can't afford it. When you are in a stockholders meeting, they are bragging about how much they are making. There is no leadership in these companies...
Nor compassion
Loyalty towards corporations is stupid
Everyone is crew expendable
Yup, so the only way you can get a raise is to keep investing in your dividend paying companies. That's how you give yourself a raise. Give yourself a raise on your terms not theirs.
This is nothing new.
Should have been a shareholder like myself and others instead of complaining.
By Federal law a publicly traded company is only responsible to the stockholders.
I mean, if you have to fire thousands of people, then the CEO and the entire corporate board deserve to be fired for mismanaging the company.
But they get parachutes while others don’t.
Firing thousands of people IS managing the company, you silly goose.
If you had invested, then the CEO and entire corporate board would be paying you dividends.
The CEO and board are getting bonuses, the company will be just fine
@@TheDjcarter1966not necessarily
this is why you never go above and beyond in your corp job. you can give up family time and health for them but when they see fit, they will dispose you like a chewing gum
Yep
Disagree you go where you need to, to get to where you need to within reason. The arrow can go both ways.
If you are just being used and not equally leveraging the experience, leave.
So Dave what you are saying is, you support quiet quitting for these big businesses?
@@infotechsailor He flipped rather abruptly. I guess he noticed where his viewers stood.
Which is why I see my job as just a funding mechanism for my life, not fulfillment.
"These publicly traded companies are buttholes" - Dave Ramsey
😆 Best quote ever!
Came here to say the same thing! 😂
He’s a shareholder of these publicly traded companies with mutual funds.
“And isn't it ironic, don't you think?”….Alanis Morissette.
@@blackworldtraveler3711 That's why it's good to save and invest. If you work for any big corporation, they can give you the boot at anytime and never look back.
@@vickieclark5931
Indeed.
Get in habit to save,invest,avoid debt,live within means,and contribute to retirement/emergency fund as if you were losing your job tomorrow.
Many didn't read that memo.
@@blackworldtraveler3711 of course he is, anyone who owns any mutual fund or index fund likely is a shareholder of at least some of them. Are you suggesting we should all sell every fund we own so we aren't hypocrites when we complain about what these companies are doing? That would be self sabotage.
“You don’t build your personal fortune on the backs of laying people off.” Very well said.
You’d be surprised
Lol large corporations do. Where have you been hiding lol.
Except for the fact that you do.
That's how it always worked. If you can keep cash flow going with less people, that's value for the shareholders.
I'm an RN, I apply like crazy to hospitals, none will take me on. They aren't really hiring, just saying they are. And returning the money they saved to their investors.
I'm so glad Dave can see what the companies are doing. Fired everyone in 2020. Hired them in 2021. Fired them again in 2022
He’s over 60 years old.
It’s nothing new to him or and shouldn’t be new to anyone who at least been through the Great Recession/housing crash.
It’s the reason why he says you save,invest,and avoid debt “living like no one else so you can live like no one else”.
Dave’s not affected by this.
Doesn’t affect me or anyone in my family either.
If these companies would follow Dave, they wouldn’t have to. They’re in debt and depend on loans which require ESG.
@@johnstown2451 what does ESG have to do with this?
A company borrowing money has nothing to do with ESG. ESG is a type of investment, not a debt.
@@johnstown2451 we are all dummer for reading your comment
@Timmy Tran
Retired debt free in my 40s two years ago with no issues.
Good luck.
Ken responding to anything Dave says:
Ken: That’s right…That’s exactly right 😉😂
That’s a “Yes Man” for you
Lol. Ken has a nice haircut, though.
@@otrebla8944 Dave’s haircut is much better.
@@artemkalinchuk lol
Do you disagree with anything he said?
Corporate America has lost touch with the human side of business. They tell you they care, but their actions often show otherwise.
Of course they care; about their shareholders, you silly goose.
They never has the human touch to begin with
we are literally just “human resources”
It has been happening since the 90’s. CA stopped caring then.
@@DrSchor Is that what life is? only caring about the almighty dollar?
I truly did not expect this take from Dave.....respect.
Yeah, nice to hear a pro-worker argument from Dave.
Same. I’ve been critical of Dave lately for his mindless shilling on behalf of Corporate America. Good to see him come around on this issue.
omg right!
@@tomsmall1244 He probably got a lot of criticism so he had to do this to make it seem like he is a nice person.
He definitely isn't for the remote worker. Typical dinosaur but they are in charge FOR NOW.
Laying people off it one of the worst things a company can do, you just created a block of people who will never be customers and will bad-talk you every chance they get. It is basically a PR disaster.
Very true.
Under the former CEO of a company I work for, he would avoid layoffs as best he could and would look for other cost savings meausres. The new CEO I fear doesn't see it that way and will layoff if that person could. The new CEO has already publicly announced layoffs
They don’t care
This is why the working class needs to keep their options open. This is why it’s important to leave jobs on good terms. If you go to a new company and either don’t like it or get laid off then you have the option to go back to your old company at least until you find something else. Or use your emergency fund to hold you over during that kind of situation. I just started a new career and am still adapting. I’m giving it more time to find out if I really like it or not. If I decide I don’t, my previous employer already said he’d take me back with a 25% raise. It definitely gives me peace of mind knowing I have options available to me.
This shouldn’t take us by surprise. Recessions and layoffs (in the US) happen approx. every 8-12 years. We just have to be ready so when they happen we don’t have any debt (other than a mortgage), no outstanding CC’s and a fully funded emergency fund to battle the storm while it lasts.
Indeed. People had around 14 years to prepare.
I plan to travel more.
Don't understand why so many are making a big deal out of it.
We shouldn't have regular recessions, you do realize that's the problem right?
Wise words!
@@dogguy8603 obviously the sheeple can't see it
@@dogguy8603 that’s the world we live in, we can’t change it, but what we can do is learn how to play the game, a farmer doesn’t pray that winter doesn’t come he prepares because he knows it’s going to happen
Finally an argument against companies shaving on the backs of their labor to save money that would be spent otherwise on health insurance, salary, vacation and retirement. It's COWARDLY and pathetic.
This is one of the biggest problems in America IMO because laws protect these companies since they have the money to lobby and influence politicians.
@@MrDual100 We deregulated them and provided them with tax cut after tax cut hoping they would share the wealth. Instead, they use that money to pay off politicians in order to take away power from us and transfer Americas' wealth to themselves.
@@GrandChessboard It's the typical "It won't happen to me" mentality that is one of the roots of the issue.
Doesn't change anything. Dave own the bulk of these companies in mutual funds.
Anyone that have mutual funds are shareholders as well.
My investments in these companies are funding my car/home/health insurance,vacations,early retirement,etc...with monthly/quarterly dividends.
It's called "capital preservation". Reduce workforce to staunch bleeding.
I currently work for a corporation and a small business pt each. The pandemic revealed a lot to me about both. During the uncertainty of it all, my corp job was letting go of half my crew left and right, thought i was next. Meanwhile at my other job, I feared the small business would tank and have to close down. While I could have potentially lost my job either scenario, the difference was how they made me feel. The small business desperately clung to their work family to keep afloat so I felt cared for as well as concern for the owner. The corp job I felt this this fleeting sense of relief that I "made the cut" or should I say "dodged the cut" followed by unrelenting self doubt. It really put into perspective how I'm valued in each place.
I don't think you dodged the bullet by being kept on. I could be wrong. Did you get more work by not being laid off by the company? I'd rather be the sap that gets the lay-off letter and keep my health. I work for a smaller company and care for my Boss more. Layoffs are nerve-wracking but help people understand their purpose. Big companies have no loyalty; that's a given. Smaller companies can't pay as much, but they do nurture concern during difficult times. A big company or a charismatic CEO/Boss wouldn't get that from me.
If you're working for a large corporate you better be sure you are producing visible/quantifiable value (i.e. technical solutions from engineering, tech maintenance from IT, financial planning from finance etc.). The people cut are always useless paper pushers or power point editors, sales people during down turn or not keeping up KPI etc.
@@Books_Makeup of course big companies have loyalty. buy a share and they will be loyal to you, as one of the owners.
The feelings Dave expresses here are what Bernie Sanders supporters have said for years about corporate greed. Just reiterates people have more in common than they might think. Not all people on the left live in mom’s basement. Not all people on the right think we should support employers & big biz regardless of how they act.
But his fanbase swings to the right and didn’t want to hear it from the left. Now he says something they agree with it.
@@geebee6010 at least there building a class conscience Finally! 🤷
@@geebee6010 it isn't that most people on the right disagree with the immorality of greed and specifically corporate greed. I think the biggest difference is the solution presented rather than the diagnosis of the problem.
@@Drrobverjones in my experience, the people I’ve have conversations with don’t like the solutions proposed by leftists, but also don’t have proposed solutions.
Very true. Sides think they do better when they help people forget that we actually have more in common than we think. Be a good neighbor.
If you ever go into working for a public company, you pretty much have to expect this and plan for this to happen one day. It is just the way it is.
True
It's got to be outlawed. Social Democracy.
Should be common sense and for public and private company.
My whole career I saved/invested,contributed,funded,avoided debt,insured,and lived within means as though I could lose my job,pension,social security, or become disabled at any time.
@@wyatt1153 if they do outlaw it the company will eventually go out of business.
@@TheRealEdStoner Absolutely will not go out of business. They have massive profits and the CEO makes millions of dollars.
These companies are slashing their salaries because they can. Finally calling them out is good.
That's because Dave knows being a shareholder is better.
Small Business don't pay what big corp pays
Probably not slashing c-suite salaries. 😐
A lot of them are WFH jobs. Supply and demand. They did this to themselves
If they can they should. What is your recommendation? Socialistic legislation?
Just rotten when companies lay you off with no warning during the holidays. I still worry about it myself right now.
You had your warnings a year ago.
Know the company you're working for.
The holidays are irrelevant. What seems to never be discussed is that if a company is MORE profitable with LESS people, the people that were pruned were not carrying their weight.
@@michaelhunsinger8351 Sometimes that is true. If the movie "Margin Call" is a frame of reference to your comment, they clearly layed off the wrong person, in the character Eric Dale.
@@dragonore2009 I've never seen the movie, so no reference on my part.
@@michaelhunsinger8351 The movie "Margin Call" has a scene in it, where an HR person comes up to the senior risk guy (Eric Dale) to have him follow her to an office. There he sees another HR person and a guy who will escort him to his desk to clean it up since he is getting layed off. Now based on your comment, it would seem he was a guy who was dead weight or unproductive, but in the movie it turns out that guy they let off was extremely valuable. He just so happen to be on a list to be layed off. The firm laying him off didn't seem to take into account his role to the company, he just was unlucky enough to be on the layoff list.
I say all that to say this, I'm not so sure in a large company layoffs are based off of merit or nonproductive folks. I agree with you for smaller companies for perhaps are.
I used to work for Bank Of America. Dave is right, I was just a number. They want sales but stay away from that word. They don’t call it a close rate they call it an acceptance rate. They set goals and expectations that are unrealistic
Sounds like Wells Fargo. I think WFC got sued over that.
For profit companies are the worst because of the unrealistic expectations they set on monthly quotas
I have a few memories of them myself, but I will keep them to myself, since I still do business with them. I did escape successfully though.
@@jayj4439by definition all companies should be for profit. Wtf are you talking about? Running a business isn't charity work
I have zero debt and a wonderful emergency fund bc of Dave. I was making alot of money in my job of 6.5 years but after our values and morals didn't align so I left. I'm taking it east at home and looking for a new job. Money matters but its not everything anymore. I wanna be happy and produce for a company that aligns with my values.
since when does a company have values and morals? The only morals and values they have is making profit
Valeria Gomez congrats on your plan to be ahead financially e always be ready to endure the upcoming storm. I'm well prepare financially as well so no worries on my side, if any laid off arrives on me I will ok.
This is why you take care of yourself first. Never depend on someone else for your daily needs without a buffer.
Indeed
100%
Truth 💯 CYA
Yup my company has done this every year to boost the stock price. And now worker morale has fallen because everyone left is wondering if they are next to be let go.
Nothing new.
Boomers been there done that.
That's why I'm invested in these corporations and paid dividends.
I was in this situation - I finally got made redundant in about 2010. I was a junior software developer back then, but did a lot of the work. Anyway, I would never be loyal to my work. I work from home these days, and I sell things online. If my emplyer makes me redundant again, its not such a big deal. Long story short, if you can, perhaps you can do some sort of side business...living in limbo is not a good place to be, and you could be the best emplyee, doing all the right things, but there is no loyalty in business and work.
Those left should go. Why wait until you get eliminated?
@@m0o0n0i0r It's good you leaned to build an additional stream of income. I learned it many many years ago and still continue them into retirement.
@@covercalls88 yep, it is more satisfying than my day job. I'm mortgage free and looking to eventually just do my side business, perhaps this reset will allow me to.
I work for a company that's a small business, and I have to be honest with you this really hits home for me and my co-worker, because we've been seeing some changes in the staff around here, that makes me wonder. People being laid off an hours being cut, I'm wondering if it's because the boss wants that profit. 🤷🏻♂️ But now you've cut your staff so slim that there's only a few dudes doing the work, and now you're expecting them to do the same amount of work that you had with a full staff. Doesn't make sense
Prices needed to go up which sounds like it didn't happen. It's happening in a lot of places to be able to pay people with the inflation. Reduced staff is burnout. After burnout, people might quit. After that, less and less revenue and then it just shuts the place down.
as Dave said in the video, small businesses can be run by buttholes also. Your comment seems to indicate some red flags. Hopefully you got your emergency fund fully ready and are making an exit plan even if it is not ultimately needed. I’d request a a private meeting with the owner if I was in your shoes if the business really is that small. It is your right. If you would get in trouble for asking questions that would be a big indicator that you ought to move on anyways.
Since when have large corporations ever taken the moral high ground?
When they pay out dividends to anybody who wants to buy a share, of course.
@@DrSchor haha, good joke. 😂😂
I remember specifically in Business Admin classes Business ethics was taught. 02-04 many chapters in management classes started with a person highlighted and how they affected or grew a corporation. Each layoff could grow the machine, laid off assume they will help your competitors. Thousands of assume you will get wiped out, they know your weak points intimately.
This is why there is no loyalty in any corporation. It is sad what our country has become.
Dave is spot on... I was laid off from one of four Big Techs in 2023, I was targeted because I'm Remote + I was vocal about getting paid & promoted for the HUGE global initiatives I was leading solo... they didn't like it, I was laid off after almost 10yrs & a very senior role... now, a Team of 18-20 do my role... you can't fix stupid. And yes, the stock price went up $100 over 12mos. Mission accomplished I guess. 😒 I should have shut my mouth & "quiet quit" but oh no I had to work 18hrs/day & for what?!
PS - and watch out for HR - horrible!!!!
Companies don’t care about people. They care about money. Duh.
Well, yeah. They exist to make a profit, not offer social services. Duh.
When so many peoples health insurance and retirement is tied to their employer, it's kind of hard to say they "don't provide social services".
Of course they care about people. People who own shares. Buy a share and they will care about you. Simple, is it not?
Eggs at Aldi today 4.79. Crazy. Life is getting very expensive. I’m sure these layoff are just the beginning. It seems like companies are switch from growth to profitability.
A dozen eggs in Las Vegas Nevada is over $5 in every store. I quit buying a lot of the stuff that is just become overpriced.
That 1.79 water pack is now 3.32😏
@@zunaiandre2341 stop being an idiot. water is free.
That's what's lacking in corporate America, morality! They don't care about the very people that make them successful day in and day out. Pretty sad!
I’ve been working at non union small business and I actually never been happier.
There's also those companies that hired a lot of people because there was false demand the past couple years and now that they realized their analytics was off, they decide to let them go.
There's also ceo's and managers that are just scared they're business will fail because they don't have good or any analytics and so they follow the crowd and let people go
Economics 101.
their
yes
Yup...especially with a lot of those divers1ty hirings. Not to mention many companies are taking opportunity to get rid of the w0kesters.
Really good to see Dave hit the nail on the head here. If you have to work for a company like that to feed your family that's one thing, but if you have the opportunity avoid working for a big company that does this kind of thing and work for somebody that has a soul.
Companies look at people like Dave looks at a car loan. Easiest way to take a step forward is to get rid of the cars with the $800 loan payment and then get a couple $5k cars. Layoff a bunch of people and then hire some back at less pay.
Companies that do that hire less skilled people. Those companies fail, of course.
@@DrSchor Trust me, these companies don't care. I've seen my company hire very loyal and good working people just to end up with a loser that replaced them. It happens a lot more than you think.
Dave you are a good human being. All the things you mentioned in this video are the reason i am a Democrat and will never be a republican.
Ken was encouraging people to connect and 'follow your dreams' and 'take a chance'. He is changing his tune now.
He can only ignore the comments section for so long
Your strategy adapts to the situation.
❤ Respect for speaking the truth and spreading humanity and kindness
Any relationship that is a one-way street is one to be wary of. Yes, you get a wage, but it's ironic that they insist on 'loyalty' and feel no expectation to reciprocate.
They will be loyal to you if you are any good at your job.
You are a good man, Dave Ramsey. You are absolutely correct in what you say about the antics of some of these businesses
Dave Ramsey: We will not lay you off at the first sign of a black cloud.
Also Dave Ramsey: You got pregnant and not married. You’re fired!
He’s a phony. One year after recording this, Dave advocated for allowing the billionaire ruling class to take over the government & dismantle every protection we the people have against corporate malfeasance. And he’s loving every minute of it.
Executives need their extra beachhouses or another yacht.
The False Profit double entendre is golden
AND AMERICA WONDERS WHY PEOPLE DONT WANT TO WORK🤣🤣
Let this be a warming experience about loyalty and thinking you are the company. That is, and has ALWAYS been foolish.
Do not be loyal to your employer you are a commodity. Do what is best for you 👍🏻
very true, that is why more and more employees are realising this hard fact and started value themselves over anything else.
“A company so woke that you can’t sleep” -Dave Ramsey 😅
This is why you need a side hustle to tide you over when this stuff happens
I've tried my best to not work for publicly traded companies again. They are so worried about short term gain and have no sight of long term vision.
Layoffs by email ... cowardly!
I was one of those laid off by a public IT company (though I was at the high end of the skills & capabilities spectrum - I'll be fine). I'd love to share my experience with Dave's team, if it helped reveal truth about public and private company culture.
Share with us.
Call the show so we can hear
@@danasmith8292 I will try to call in.
@@wpleasance did u already find another job?
Was the point of you comment just to “Think - aloud” 🙄? Guess we will never know what the scary truth is 🥲
This is the reason I refuse to work in the corporate sector.
Dave, that's the way it should be. You know how to run a business. Corporate America is selfish and heartless!
I worked for a company that had started small but had grown to about 2000 people worldwide. But it still felt like a small company. The CEO knew your name and cared about how you were doing. In a company that big you were of course in some ways a number, but in the important ways you were a human and treated as one. Then the company was bought by a much larger corporation. This was a tech company so they threw some nice perks at you. But they didn't care about you one bit. Within a couple years most everyone had either left or gotten used to politics (not the good sort) and backstabbing as ways of life. For anybody that was still trying to hang onto the old days when the customer mattered layoffs took care of them. One story among thousands, but an all to common one these days. There are still good companies around, I'm at one. But dang you've got to look hard to find one these days.
Dave youve changed my mind on small business. I just wish they didnt over work and under pay/underhire.
Yeah, there is a reason why they can’t fill those jobs. And $10-15k with usually less than stellar benefits makes a lot of difference.
Probably not a popular opinion among the Ramsey audience, but honestly Amazon is a monopoly and needs to be broken up.
You would be surprised...
They're not. There are plenty of ecommerce busonesses.
They're not even remotely close to a monopoly.
They aren't a monopoly, but they do practice anti competitive behavior... They subsidize their e commerce business with their cloud business which is textbook anti competitive behavior. You can't take one part of your business and use its profits to subsidize another part of the business to artificially lower your prices against competitors. The two solutions are split up amazon and AWS or enforce something that makes this illegal or makes them pay a penalty.
Thank you for your input. Many of your viewers work for these large companies. Unfortunately, we are not allowed to publicly share our thoughts and feelings, so you are our voice and are encouraging us to make moves to secure our stability
To make it even worse the people in these companies that keep their jobs are now highly paranoid for their own jobs, and their work is severely diminished as well
Thanks for letting us know why so often the layoffs come in December just before Christmas - I had suspected that it had to do with the fiscal year. Am so glad that we of the diminishing middle class have Dave on our side!
If you’re an older worker you have a greater chance of being let go in a down turn. Public companies tend to prefer younger lower paid folks.
The discrimination starts at 40 now unfortunately
"They're so woke I can't sleep" good one
It is always about profit, the only reason corporate shows any kindness or caring is because it earns more profit.
Poor Ken trying to get his point across and Dave cuts him off 50% of the time.
High tech companies have the gall to pat themselves on the back for handling company finances while laying people off.
Always give 30% effort 100% of the time so when you need to give 45% effort, it looks like you’re giving 120%. Work smarter and not harder and do the bare minimum that makes you look good. Loyalty is dead.
The freelance people in Hollywood like actors, directors, costumers, wardrobe, etc., don't say 'make sure you have an emergency fund,' they say 'make sure you have F.Y. money.' It shouldn't be too difficult what the initials stand for.
I love this….😂
I m debt free, but definitely need more FU money to quit my job.
wow, when I left my job after working a 13 hour day, I was pretty ticked off.. this actually makes me more appreciative of what I have.
At one point, corporations cared about it's workers. Jack Welch changed it all. Chairs of corporations are also afraid of being voted out for not increasing shareholder value. It's sad when it's a liability to work for a corporation where you could get fired at a drop of a hat while shareholders make money through increased share prices at the expense of it's workers. It would be great if folks got rich through working, not trading stocks.
corporations have never and cannot care about workers. they can only care about shareholders. become a shareholder yourself and you will be cared for.
For the first time, companies are laying off people going into the holiday season instead of hiring more. People have less savings and more debt than 2008. The collapse is here
This is more like the 15-20 times since the 80s.
No reason to hire extra personnel with low sales.
Corporations have been laying off hundreds and thousands already this year.
Layoffs get more attention during the holidays.
Your own personal collapse is here if you learned nothing from 2008.
I hate companies that wait till Christmas 🎄 to lay off so your kids won’t get presents 🎁.
Or they already spent the money - and now can’t afford them
Companies have been laying off most of the year in the thousands.
Layoffs get more attention during holidays especially from people that don't plan, don't save/invest,don't avoid debt,don't live within means,no emergency fund,slept through economics class,etc..and ignored 2008.
Everyone else should be prepared for this sort of thing.
@Godzilla Hårddisksson - typical argument - I had kids when my economic outllok was great - then things changed - but OK Kn
@Godzilla Hårddisksson, I would avoid that argument. You don't put off your life's goals because things aren't perfect. You never know how life will turn out. You could have an incredibly stable job in an incredibly stable industry and find yourself laid off tomorrow because of an unexpected event.
And besides, humans don't behave that way. As the standard of living rises, birth rates go down, even in Catholic countries. In other words, the more stable people are, the fewer kids they typically have.
Before Halloween was over the Christmas decorations were going up. It's a sign people needs to plan for Christmas expenses early. Being retired for a few years, in September I've already started saving for my main Christmas gift expense for my kids and grandkids which are renewal of our annual passes to Knott's Berry Farm, which cost me over $1100. For me it's the time spend together through the years which is important.
IBM has been doing this for years. Outsourcing and laying off. I used to joke they should outsource their CEO and now look who is the CEO 😂
So glad I work for myself! Also work multiple part time and seasonal jobs!!!
What I think is awful, is when companies say they are making a loss, yet still making millions in profit, just not as much as the previous year, so they sack a lot of workers, & then the CEO gets a bonus of over $1m, for saving the company money. It's crazy how this is legal.
I’ve applied to several of these big companies. Ace the interviews but when it comes to availability they throw me out. 50 hours of availability is unacceptable to them for part time work. They want 90-100% availability for part time workers.
But I bet they don't pay for that ability.
Private Equity Firms: "Buy an old business, let the company file bankruptcy, and eliminate the company's $Billion Dollar pension fund -- all while you pay yourself millions and millions. It's perfectly legal!"
Do they still get away with that?
Love how Dave is looking directly at Ken when he says “I’m not going to fire you & treat you like garbage”. I know it’s a conversation but… Dave IS the boss. Haha
Very interesting to hear Ramsey’s take on this. He’s certainly a man of principle 👏
just goes to show you how many jobs are out there that really aren't needed.
As someone who works for a small company, it's important to keep in mind that they may let you go to cut labor costs. While they might hold onto you for a bit longer than a corporation, the end result is often the same.
And this is why I keep way way way too much cash. if I’m let go tomorrow, I’m good for at least 5-10 years without touching any investments. The loss of value is worth the security.
This is why I don't work for a publicly traded company anymore. They don't care about anybody.
Also Dave the corporateers (bucanneers: thieving pirates) can hire desperate people back at a lower wage to keep their profit buy backs in their pockets. I was a small business and the corporateers ruined me by not telling me they were selling to a bigger company and did not take my partner and me with them. We were just starting so we were to risky for them and to place on paper for the sale. We did not find out about the sale and what they did to us until the sale was done. I lost everything.
real men start over without mentioning the loss. get some grit.
Like RICH anti woke song the guy been there for over 30 years was laid off while other been there for a few years standing there
American Car Center just laid off 300 workers without warning...TERRIBLE!!!
To be fair, most if not all of these big public companies are already experiencing a weakening of demand for the products they sell, so they are adjusting the size of their workforce to the projected demand. Of course, the more people that are out of work, the less people will be purchasing products from small/private businesses, so small/private business will be next to start laying off. A recession is literally guaranteed to happen if enough companies believe it will happen and act on it.
It's not that they think lower sales will happen, it's already happening and there is no evidence that it won't get worse.
Small businesses might be laying people off already, but they are small so it's not in the news.
Right.
We are in a recession
Finally, someone who can think makes a comment
I was just laid off from my job at Wix, this video has been very helpful thank you!
Great video Dave. It begs the questions. Should all of these "job creators" still be eligible for tax breaks after they have mass layoffs?
I just got laid off at global payments. They let go 2700. They are always having layoffs while the new ceo get big bonuses.
Dave's old fashioned way of doing things wins again
This is the ranting Dave Ramsey I signed up for 🎉
Oldest game on the books, I worked for a major US manufacturer and this happened always at the end of the fiscal year.
Was at a Fortune 500 and felt the pull they are talking about!! Got fired over a silly ordeal and couldn’t be happier now.
A Republican saying King Profit is immoral!! Never thought I’d live to see the day. I love Dave Ramsey. He is helping a lot of people. All I’m saying is IT’S ABOUT TIME y’all noticed the immorality of corrupt hyper capitalism.
He didn't say profit is immoral.
He said that making your numbers look good by firing people is immoral.
@@jeepstergal12 Yes, I know. It it’s unusual for a Republican to make any kind of connection between profit and morality. I’ve never seen any of them do it. I agree with him of course, but it’s just surprising to see. I’m glad he is finally noticing such things.
We DO NOT have a shortage of labor, Dave. People are just sick and tired of the one sided nonsense from these companies. Get back in touch with the common folk!!
Every publicly traded company only serves their shareholders. They are all open about that fact because that is where their money comes from. Everyone is able to buy shares and be part of the system.
In part, many are following the Amazon model in which the bottom 10% performers are let go each year. It doesn't matter how well they perform or even surpassed performance expectations; the bottom 10% are let go year after year to 8morove overall performance.
I was in Information Technology field and was laid off twice. The second company handled it a lot better than the first company. It was in early 2000s. The telecommunication business was in downturn, so the company gave us quarterly meeting about declining sales and figures. The management told us that if we had a better opportunity somewhere else, go for it. Everyone was prepared and we don't make big purchase like a brand new vehicle.
The first company, they handled it so awful. It's the corporate office. The management handled everything so secretly. Nobody knew what's coming. The reason why they had to lay off people because they brought a poor performance company early that year. The company was in red but they thought they could fix it. To make up some good numbers, they had to cut employment. I remember one guy, who was laid off, just bought a brand new car. Next year, the company hired people in India because they are so much cheaper. When we get our severance package, we had to sign an agreement that we can't talk bad about the company and we also can't work for the company ever again. No fault of our own, I thought that's brutal.
The company is not your mother. What were you expecting?
Why does Dave saying buttholes make me laugh so much 😂😂
💯 correct Dave. Living this out in real time.
God bless you Mr Ramse for speaking the truth.
Yep. T-Mobile needs to be added to Dave’s list. Happened to us in April.
You are so right about Bank of America. Wasn’t too bad 20 years, but terrible now.
Meanwhile the CEOs and upper managers in these companies are making MILLIONS.
Great discussions and data on these shows!