In response to a Washington Submit evaluation, it breaks down like this: “45 of the 50 most beneficial publicly traded U.S. corporations turned a revenue,” with a median of two% income progress by the primary 9 months of the yr. However no less than 27 of these 50 companies had layoffs, resulting in greater than 100,000 individuals dropping their jobs.
On the identical time, small enterprise income dropped 12%, with no less than 100,000 small companies closing.
So as to add insult to harm for the employees laid off by these massive, worthwhile corporations, many entered the pandemic with rah rah rhetoric about defending their staff. Salesforce CEO Marc Benioff pledged “to not conduct any important lay offs over the subsequent 90 days.” He stored that promise. However about two months after that 90 days was up, Salesforce laid off 1,000 staff regardless of huge income.
That is 21st century company capitalism in motion. Each catastrophe is a chance for extra revenue, and duty to the employees that make your organization run is a meaningless idea. It’s another reminder that claims about company tax cuts—like those the Republicans handed in 2017—which means job creation ought to by no means, ever be believed. The tax cuts and the pandemic alike noticed corporations doing large share buybacks to learn the already rich, whereas staff reaped no profit to talk of.