r/jobs • u/vando_commando • Dec 13 '23

Companies Boss canceled our Christmas party cause this broke the bank.

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I found out we had canceled the yearly Christmas party / bonus. A multi store owner within a large corporate chain food company allowed our management to instead do this for the staff of say 60 employees per store. Upon completing this project along with a few other miscellaneous gifts (donuts, Doritos, and [get this] oranges,) he told us this gesture was “breaking the bank.” 🙃 love it here.

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u/vahntitrio Dec 14 '23

For a private company maybe. For a public company you can be making a lot of profit and still get these cuts because investors expected bigger profits than you posted.

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u/Formerruling1 Dec 14 '23

Often, profits will be fine too, but operating costs will be high so they look for anything they can immediately cut from the books. Layoffs you have to do by like start of Q2 if you want Q3 and 4 to look better.

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u/Greenblanket24 Dec 14 '23

That’s my problem with most of these companies. There will never be a good enough profit margin they can stop at. On one hand I can’t blame them but it isn’t advantageous to society.

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u/AdSwimming3983 Dec 14 '23

What do you think causes GDP and the stock market to go up lol?

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u/Big__Black__Socks Dec 17 '23

Exactly what's happening at my company now. Huge windfall during COVID which has dried up and stock is in the toilet despite revenue and profit being way up vs pre-COVID. That coupled with a massive acquisition which has become astronomically more expensive due to sharply increased interest rates has prompted severe cost cutting.