Monday, November 03, 2008

More on Circuit City

They're going to close over 150 stores. After what they did to some of their best performing employees, I don't think this could have happened to a nicer company. Their stock? Down almost 99% (no that is not a typo!) since they decided to eliminate the jobs of their best performing employees, and they've been through a couple of rounds of firing their worst performing employees (executives) as well.

If people believe that getting to the corner office is primarily a matter of hard work and skill, and not of emptying the beer bong ten times at the frat party, Circuit City seems to be working hard to persuade us otherwise.

Note to executives; you do not ensure the long term prosperity of a company by firing people who have worked their way up because they earn fifty cents too much each hour.

Note to boards of directors; if you want executives to look out for the long term profitabiity of a company (and you should, it's your job after all!), tie their compensation not to stock price, but to long term profitability.

2 comments:

Ray said...

My friend was laid off but there are tons of high paying jobs listed online -

http://www.linkedin.com
http://www.indeed.com
http://www.realmatch.com

Good luck to all who are looking for jobs!

Jim Peet said...

Circuit City files for bankruptcy: here