"There's no recession." , that may be true in a technical sense but with thousands of layoffs it certainly feels like every recession I've been through the last 35 years!
Accenture is erasing the jobs of 19,000 employees - with in-house IT workers confirmed on the front line - after it trimmed revenue projections for the rest of its current fiscal 2023. The monster redundancy process involves some 2.5 percent of the existing 738,000-strong workforce that are spread across offices and operations …
There may not be a recession now, but when you have hundreds of thousands of people out of work because of all these copycat layoffs, you very well could CREATE one. All so a couple people in the C-Suite could get their bonuses for the quarter and shareholders get that quarter percent boost on the stock price.
“The payroll swelled for these companies during the pandemic. In the case of Accenture, for example, it has grown staff numbers by 30 percent since the start of June 2021, adding some 170,000 people.”
This feel like horrible mismanagement. A 30% uptick in staff in less that 2 years. What are they smoking in the C-Suite.
America wants its economic war against China because it can't successfully compete. It has coerced its poodles into doing the same, despite it being thoroughly against the interests of these "independent" countries. There is a price for that. We have not seen anything yet. This is barely the beginning. What is coming will make the 1930s look mild. The PNAC will take the whole west down with it. But America will be content with that.
The obvious problem with America's economic war is that it will not fundamentally change how uncompetitive the USA is. Across the board, everything is more expensive than it should be thanks to the greed of people at the top. We read reports of people refusing ambulance journeys because of price gouging. Somebody has to make an obscene profit out of somebody being ill, right? Companies which don't turn a profit have owners who are multi billionaires = something structurally wrong with how companies and taxation are set up. Beggar the masses but the fraction of the 1% at the top make the rules.
All it will take to push us over the edge into an abyss is China to pay for oil and gas in Chinese currency. That has already started to happen. The "analysts" who are usually wrong about everything until it happens, say it's some way off. I'm not so sure about that.
You can't compete against a country that uses slaves and prisoners.
The Western World needs to pull ALL manufacturing OUT of China and stop allowing Peoples Army members pretending to be "mature students" in our universities.
Whats China going to do if Western firms don't supply it money anymore
It isnt just the slave labour. It is the total lack of proper controls. Building regulations? Nah, proper severances and working conditions? Nah. Toxic chemical disposal pathways? Nah. Ethical production? Nah. Power issues? Spool up a brown coal plant or 10
The list goes on. Turn a blind eye isnt even close.
The western world cannot pull all manufacturing our of China.
Firstly, there's insufficient supply chain, capacity, knowledge to do so. An attempt to do this would take decades.
Second, a China without trade becomes significantly more dangerous than one with. China is playing the long game, not a transactional one.
The 21st Century is no longer a pro-USA or anti-USA (or western) alignment. You can align with USA but not with Europe. You can align with Western Europe but not the USA. You can align with China. You can remain non-aligned, Or you can be India and DGAF about alignments, because the century is fast becoming an Indian one.
If India and China can settle their differences (difficult, I know), those two countries could lead the world. So it is in the interests of the obese Americans to keep stoking tensions, trying to play one off against the other. India has a long memory. The USA sided with its enemies a long time back. It has not been forgotten. Indians know that if America says something is so, it probably means something else.
Slavery? How can you mention that word without your teeth turning black? And the USA has the largest by number and proportion prison population in the world, and much of that prison population is in for-profit cells.
-> The Western World needs to pull ALL manufacturing OUT of China
There you go, enjoining the world to USA's plan to be the global superpower forever.
If you study the corporate world of the last 12 months, the standard modus operandi seems to be to lay off the numbers for the first wave, then come back with a structural reorganisation and a few more numbers for a second layoff wave.
So I suspect that you will shortly have the management scalps you desire.
Jesus wept! Let that sink in for a moment, 8-10% growth forecast down from 8-11% and still a 14+% margin that equal billions in profit, but still people's lives must be trashed. As an ACN alum, this makes me feel sick, as on those numbers this is nothing more than a sycophantic C-level cabal bowing to and washing the feet of the perceived greed masters that are in fact not even asking for this. Let's face it, investors have shown they will stomach a lot in terms of short term loss for a viable long term gain, and ACN ain't going nowhere and this is even growth.
What is with these management psychopaths that think they are so smart that they can trim a bottom line, but actually can't see their destruction of humans the world over by removing the basic dignity of work, let alone the destruction of our planet is not a good future roadmap item.
On the plus side, there seems to be a growing market for breeding white cats, as the number of these Gordon Gekko throwbacks seems to be exponentially on the rise, and as we know all good "Number 1's" spend there time thinking of how good it feels to be stroking something as they watch the world burn.
If it is true that we are in the early stages of a global population collapse, every long-term forecast for global companies that need expansion to survive is very gloomy - at best. Add to this the facts that many countries right now are basically offline from buying/selling perspectives, plus, the joint AI and Automation revolutions in process will most definitely obviate vast swaths of jobs, and the future ain't pretty for a lot of humanity. Dead and poor people are terrible consumers. However, rumor has it dead people continue their penchant for voting. It seems some habits are hard to break.
It has been said we have no solution models for the future we are facing. Let's hope we get a couple of intelligent and actionable options pretty soon.
Accenture the company can go zuck itself. I worked for them briefly, and let's just say it wasn't a happy time. I needed some real basic work accommodations, things that wouldn't cost them a dime, and not only did they fail to meet their obligations to engage me on this subject until I very explicitly stated I was asking for reasonable accommodations, they later conveniently "forgot" about them and tried to come after me for having the gall to actually make use of the accommodations they agreed to only a couple months earlier.
I feel bad for the employees who are having their lives turned upside down because a couple people in the C-Suite were worried they wouldn't get their bonuses this quarter, but Accenture the company... based on my experience, is pretty slimy even by the standards of companies that supply contract workers.