Big Business Pledged Gentler Capitalism. It’s Not Happening in a Pandemic.
Apr 18, 2020, 1:16 pm
#31
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Back to topic: I think of how we'll eventually have a Hall of Fame and a Hall of Shame regarding businesses that helped/did not help their employees during the greatest crisis of our lifetimes.
Even though I hate his politics, Sheldon Adelson is meeting the entire payroll of Las Vegas Sands (Venetian/Palazzo) while they're in lockdown - and he's also paying the salaries of third-party restaurant staff.
Other big companies like BofA,which has its share of bad form in the recent past, apparently are pledging "no layoffs" during this time.
That's where I'd like to see Marriott. And the 1990s-2000s Marriott, I believe, would have been in that camp.
Last edited by DenverBrian; Apr 21, 2020 at 7:31 pm
Apr 19, 2020, 3:20 pm
#32
Join Date: Dec 2006
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While this article mentions other companies, its focus is Marriott and its response to the pandemic:
https://www.nytimes.com/2020/04/13/b...ction=Business
https://www.nytimes.com/2020/04/13/b...ction=Business
It was under Mr. Sorenson's leadership that the Marriott/Starwood/Ritz Carlton merger occurred putting Marriott as the #1 hotel chain in the world.
In a capitalist society, we reward brilliance, foresight, innovation and entrepreneurial acumen. All traits which Mr. Sorenson has in abundance.
I can make an excellent argument that compared to CEO's of similar companies, Arne Sorenson is severely underpaid.
Newman
Last edited by Newman; Apr 19, 2020 at 5:17 pm
Apr 20, 2020, 1:27 am
#34
Join Date: Jan 2005
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Just another hit piece and attack on the free enterprise system by the fake news, uber-left NY Times.
It was under Mr. Sorenson's leadership that the Marriott/Starwood/Ritz Carlton merger occurred putting Marriott as the #1 hotel chain in the world.
In a capitalist society, we reward brilliance, foresight, innovation and entrepreneurial acumen. All traits which Mr. Sorenson has in abundance.
I can make an excellent argument that compared to CEO's of similar companies, Arne Sorenson is severely underpaid.
Newman
It was under Mr. Sorenson's leadership that the Marriott/Starwood/Ritz Carlton merger occurred putting Marriott as the #1 hotel chain in the world.
In a capitalist society, we reward brilliance, foresight, innovation and entrepreneurial acumen. All traits which Mr. Sorenson has in abundance.
I can make an excellent argument that compared to CEO's of similar companies, Arne Sorenson is severely underpaid.
Newman
Last edited by clarkef; Apr 20, 2020 at 9:09 am Reason: Typo
Apr 20, 2020, 6:35 am
#35
Join Date: Oct 2013
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I share your skepticism of the NYT as a credible source for news. In fact, I'd suggest that these days no one should rely on only a single news source, but should have 3 or 4 they read in order to form their own thoughts. But I don't see any factual issues with the article. We can all have different opinions on what Marriott should or shouldn't do, given the facts. Just because Sorenson was brilliant in the engineering merger (although not always in the execution), doesn't mean that this is a good move.
Apr 21, 2020, 7:18 pm
#36
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Of course, no one can be certain, but why wouldn't they? In just about any company, training is a significant portion of the cost allocated to a new employee. Much cheaper to hire people back than to train new people. And if you don't offer the same wage, there will be a portion that won't return. Not to mention the terrible P.R. this would be for Marriott.
Very little in the corporate world shocks me at this point, but I'd be very surprised if they didn't take people back at the old wage.
The other side of this argument though is whether you can determine when the furlough is over. Marriott's business may not return to normal for several years. I'd expect that most of those who were furloughed would have moved on to other jobs by then. So you may very well see their wage expense decrease -- both in total and on average if they hire new people.
Last edited by Voodoo Daddy; Apr 21, 2020 at 7:23 pm Reason: Missed part of OP
Apr 25, 2020, 4:32 am
#37
Join Date: Sep 2008
Posts: 7,875
https://www.cnn.com/2020/04/23/busin...ers/index.html
About "gentler capitalism"? The bigger the business the more "un-gentle" they are.
The big groceries won't enforce the mask rule for customers, even in places where it is the law. Smaller grocery stores do.
The big companies don't even try to come up with some excuse how this is "better" for everyone. It obviously isn't. They just want more customers. Whoever thought they cared for their employees?
About "gentler capitalism"? The bigger the business the more "un-gentle" they are.
The big groceries won't enforce the mask rule for customers, even in places where it is the law. Smaller grocery stores do.
The big companies don't even try to come up with some excuse how this is "better" for everyone. It obviously isn't. They just want more customers. Whoever thought they cared for their employees?