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Big Business Pledged Gentler Capitalism. Itís Not Happening in a Pandemic.

Big Business Pledged Gentler Capitalism. Itís Not Happening in a Pandemic.

Old Apr 18, 20, 2:16 pm
  #31  
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Originally Posted by cfabar1 View Post
Will Marriott even hire back workers at their present wages when the furlough is over? I am not so certain. Who is going to make that decision? Arne Sorensen who will have no credibility with the front line.

But hey, he’ll do fine in retirement.
As an aside, he's battling pancreatic cancer, so he will likely not do fine for the long term.

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.
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Last edited by DenverBrian; Apr 21, 20 at 8:31 pm
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Old Apr 19, 20, 4:20 pm
  #32  
 
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Originally Posted by Sabai View Post
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
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

Last edited by Newman; Apr 19, 20 at 6:17 pm
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Old Apr 19, 20, 9:27 pm
  #33  
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Old Apr 20, 20, 2:27 am
  #34  
 
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Originally Posted by Newman View Post
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
Out of curiousity, did the NY TImes make any factual misstatements or unfair implications?
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Last edited by clarkef; Apr 20, 20 at 10:09 am Reason: Typo
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Old Apr 20, 20, 7:35 am
  #35  
 
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Originally Posted by Newman View Post
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
There are a couple things to note here. First, to buy into the premise of the article, you first have to agree that "gentler capitalism" is necessary and maybe a good thing. I'm not sure I buy into that idea. Second, looking at this objectively, you might argue that foregoing a raise, or at least waiting to announce it until the other side of the pandemic, might actually be the foresight a leader needs right now. Despite the doom and gloom (I have a friend who says "if we're all still here in 6 months"), Marriott is going to emerge from the pandemic, and will need to hire furloughed or new employees. I, and some others, believe that employee morale, will be a key factor in how quickly Marriott recovers, and believe that this impacts morale.

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.
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Old Apr 21, 20, 8:18 pm
  #36  
 
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Originally Posted by JBord View Post


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, 20 at 8:23 pm Reason: Missed part of OP
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Old Apr 25, 20, 5:32 am
  #37  
 
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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?
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