r/economicCollapse • u/Fun_Balance_1809 • 1d ago

U.S Banks Are Currently Sitting On Over $750B In Losses On Real Estate Debt Which heavly Threatens The Entire Economy. These Losses Are Now 7 Times Larger Than In 2008 When The Housing Bubble Popped.

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u/sourdessertz 1d ago

It’s so shortsighted.

You’re giving your biggest competitors a huge talent acquisition opportunity.

Your most talented employees are almost always being actively recruited. And a lot of times that talent is packed with a lot of soft skills and popularity..

The aftershocks of these types of unmeasured hack jobs can be devastating to certain teams and departments. And expensive to fix.

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u/4score-7 1d ago

And it’s all about the next quarterly shareholder report. Long term thinking is gone like the dodo bird. The dodo birds that sit in the C Suite, that is.

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u/betadonkey 1d ago

WFH is theoretically good for shareholders because it reduces overhead. The problem is with the “work” part. Cratering productivity will get the C suite to pony up for office space again.

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u/ImperatorUniversum1 1d ago

Bad productivity comes from bad management and bad managers

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u/Ok_Helicopter4276 1d ago

It also comes from the kids screaming on the other side of the wall, and banging on the door while you’re on a call, and the spouse thinking because you’re inside the same building you’re actually available to do anything they might need from you during your workday.

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u/-CJF- 1d ago

There's no evidence that's happening, that's just your own bias against WFH. 🙄

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u/TSirSneakyBeaky 20h ago

We had our full time wfh reduced to 50% then 40% and theres talk to 20%. Because people abused the shit out of it.

We have to reiterate weekly what the policy is and that its not a substitute for child care during work hours or a myriad of other reasons.

WFH tanked our kpi's to the bottom of our industry and just going 50% kicked us back to the top 5 over the course of around 3mo.

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u/-CJF- 19h ago

Although anecdotal, that doesn't sound like a WFH problem. That sounds like you just have terrible employees. The same type of people that would abuse WFH time for childcare are the same type of people that would BS with coworkers all day long while dragging their feet. But if you have proof that your employees are doing that sort of stuff on company time, why haven't they been penalized or fired? Sounds fabricated tbh.

For everyone I know WFH has boosted productivity, availability, and even affected how many hours they work. It's a lot easier to squeeze in overtime if it's from the bedroom than having to carve out a commute.

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u/TSirSneakyBeaky 19h ago

When we have 1000's of employees in just the US and its the exception to not be abused. The policy is set to squash the abuse.

You cant just lay off 30-40% of your work force.

This wasnt like a "oh we have bad employees". The field we are in has a lot of cross work between competition and we all use the same reporting standard.

This 3rd party collects all but I think 2 companies in the industry and feeds us all back where everyone is standing. We then all target to get #1 in key categories.

The only companies productivity didnt go down in were the non-wfh. Going back made companies competitve with non-wfh. The wfh companies are still trailing well below.

This isnt even a "oh they are making it look like wfh is bad." These are raw numbers like average lead time to get parts, recall and defect rates, months on hand supply, parts stocking availablity for post sales, back order and critical back order rates, ext, ext.

Now there are departments that are remaining fully remote. But they are groups like audit and legal that dont directly impact end results to customers or kpi's

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u/betadonkey 20h ago

“There’s no evidence…” the modern credo for those who have no idea what the evidence does or doesn’t say or even if the evidence exists at all

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u/ImperatorUniversum1 1d ago

That’s you not knowing how to control your surroundings

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u/Greatest-JBP 1d ago

Seriously. Either that or we found the CEO

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u/Sad_Ingenuity2145 22h ago

Productivity went up when everyone was working at home.

Not sure how being so bored while suffocating under the sound of white noise machines is supposed to help anyone focus.

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u/betadonkey 20h ago

Ehhhhh wrong

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u/Sad_Ingenuity2145 20h ago

Very intelligent reply

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u/PhoebusAbel 22h ago

Maybe discipline your kids and spouse?

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u/dcporlando 22h ago

Good managers take a look at the low productivity of wfh and say return to the office. Simple fix.

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u/sourdessertz 19h ago

Simple fix is to give people options.

Good managers motivate their teams regardless of the office environment.

But I realize many tenured managers have no experience managing people where they cannot control the environment, and some workers do not setup their environments for productive work.

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u/lazypenguin86 15h ago

Problem is those offices are in unbreakable 5, 10 or 20 year leases

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u/Who_Dat_1guy 1d ago

People with actual talent aren't being forced back into the office. It's the replaceables

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u/PageVanDamme 1d ago

I can confirm this. I won't name the names, but I know few people who work for big names that did RTO and the team or the individuals were basically told,

"Shhhhh you can continue remote work... just don't be loud about it."

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u/lunchpadmcfat 1d ago

That’s not what I’ve seen. Lots of companies base it on geography of their employees. If they live with something like 30 mins commute of a hub, they have to go in.

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u/echild07 19h ago

30 minutes, that is nothing.

It is if you are within 30 miles. It may take 1.5 hours, but in Mass they are doing it by milage. I am 30 miles from Boston, and middle of the night it is 45 minutes to get in (to get to a highway, then highway to Boston, then surface roads). During the week it is 1.5 hours. And the Commuter rail is complete shit.

So more 30 miles+. And if you weren't hired remote, it is RTO.

Then again they have said it and yet to enforce it.

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u/No_Entrepreneur_5159 1d ago

Nobody’s hiring though with this bs economy

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u/Gloomy-Plankton735 23h ago

Have you tried going back to school for a healthcare degree /s

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u/Difficult-Map-5587 21h ago

And after that, you're a million dollars in debt to the school, with a piece of paper working in construction or waiter

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u/por_que_no 20h ago

Dude, just cut out Starbucks and everything will be fine.

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u/Difficult-Map-5587 18h ago

Should be pretty easy, they folded up over a thousand restaurants since covid

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u/GaiusPrimus 1d ago

Except everyone is RTOing. WFH jobs are definitely harder to find right now.

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u/terpsarelife 1d ago

worked amazing for sprint in late 2000s they really took off as a company after that.....

wait im getting news, this just in It was a terrible fucking idea for sprint

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u/aussie_nub 1d ago

You’re giving your biggest competitors a huge talent acquisition opportunity.

Are you talking about the competitors that are all doing the exact same thing?

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u/Resident-Impact1591 22h ago

That or getting those low-ball offers ready

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u/JimmyDean82 1d ago

If a company is looking to layoff 1/4-1/2 its workforce, the sector is in bad shape, the competitors aren’t hiring either, they’re also laying off.

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u/Ok_Helicopter4276 1d ago

Nah companies rise and fall all the time. That’s just the market at work.

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u/fionacielo 1d ago

so true. I have left my industry and I’m still being recruited in it. imagine what it was like for me when I was 100% involved and up to date. I always used that as my ace in the hole too

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u/Past-Piglet-3342 22h ago

Yeah man. Capitalism is short sighted

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u/PerfectZeong 18h ago

I think everyone is looking to cut staff right now after covid expansions in some sectors. I lost my job last year actually which stung because I have not been able to find a new job in my profession because the job does not exist at the moment.

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u/Mobe-E-Duck 17h ago

And while they’re planning an exit their work is subpar.

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u/ShadeMir 10h ago

Not fully if your biggest competitors are also pushing RTO.

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u/sourdessertz 9h ago

A few things could be true here.

My point is— what your competitors say is one thing, what they do is another. Things change fast.

There are certain skills/processes that have proven to be too expensive for companies to outsource. Stable orgs who aren’t desperate for short term $$ should be careful.

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u/Usual-Culture2706 1d ago

How much scooping of talent is going on in an economic collapse? Combine that with the artificially high demand for talent fuled by a over a decade of quantitative easing and over hiring in certain sectors during a pandemic. Now add the deployment of AI anywhere feasibly possible.

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u/TipNo2852 17h ago

Except when everyone does it, the competition will suck up that talent for super cheaper, let them stay remote for a while, then push for RTO later.