Never mind that all of these CEOs seem to be ignoring that in the WFH era post-pandemic their earnings are through the roof, that doesn't seem to matter. They're angry that they've had to compete for labor and in their minds coddle employees. It's psychological. - ThreadSky

wertwhile.bsky.social • 22 days ago

Never mind that all of these CEOs seem to be ignoring that in the WFH era post-pandemic their earnings are through the roof, that doesn't seem to matter. They're angry that they've had to compete for labor and in their minds coddle employees. It's psychological.

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magneticsara.bsky.social•22 days ago

Taking it even further, they think paying people wages is a gift and bestowing a status on them, rather than just paying for work done. It's the same reason why they don't think a person should be able to hold two jobs and collect two paychecks if they do the work.

wertwhile.bsky.social•22 days ago

But suppose it is rational for a given firm to cut workers because their labor costs are bloated and inefficient and they can squeeze more income out of their employees. Isn't it a collective action problem if every CEO feels that way?

tbapple.bsky.social•22 days ago

They’re all worried about a collapse in commercial Real Estate.

buddyyakov.bsky.social•22 days ago

Keynes has entered the chat.

wertwhile.bsky.social•22 days ago

Yep! Like usually it's a monetary policy thing or an external event and unanchored employment expectations that cause the shift, but there's no reason it couldn't be a collective delusion about inefficient workers.

buddyyakov.bsky.social•22 days ago

Keep repeating this paper:

https://www.sciencedirect.com/science/article/abs/pii/S0954349X22000029

wertwhile.bsky.social•22 days ago

They need *other* firms to maintain employment to maintain their customer base. Hiring rates are already very low and the economy is buoyed by low layoffs. But what if they collective action problem themselves into firing each other's customers?

susanmct.bsky.social•22 days ago

The collusion will only work if none of them break and take advantage of all the great people who just became available.

npv10.bsky.social•22 days ago

Great point that should be taken together with some of the other recent “CEO vibes” that risk them finding out that the gas tank, actually, is near empty. Just like vague promise of “drill, baby drill” vs. very real IRA cash (evaporating).

npv10.bsky.social•22 days ago

There seems to be a genuine risk in pretending that the economy didn’t have significant tailwinds (that are waning) in the last four years and expecting that vague promises of “deregulation” and “animal spirits” will compensate for very substantial and quantifiable pressures

benjaminkabak.com•22 days ago

I have another question: What role does the extremely visible very tall building JP Morgan is currently constructing play in this rant? And all of their other underutilized commercial real estate holdings?

wertwhile.bsky.social•22 days ago

I think it's a lot more like how partners at law firms get mad at associates for not having it as hard as they did. There really was a lot more expectation of face time coming up, they probably did have less power over their lives.

benjaminkabak.com•22 days ago

What gets me about Dimon's rant is his reasoning. I do think there are good reasons for multi-day in-office mandates, particularly for younger workers who need training and benefit from collaboration. But everyone in my sphere has worked more hours from home with fewer breaks than in pre-Covid days.

wertwhile.bsky.social•22 days ago

Their earnings are through the roof! Somebody is doing something right.

nbeaudrot.bsky.social•22 days ago

My dad seemed totally fine with younger associates who stay on top of their work on their computer 7-10 to avoid traffic, but I'm sure not everybody agrees.

Unclear to me *if* every young associate is capable of that.

wertwhile.bsky.social•22 days ago

Some are some aren't but a lot that are okay with it still resent that they weren't given that luxury when they were younger.

bigworker.bsky.social•22 days ago

A recession is a small price to pay for showing the workers who's boss

annmariepisano.bsky.social•22 days ago

This is exactly the doom spiral with AI. Everything will cost $1 maybe but if no one has a job, $1 is suddenly a lot. (Not to mention the locked in costs of physical assets that people have existing loans and mortgages on.)

agnesbookbinder.bsky.social•22 days ago

This right here.

russ0nth3grind.bsky.social•15 days ago

And their biggest fear is that during COVID, enough people figured it out who could potentially pass-on the formula to other potential workers, who will then have other options, ideas, and outlets to chart their course with a balance that now allows them to work outside of these companies.

russ0nth3grind.bsky.social•15 days ago

RTO is about nothing more than the complete power and control to make the lives of workers miserable, while also tying them to all the elements of the rat-race, with no time, energy, or options for escape and alternatives that would actually improve and prosper their lives.

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