since he founded the company, pretty much anything he wants to...
Posted on 06/09/2020 6:24:48 PM PDT by fluorescence
Billionaire bond investor Jeffrey Gundlach, the CEO of $135 billion DoubleLine Capital, sees the potential for a "wave of more higher-end unemployment' hitting white-collar workers making more than $100,000 per year as employers increasingly question the value these employees bring.
In 11 weeks, more than 42 million Americans filed for unemployment insurance as the COVID-19 pandemic wrecked the economy. The bulk of these job losses hit lower-income households the hardest.
"A lot of times it's not the earthquake, it's the fire," Gundlach said on a webcast for the DoubleLine Total Return Bond Fund (DBLTX), later adding that he could "easily see layoffs in various industries" affecting higher earners.
Gundlach, who runs the Los Angeles-based bond investment firm, explained that one of the outcomes of remote work is it reveals who produces and who doesn't.
"What people may have learned for white-collar services jobs, in particular, during the work-from-home lockdown situation, at least in my perspective — I've talked to a lot of my peers on this — I kind of learned who was really doing the work and who was not really doing as much work as it looked like on paper that they might have been doing," Gundlach said.
He's witnessed this at DoubleLine, where people running "certain groups" haven't been as responsive, while the more junior members on their team have stepped up.
"I wonder where they've gone. It seems like the people who work for them are constantly in contact with me doing all this work and some of the supervisory, middle management people I'm starting to wonder if I really need them. And this is just a one sample thing," he added.
(Excerpt) Read more at finance.yahoo.com ...
ok :)
since he founded the company, pretty much anything he wants to...
Obviously you have never worked for a semiconductor company.
You have no idea how hard people work at them to get product out on time and within the fab available window.
My first boss at Intel told me after his 3.5 marriages:
“Look for the day when you can walk out the door and not think about work...and NOT be carried out with a toe tag”
I managed to survive 30 years at Intel but some of my friends have not.
I agree, during the chinese virus shutdown a lot of government workers were sent home for a couple of months with no impact to society. A serious as to why these people were employed to begin with. The government could easily remove at least a third of the workforce to the benefit of the private sector.
They could start toilet paper and cleaning wipes businesses.
And PPE companies.
And meat processing facilities.
And local pharmaceutical businesses which make basic, generic meds.
Reviews (Indeed and Glassdoor) from his employees are negative on its management, leadership, use of technology, and culture. Quarter of his workforce does not approve of the CEO.
It is typical of most organizations, whether .gov, private, non-profit, etc.
There are a small percentage of key people who make the place work.
Most of the employees are either barely hanging on or a net negative to the organization.
The definition of a good manager is someone who can figure out who is who.
Good managers are as rare as the good employees. ;-)
Obviously you have never worked for a semiconductor company.
You have no idea how hard people work at them to get product out on time and within the fab available window.
My first boss at Intel told me after his 3.5 marriages:
“Look for the day when you can walk out the door and not think about work...and NOT be carried out with a toe tag”
I managed to survive 30 years at Intel but some of my friends have not.
____________________________________________________________
VERY similar working in the engineering center of a multi-plant petrochem facility. EVERY one who left for “something else”(less stress, less hours) got rid of blood pressure meds within a month of leaving. BUT you do get to see new tech all the time, solve problems constantly, and actually see things you design, build, startup....actually function for decades. We do use contract employees.
Saw the hatchet swing in 2000/2001 and 2008/2009 and a bit recently.
With many people working from home the past 3 months a lot of “managers” are sitting around wondering what to do. They have literally nothing to do in many cases.
At my company I’ve been questioning the value of all the managers for many years.
In my humble opinion they not only offer zero value, they’re actually net negative value because they usually make situations worse.
Only to be replaced by filthy dot Indian H1B scabs.
Back to the 80s? Again?
A cohort of mine came up with his “Rule of 1,000”. It says that once you reach the point of 1,000 employees no real work need be done for them to look busy while they are communicating.
In a similar way, fewer meetings are being held now and it some outfits people are finding spare time on their hands yet the work is still getting done. Amazing.
BP is returning to their roots and reorganizing. This is a familiar theme with them and they draw it out to maximize the anxiety seemingly on purpose.
“It seems like the people who work for them are constantly in contact with me doing all this work and some of the supervisory, middle management people I’m starting to wonder if I really need them.”
i had a boss who believed and used to say all the time that at any given level in any organization that “20% of the people do 80% of the work”
my own observations have pretty much confirmed his rule of thumb ...
Sure they do. They spend all day trying to attach themselves to or take credit for the work of the producers.
It is an unspoken axiom that many government jobs exist to provide a middle class lifestyle to otherwise unemployable Americans. It’s cheaper than assistance.
I worked at home a couple of days a week before I retired.
We had meetings, but when they got boring or stupid (90% of the time during the meeting) you could multi-task and get real work done.
If you were in the office, everyone would be very offended if you were ignoring the speaker and doing real work during the meeting. Your boss might get down-right hostile, especially if they were the boring or stupid speaker. :-)
You believe this kali sh*t - ‘That is something we’re certainly concerned about [higher taxes]. It has been favorable for our clients tax wise. However the majority, at least here in California, people are willing to take that hit. They realize that for their children, for their grandchildren, for the next generation, they feel like that change is necessary. They feel like that’s something they could do, take that tax hit if Joe Biden gets election,” Sun Group Partners founder Winnie Sun said on The First Trade. BTW - her back ground - She worked on providing audience members to shows such as America’s Funniest Home Videos , Judge Judy, Wheel of Fortune , Jeopardy! , Regis and Kathy Lee tapings...duh! TV personality on CNBC founded Sun Partners....
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