Look, I’ve lived a very long life, and I’ve seen a lot of stupidity. But very little of it beats the stupidity with which we have been downsizing […] Don’t be surprised that morale is very low. The contempt for top management is dreadful. And the present generation of management is not going to regain the trust of their people. It is our greatest disadvantage in this country today.
One reason is that it has become so crystal clear to middle-management people that the financial people who control the company are contemptuous of honest work, truly contemptuous. And far too many people in our top management have shown themselves to be sadists and take pleasure in inflicting pain. You can’t expect people to trust you if you get a $12 million bonus for laying off 12,000 people. So please […] don’t believe in your ability to restore morale. Just try to build a little trust in what management is saying. It will take years.
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