The "PIP Parade" of IBM's Lousy Management, Which Said "Blockchain" Was the Future
This morning: IBM is Circling Down the Drain, the 'Growth' Comes From Beancounting Tricks and Salary Cuts
In recent hours: (probably some PIPs among them)
IBM is having a bad Friday. Earlier today the stock sank to $216 and the company is wrestling to "rid itself" of "expensive" workers. Consider the above-mentioned cuts to travel budget. "This is typically expense control because customer travel is charged against cost of sales while non customer travel is charged as a regular operating expense. It is a symptom of financial pressures due to sales numbers not as great as hoped," somebody explained a few hours ago.
Another thread speaks of how old one needs to be to get the boot from IBM. The latest one says: "It's over 40 now in tech."
It's no secret IBM targets older colleagues. There were lawsuits to prove that and IBM tends to settle, sometimes secretly (to save face).
"Are we liars?" someone asked. "Or are we just so terrible at business we don’t even know how to read our own financials correctly?"
"The issue isn't client spending on hardware being held back," someone responded in another context, "it's client spending on IBM hardware being held back."
IBM's sales have fallen off a cliff, so it games the balance sheet with PIPs, acquired (from other companies) revenue, and cheapening of the workforce. It also lies to its shareholders about stuff like "quantum".
Someone who said "having been quite involved with blockchain in the past," added that "I doubt significant business opportunities exist" except IBM selling software patents related to that after the CEO picked the wrong buzzwords bandwagon. In a healthy company such a CEO would be punished for utterly wrong visions and predictions. Not at IBM...
IBM now relies on mere fantasies, miracles, and vapourware (things that will never exist, cannot come about). █