ICYMI: 01.17.23

Apple CEO Requests & Receives a 40% Pay Cut

Apple CEO Tim Cook requested - and received a 40% pay cut, reducing his total compensation to $49,000. The change was approved by 64 percent of the company’s shareholders.

Disney CEO Requires Employees to RTO

Disney CEO Bob Iger put a policy in place requiring employees to be in the office four days a week. Iger stated,

“In a creative business like ours, nothing can replace the ability to connect, observe, and create with peers that comes from being physically together.”

Walmart Strikes Deal with Salesforce to Sell Software

Walmart and Salesforce struck a deal to sell the retail giant’s GoLocal and Store Assist software to other retailers.

Coinbase & Goldman Sachs TO CUT JOBS

Coinbase and Goldman Sachs are the latest organizations to cut their workforce. Coinbase is cutting 950 jobs, or 20 percent of its workforce. Goldman and Sachs are cutting 3,200 jobs or 7 percent of its workforce.

Software Developer Among the Top Jobs for 2023

Software Developer took the number one spot on U.S. News & World Report’s list of Best Jobs of 2023 despite the wave of layoffs in the tech industry. 

What It Means

2023 Shifts in Paradigm
As more companies lay off workers, Apple and Walmart found innovative ways to weather the economic downturn. Apple CEO Tim Cook requested and received a 40% cut in his total compensation. The move may allow the company to avert layoffs and retain its top talent. Walmart created a new revenue stream by selling its in-house software to other retail companies. This development will make it more resilient as consumers spend less money at their stores.

Some things can’t be done over Zoom
While video conferencing makes communication more efficient, the human brain is still wired for IRL. As Disney CEO Bob Iger said:

Creative work requires a spontaneity that creatives can’t get sitting at home, alone and interacting with their coworkers over the ether.

Creatives need one-on-one connections with other creatives. WFH will vary from industry to industry as employers navigate the hybrid workplace landscape.