Double profits by......
Said the pump and dump artiste........
IBM expects to double its earnings per share by 2015. Today, IBM is hosting its annual briefing with Wall Street analysts, and this being one of the few times that Big Blue's president, chief executive officer, and chairman speaks, Sam Palmisano stole the show when he said that in the next five years, earnings would reach at …
Said the pump and dump artiste........
.. but not on it's employees who it shafts left, right and centre....
I'm an ex-IBM employee, and this is absolutely true. The way IBM gets away with it (in the past at least) is that they hire people very young who have no experience, give them all sorts of IBM brainwashing, er I mean training, and they don't realise that life is SO MUCH BETTER outside the walls of that prison and they stay for life.
I joined mid career, and me and others like me had the same horrible experience working there. They pay people crap (unless you were lucky like me and negotiated a good starting wage, which they "normalised" over the course of my time there), treat them like shite and make them think they're working at the best company in the world.
It's a company full of bullies (the number of bullying cases they are fighting at any one time is staggering) looking to do nothing but claim other people's work as their own as they climb the ladder and build their little kingdoms or fiefdoms.
There's a lot of cache with IBM, but working there was the worst experience of my work life. Great on the CV, but so effing glad it's over.
I joined IBM as a grad 10 years ago, on what was a very generous starting salary at the time but once I left the grad scheme and despite being a top or above average performer each year find myself fighting for even a small payrise every 2 years.. it's so ridiculous that myself and some of my peers find ourselves earning less than the current grad intake as grad salaries have steadily risen over time, greater than that of many workers.
It's such a shame as IBM is one of those companies that gives you huge potential to do lots of interesting stuff, but unfortunatly the business model is not set up to reward the hard workers, just let them build up something good, then pack the work offshore.
"Wall Street is a tough audience, apparently. Maybe they will need to see infinite profitability before they push the stock to $200 a share so Palmisano can do a stock split ahead of his presumed retirement next year, IBM's 100th birthday. ®"
Yeah... kind of sums up the push.
If IBM were to do this, they would be cutting costs to the bone, moving as much work offshore to lowest cost labor. (Gee, does the expression... 'you get what you pay for?' mean anything?)
They day Sam announces his retirement, start shorting the stock.
IBM; which stands for I've Been Mislead - favorite saying of all lower level employees who are repeatedly buttsext by the company.
Doubly on the buttsext-ing. Speaking of it it, I miss Bob Moffat.
Cant see how their inept marketeers and sleazy weasel service managers can pump the public sector more, & private sector prospects are pretty tight these days and for the foreseeable future. Baghdad Bob award?
Look at the shift from tangible to intangible assets over the last 3 years. Nearly 20% of the assets are now "Goodwill" ... i.e.... "this is how much we have overpaid for our acquisitions"
IANAM (I Am Not A Mathematician/MBA) but how are share buybacks represented in the "earnings" column? Are they at all? So if you earn the same (or less) but spend some savings on share repurchasing, how does that affect your EPS?
Why, as an IBMer, did my heart sink when I read this story? Great news for the shareholders, terrible news for the employees.
Lies to both shareholders and employees in one breath!
Sometimes I wish IBM would just finally go into the hole and bury itself rather than shamble around like the brain dead zombie services-like firm that the string of grifters have made it into.
palmisano, a nightmare come true for employees. i worked hard for over 15 years and it was a good company to work for but more of a sinking ship now. he's an accountant, not an entrepreneur and certainly not a man with any vision. cost cutting is all he brought to the table. glad i left few years ago - got tired of working hard only to boost his bonus and nothing for the soldiers.
for me, its been the best move ever. discovered most companies care and want to motivate you. they also know a key ingredient to motivation is financial reward. now i care about the company, the product and enjoy my career.