Last week, the Chairman of Samsung gave a speech in which he uttered some path-breaking stuff for his company. But did he really mean what he was saying? Let me spill the beans and disclose the hidden meaning behind his verses.
Lee used his annual New Year's speech to urge the company to "get rid of business models and strategies from five, ten years ago and hardware-focused ways."
He's going to fire senior people and hire junior ones. Obviously at lesser salary thus saving costs.
To achieve that, he wants the company's massive research and development centers to "work around the clock, non-stop."
Those who don't get fired, would have to work extra hours without being paid a single penny extra.
Lee's speech comes just a day after Samsung's market cap dropped by over $6 billion amid analyst forecasts that company profit growth will fall to under 10 percent this financial quarter. Samsung's profits have grown spectacularly in recent years, and although the company is still outperforming its peers, investors worry that its continued expansion is being stifled by stiff competition and a lack of innovation.
This is specifically printed so that employees know their company is in trouble so they shouldn't expect any increments and be glad if their jobs are safe.
It's unclear if this new focus on software will yield similar results or genuine innovation, but investors will be hoping for the latter option.
The newer strategies aren't going to work. But because investors would keep pumping money, the ones at the top would make a moolah without caring that things are going down, since they are presumably less concerned about improving the world and more about getting a fat paycheck.
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| Candolim, India. Photo by Arjun Suri Photography |
DISCLAIMER
The views expressed are my own and not of my organization's. I have nothing personal against Samsung or anyone associated with the company. This post is meant to be a sarcasm, which I sincerely feel you'd have inferred by now.
CREDITS
News excerpts in italics courtesy The Verge.
Green Fancy Line by saramarie on Clker.
First image of Samsung Chairman via iPhone in Canada, second image via The Guardian.
Thank you Arjun KR for sharing the Samsung article which prompted me to write this post.
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