As a new month dawns, we present a compliation of thoughts courtesy the team at the Information and Verne's Insights:
Fortune 500 -- $16 Trillion Revenue; $1.84 Trillion Profit
It’s important for biz leaders to know general biz facts. The US Fortune 500 list was published this week which included a record of 44 female CEOs, up from a record of 41 last year. Based on revenue, Walmart, Amazon, and Apple are again the top three firms. Overall profit was a record 11.25% of revenue and revenue per employee, based on 29.7 million employees, was $619,529 up from $476k in 2020.
Apple’s Profit per Employee
With $94.68 billion in profit on $366 billion in revenue, Apple was the most profitable firm, though Berkshire Hathaway was a close 2nd with $89.795 billion in profit. At $614,805 profit/employee, its profit per employee essentially equaled the average rev/employee of the rest of the list. Nevertheless, it’s still not close to Fannie Mae’s and Freddie Mac’s profit per employee near $3 million!! I encourage you to find a Fortune 500 firm that is in your same or related industry and compare your revenue and profit per employee numbers with these behemoths!! Then whatever your numbers, improve them in 2022 and beyond.
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| | While Battling Musk, Twitter CEO Agrawal Shows Decisive Side | By Sarah Krouse and Kevin McLaughlin | Years before Elon Musk set his sights on Twitter, Parag Agrawal, a senior engineering executive at the social media company, was asked in an all-hands meeting what his hobbies were. He nervously replied that he enjoyed growing plants in water, without soil. Now, as the brazen Tesla and SpaceX CEO moves forward in fits and starts with his acquisition of Twitter, the harsh spotlight focused on Agrawal is forcing him to find new muscle as CEO. His six-month tenure has been an unusual test of his leadership chops. So far, Agrawal has shown signs of greater decisiveness than might have been expected based on his low-profile MO. He is also quicker to enact change than his predecessor, co-founder Jack Dorsey. In his first week on the job he fired two top executives and established a new leadership structure. In May he ousted two more deputies whom he had just elevated, and promoted Jay Sullivan, product vice president, to general manager of Twitter’s consumer business and interim general manager of revenue. Less publicly, Agrawal established new company wide performance ratings and ways to measure the speed of product launches, with the aim of holding teams accountable, a person familiar with the changes said. | |
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How leaders can strengthen their organisations in an uncertain world MAY 25, 2022 |
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Startup founders have certainly been turning to pink slips to slash costs, as we chronicled here and here. Not surprisingly, many of the recent job cuts have been in highly capital-intensive subsectors—for example, Gopuff, Gorillas and Getir, which operate warehouses and pay couriers to deliver goods to customers quickly. But as revenue warnings like Snap’s add to the gloom over the tech industry’s outlook, they surely won’t be the last.
How bad could it get? Website Layoffs.fyi said tech startup layoffs reached nearly 15,000 in May, lifting the year’s total to 28,000. While that’s nearly three times the layoffs for all of last year, when job cuts were a rarity, it’s still far below the 80,000 eliminated jobs in 2020 during the first year of the pandemic, according to the website. And during the dot-com bust at the start of the millennium, tech companies in the U.S. cut nearly 300,000 jobs across 2001 and 2002, according to outplacement firm Challenger, Gray & Christmas. In other words, it’s likely to get much worse.
Here’s a look at the most recent cuts:
• Getir is cutting 14% of staff, or an estimated 4,480 positions, according to Techrunch.
• Gorillas said it would cut 300 employees.
• Bolt is laying off about 230 workers, according to The New York Post.
• Swedish fintech company Klarna said it would cut about 500 employees.
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