Retire the time period “layoffs” in favor of “promoting outwards,” mentioned Bernard Arnault, French billionaire artwork collector and LVMH Moët Hennessy Louis Vuitton SE (LVMH) CEO, throughout an buyers name on the finish of January.
Arnault coined the brand new time period in acknowledgment of the social networking firm Meta’s plan to chop 5% of its lowest-performing workers this yr (roughly 3,600 jobs), noting that LMVH’s acquired luxurious jewellery model Tiffany & Co. will observe go well with.
The billionaire defined that in his dialog with Meta proprietor Mark Zuckerberg, the pair decided that performance-based downsizing is “about giving employees the opportunity to embrace new challenges beyond our organizations. They’re being promoted outwards, so to speak.”
How considerate … They actually do care!
LVMH CEO Bernard Arnault (picture by Ludovic Marin/AFP by way of Getty Pictures)
One may liken it to telling a child that the household canine “moved to a big farm” as a substitute of claiming it ran away or died — “look at all these opportunities you might have now that you’re not saddled with a full-time salaried job with benefits and health insurance through us!”
Layoffs at Tiffany’s (2025) does have a pleasant ring to it for a sequel, although.