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Thử thách lớn của Benioff
04 Mar, 2023
ceo của salesforce,
cần tập trung vào khách hàng (và cổ đông), ko phải diễn đàn cho "thay đổi xã hội",
ko phải công ty như một gia đình, mà quan trọng là hiệu suất, vừa sa thải 8.000 nhân viên,
tỷ suất lợi nhuận thuần thấp hơn đối thủ servicenow và adobe, do quan điểm tăng doanh thu bằng tuyển nhiều nv bán hàng,
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Benioff’s big test
Today’s earnings report by Salesforce may be the most closely watched in the software giant’s 24-year history. Investors — especially the now half-dozen activist shareholders who are clamoring for change at the company, and possibly board seats — will be eager to hear how its chief, Marc Benioff, plans to turn around its fortunes.
That won’t be easy. Benioff must make potentially drastic changes to the performance and culture of the company he founded, even as employees grow restive after a wave of layoffs.
Salesforce faces a host of challenges. Its stock price is down 47 percent from its November peak, as investors fret over declining sales and a company that seemingly grew bloated during the tech boom. The Wall Street Journal outlined some of the most striking examples of what happened to the onetime highflier:
The company paid Matthew McConaughey, a friend of Benioff’s, over $10 million a year to be a creative adviser and spokesman, including in a $5 million Super Bowl ad. (Benioff told The Journal he had no part in approving McConaughey’s compensation.)
Benioff repeatedly prioritized sales growth — including a “flood-the-zone” approach — over profitability and efficiency; he believed that slowing hiring for sales teams would hurt revenue growth. That’s borne out in financial measures: The company’s adjusted operating margins have been much smaller than those of rivals like ServiceNow and Adobe.
Previous efforts to promote efficiency, including a 2021 proposal that would have ranked top achievers and eliminated the worst performers, fell flat with staff.
Salesforce, the largest employer in San Francisco, was once awash in perks, including specialty-coffee baristas at its headquarters and use of a 75-acre wellness retreat. Those have been drastically scaled back, drawing complaints from the 22,000 employees who’ve joined an internal Slack channel called “airing of grievances.”
Benioff has already moved to change course, including by laying off 10 percent of the company’s work force, or 8,000 people. That cuts against his longtime corporate philosophy of “ohana” — Hawaiian for familial bonds — but it was necessary, he told The Journal: “If you don’t have a performance culture, and you don’t operate the company with that kind of efficacy, you’re not doing anybody any favors.”
The question now is what investors will think. Wall Street has already been agog at how many activist shareholders have piled into Salesforce — including Elliott Management, Starboard Value, Third Point, Inclusive Capital and ValueAct. They are likely to push for a focus on increasing profits. A sixth activist showed up this week: Strive Asset Management, a self-professed “anti-woke” investment firm, which has called on Salesforce to “stop using your business as a ‘platform for social change’ and focus on serving your customers alone.”
Tags: finance
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