'The company lost out on a $500K deal': New CFO gets fired after forcing layoffs of essential employees, employee gets a "six-figure" consultancy payout

New bosses love to bring in new ideas, barreling into situations they know next to nothing about and waving their authority in order to make broad-sweeping changes that they say are for the better. Meanwhile, everyone else glances sideways at each other and braces for the worst.

You can probably see where this is going, as it always does with these types of situations: short-sighted cost-cutting hamstringing vital operations that only cost the company more in the long run when everything goes belly up. Cain's attempts at picking up dimes have these C-suite executives tripping over dollars instead.

This senior compliance officer shared this story of how they encountered a difficult situation when the company's new CFO implemented aggressive cost-cutting measures, which forced the layoff of 30% of their team. As luck would have it, one of the workers laid off was the only one who could procure an essential compliance report that a massive contract with a government agency was riding on. The laid-off worker received a massive payout in return for "consulting" the completion of the report that had previously been simply their job to do. The CFO was fired, and the senior compliance officer was promoted in order to ensure that this type of thing never happened again. 

Like what you see? Follow our WhatsApp channel for more.

Author image for Brad Dickson Brad Dickson
Advertisement

Stay up to date by following us on Facebook!

Tags

CFO workplace discussion corporate workplace-stories jobs employee fired job malicious compliance work laid off finance layoffs employees workplace workplace malicious compliance employment in the workplace
Scroll Down For The Next Article

Also From FAIL Blog

'I will go a great distance for a good laugh': Man retaliates against cellphone carrier over an additional fee for deactivation, resulting in charge cancellation and official apology

'I will go a great distance for a good laugh': Man retaliates against cellphone carrier over an additional fee for deactivation, resulting in charge cancellation and official apology

Trending Now

Employee gets fired on the spot after giving their 2-week notice, boss then calls them later begging them to come back and finish out their notice period: 'I gave 2 weeks' notice. They fired me on the spot, then begged me to finish the week'

Employee gets fired on the spot after giving their 2-week notice, boss then calls them later begging them to come back and finish out their notice period: 'I gave 2 weeks' notice. They fired me on the spot, then begged me to finish the week'

01
18-year-olds' plans to move out of their parents' houses for the first time hit a snag when their third 17-year-old friend declares she's not moving in right away and not paying rent: 'It doesn't make sense to pay for somewhere I don't even live'

18-year-olds' plans to move out of their parents' houses for the first time hit a snag when their third 17-year-old friend declares she's not moving in right away and not paying rent: 'It doesn't make sense to pay for somewhere I don't even live'

02
'Sorry, not good enough': Job candidate gets rejected for not having 5 years of experience in a software that launched last year

'Sorry, not good enough': Job candidate gets rejected for not having 5 years of experience in a software that launched last year

03
17-year-old babysitter quits after her boss’s husband, Jason, leaves, making her unpaid primary caretaker of their 1, 5, and 7-year-old unruly kids, dealing with their mom, Mina's daily emotional meltdowns: ‘ The 1-year-old calls me mom’

17-year-old babysitter quits after her boss’s husband, Jason, leaves, making her unpaid primary caretaker of their 1, 5, and 7-year-old unruly kids, dealing with their mom, Mina's daily emotional meltdowns: ‘ The 1-year-old calls me mom’

04
18-year-old working her first job takes her loafing coworker up on his offer after he tells her to "do it herself", takes his job after doing his work for him: 'I’m doing it myself now. With a raise'

18-year-old working her first job takes her loafing coworker up on his offer after he tells her to "do it herself", takes his job after doing his work for him: 'I’m doing it myself now. With a raise'

05
City records worker denied a promotion for making her job look “too easy” is left watching the rookie she trained get the pay raise and desk upgrade: ‘I’m not quitting. I’m just here. Clocking in. Doing exactly what's asked. No more, no less’

City records worker denied a promotion for making her job look “too easy” is left watching the rookie she trained get the pay raise and desk upgrade: ‘I’m not quitting. I’m just here. Clocking in. Doing exactly what's asked. No more, no less’

06
Advertisement