On layoffs, very bad attendance, and Iger's legacy being one of disgrace

[AEfx]

Too many people won't have the luxury of taking the normal path. Historically, these types of imbalances end very poorly. Especially, when one side effectively just told the other side, "we don't care if you get sick and die, shut up, go to work so I can have things."

That’s exactly the thing I think so many haven’t realized yet.

You put it nearly perfectly, but I would change just one thing (if I may take the liberty, LOL) - “we don’t care if you get sick and die, shut up, got to work, so you can SERVE me things”.

Because that’s precisely what we told people. While a large swath of society was able to stay home, and kvetched on social media about “omg my family is driving me crazy! This is so hard!”, fast food, gas station, drugstore clerks, baggers and cashiers at grocery stores, so on...had to continue working their minimum wage jobs, risking their lives and watching the news every night about how “everyone smart and responsible is self quarantining”.

 

[gwhb75]

They have to adhere to GAAP.

Theoretically correct, but materiality factors in as well. While the correct accounting procedure is as you described (defer revenue and recognize over the term of the pass), if the total of all passes is relatively low, they could just take it all to income at some other time (e.g. first use of the pass) rather than the defer and recognize method....but that's enough boring technical accounting for this forum.

 

[larryz]

“No means NO!”...except if work for Disney and somebody is stressed out cause it’s 93 degrees and they laid $10,000 for the week.

Wow! That's pretty good wages for one little kiss...

 

[larryz]

Hiring now is freaking miserable... horrible work ethics, irrational expectations, people think they can show up when they want, and then whine a company sucks when they get fired for not doing basic things like SHOWING UP ON TIME.

Dang -- looks like I retired 4 years too early...

 

[DVCakaCarlF]

Theoretically correct, but materiality factors in as well. While the correct accounting procedure is as you described (defer revenue and recognize over the term of the pass), if the total of all passes is relatively low, they could just take it all to income at some other time (e.g. first use of the pass) rather than the defer and recognize method....but that's enough boring technical accounting for this forum.

It’s safe to assume the revenue from AP sakes is material.

 

[larryz]

DMV employees get government benefits and higher wages than Disney CM's... so.

Happiness at the DMV is getting out in under two hours and for less than $100.

 

[Tom P.]

Imagine being a Disney fan who thinks so little of the employees who making going to Disney possible.

Imagine thinking that basic economics doesn't apply if we all just care enough.

 

[mkt]

Happiness at the DMV is getting out in under two hours and for less than $100.

My last visit was $85 and I was in and out in 20 minutes.

The secret is get an appointment and show up with more paperwork than you think is necessary.

 

[gwhb75]

It’s safe to assume the revenue from AP sakes is material.

Maybe, but you've got to consider the size of Disney as a whole. Material to Parks and Resorts? Possible but doubtful ($1,200 for an annual pass, equates to a 2-3 night stay at a delux resort) . Material to the consolidated WDC? doubtful.

 

[DVCakaCarlF]

Maybe, but you've got to consider the size of Disney as a whole. Material to Parks and Resorts? Possible. Material to the consolidated WDC? doubtful.

I’d have to research to discus further, but, in the meantime, I’ll default to that it is material.

 

[brianstl]

You can try to make it into an emotional play... but you're just deflecting.

I do think Disney should pay it's employees way more - especially given the standards they expect of them. But I disagree with much of Disney's management style and their approach towards employees.

None of that changes the basic premise of self-responsibility. If you don't like your situation, it's on YOU to change it. Not pout and cry my boss isn't doing it for me.

Everyone who works at the parks agreed to work at the wages they make and has decided to stay their at the wage they make. Should they make more? Sure, but it is still their decision to work there.

If enough people would turn down the job or quit, Disney would be forced to increase compensation, but too many people want to work for Disney at low wages.

 

[larryz]

I'm west by 35 miles out Interstate 66. Takes me two hours to get to DC.

Leave 20 minutes earlier.

 

[ImperfectPixie]

Hiring now is freaking miserable... horrible work ethics, irrational expectations, people think they can show up when they want, and then whine a company sucks when they get fired for not doing basic things like SHOWING UP ON TIME.

My SIL is 43 and literally useless. She can't make a cup of tea (tried to use a frying pan to boil water, gave up, and instead microwaved a mug of water to just above luke warm, stuck a tea-bag in it and served it to our MIL), and was beside herself when she was fired from a bank teller position because her cash drawer was never even. She couldn't understand why the bank was so upset.

 

[DVCakaCarlF]

My SIL is 43 and literally useless. She can't make a cup of tea (tried to use a frying pan to boil water, gave up, and instead microwaved a mug of water to just above luke warm, stuck a tea-bag in it and served it to our MIL), and was beside herself when she was fired from a bank teller position because her drawer was never even. She couldn't understand why the bank was so upset.

She’s one of those people I know stealing oxygen from the rest of us...

 

[flynnibus]

This is where I usually jump in, and point out how Disney in Orlando has corrupted this basic premise, by importing labor from the Caribbean and the College Program. Local wages do not have to increase, if you can simply get people from somewhere else. The House always wins. Yet somehow we still declare the system fair to all.

I was going to mention this earlier in the wage discussion but opt'd not too... but your right.. when they start importing labor from other areas with less resistance to low wages... it disrupts the market pushback against sub standard wages. They simply don't have to raise wages to attract employees if they can keep filling with new suckers. CP is a good example of that.

Cruise industry is a great example of this... by tapping a global labor force they can easily pull from lower cost places.

 

[ImperfectPixie]

She’s one of those people I know stealing oxygen from the rest of us...

I really don't like her very much. She's funny once in a while, but that's pretty much it. I almost knocked her out once for inserting herself into a heated conversation I was having with her husband about his behavior with my sons - he was wrong, and she was trying to defend him even though they don't have children and she's never even been a babysitter. Waste of oxygen is putting it lightly as far as I'm concerned.

 

[flynnibus]

My SIL is 43 and literally useless. She can't make a cup of tea (tried to use a frying pan to boil water, gave up, and instead microwaved a mug of water to just above luke warm, stuck a tea-bag in it and served it to our MIL), and was beside herself when she was fired from a bank teller position because her cash drawer was never even. She couldn't understand why the bank was so upset.

Damn... when I was a grocery cashier my til had to be within a dollar or I got sent to the principals office (the assistant manager..). And that was over probably hundreds of transactions per shift. Back then we had to wear ties too...

One of my summer jobs the candy store owners prided themselves on making people count change back rather than using the register to tell you the change needed. I bet they had to give that up too...

 

[gwhb75]

I’d have to research to discus further, but, in the meantime, I’ll default to that it is material.

Saved you some research - as per Disney's accounting policy in their annual report - " Revenues from annual pass sales are recognized ratably over the period for which the pass is available for use."

 

[ImperfectPixie]

Damn... when I was a grocery cashier my til had to be within a dollar or I got sent to the principals office (the assistant manager..). And that was over probably hundreds of transactions per shift. Back then we had to wear ties too...

One of my summer jobs the candy store owners prided themselves on making people count change back rather than using the register to tell you the change needed. I bet they had to give that up too...

My check got docked if my drawer was off when I worked as a cashier at Auto Palace for a short period of time in the 90s. I didn't last long in that position once they realized that I was into cars and could work the parts counter with one hand tied behind my back.

 

[DisneyDebRob]

I really don't like her very much. She's funny once in a while, but that's pretty much it. I almost knocked her out once for inserting herself into a heated conversation I was having with her husband about his behavior with my sons - he was wrong, and she was trying to defend him even though they don't have children and she's never even been a babysitter. Waste of oxygen is putting it lightly as far as I'm concerned.

I didn’t get that from reading your post.