And now that Sears is bankrupt, their pension fund is going into default and passed to the government who will need to fulfill those obligations (thankfully the pension benefit guaranty is not funded with tax revenues).
Of course, I'm not blaming Sears retirees. They deserve their pensions as much as any other person. But the reality is that corporate America learned this lesson a while ago and Sears is just one of many examples.
Is not about pleasing shareholders and fucking up employees as this article claims. It's a problem of business viability and long-term expectations.
Wanna increase salaries and stock grants? Sure, do it. Two quarters later Wall Street will fuck you up because your new shiny compensation model just shaved the company revenue. And guess what, they will punish you at much larger magnitude than your declining revenue. So that 5% of lost revenue is going to cost you 20% or 30% of market value, and now all those stock grants are 30% less valuable. So your great initiative just put you in a negative spiral. And now your employees will be pissed, and the press will come and write an article claiming that your once frugal company is now a money firepit and that morale is low, completely forgetting their initial narrative on how you used to fuck over your employees.