Wayfair Is Back in Black, CEO Reminds Employees to Stay on Track

December 20, 2023  by HFBusiness Staff in Business Strategy, Industry   

Wayfair has found its way back to profitability, their repeat customers are returning and CEO and co-founder Niraj Shah has let his employees know that they are going to work hard to stay on track.

According to Shah, “winning takes hard work" and the employees should expect to put in overtime in the year ahead.

Wayfair’s workforce of around 15,000 were told by Shah, “working long hours, being responsive, blending work and life, is not anything to shy away from,” in an email obtained by Business Insider. “There is not a lot of history of laziness being rewarded with success," he continued, adding that the idea staff should not work late was “laughably false.”

"Hard work is essential for success, and a key part of getting things done,” the Indian-American businessman, who dropped off Forbes’ Billionaires list this year, added. “Everyone deserves to have a great personal life—everyone manages that in their own way—ambitious people find ways to blend and balance the two."

Wayfair did not respond to Fortune’s request for comment.

After “last year’s share price bloodbath,” the CEO’s efforts to keep up profitability are becoming more intense. Last Spring, Wayfair’s stock dropped from over $340 in March 2021 to around $115 in one year, before tumbling further to just $33 by the end of 2023.

At the beginning of 2023, Wayfair stock gained 20% after they laid off approximately 1,750 employees, which was about 10% of its workforce.

Employee responses are less than positive, "He's basically saying if you don't work late then you're lazy," one person on Reddit wrote. "Long hours don't prove anything about productivity. It just means you worked long hours!"

“I love when these CEOs talk about ‘winning’ as if the employees get absolutely anything out of the company’s profitability,” another added. “I win by working less and/or making more money... These leaders need to wake up.”