Wayfair’s CEO and co-founder, Niraj Shah while communicating with employees informed them that the company is making profit and is progressing. In an internal email obtained by Business Insider, Shah’s email urged employees to expect overtime commitments in the coming year to maintain progress. He further highlighted the importance of working long hours and maintaining work-life balance, Shah noted that success rarely rewards laziness and told employees that changes focusing on working harder will happen slowly over the next few weeks and months. He mentioned that the most successful people he knows work this way. He urged employees to allocate their time generously but also warned them to be careful when using the company’s money.
Shah wrote, “Winning requires hard work. I believe that most of us, being ambitious individuals, find fulfilment in the joy of seeing our efforts materialize into tangible results. Working long hours, being responsive, blending work and life, is not anything to shy away from. There is not a lot of history of laziness being rewarded with success.”
“You may know of Nirajisms, these are phrases that start with ‘Niraj said’. What disappoints me is that the majority I hear are either not true, are old and no longer applicable, or are taken out of context. The one I would reference here that I heard was ‘Niraj said that he does not think that we should work late’. I would suggest that this is laughably false. Hard work is essential for success, and a key part of getting things done. 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,” he added.
Shah encouraged Wayfair employees to treat the company’s money as if it were their own and negotiate prices when spending it. He shared a story about the cost of running ethernet wires to explain the importance of negotiating. Initially, the cost for this task was quoted at $1,600 per drop, totaling $19,200 for 12 drops. He highlighted that because no one questioned the cost initially, it was much higher than it should have been. Through inquiries and negotiations, the price was eventually reduced from $1,600 to $800 and then further down to $300. Shah highlighted the importance of being cautious with spending and how negotiating helped save a considerable amount of money for the company.
Wayfair initially experienced a boost in business during the early stages of COVID-19 pandemic, benefiting from increased online orders for furniture and home goods. However, the company faced challenges in 2022 as consumers started physically purchasing goods in stores. In response to these changes, the company had announced a reduction of 5% in its workforce during 2022. Despite these setbacks, the company has successfully regained success.
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