Wayfair CEO, Niraj Shah, recently sent an email to employees celebrating the company's return to profitability and emphasizing the importance of hard work. The email, obtained by Business Insider, highlighted Wayfair's success in becoming profitable again and encouraged employees to be frugal and open to working long hours.
Back to Profitability
In the email, Shah announced that Wayfair is once again profitable and referred to the company as being "back to winning." He expressed pride in the team's efforts, stating that the company's market share is growing, repeat customers are increasing, suppliers are showing support, and profitability has been achieved. Shah emphasized that these achievements should be a source of pride for all employees.
The Importance of Hard Work
Shah made it clear that winning requires hard work and dedication. He encouraged employees to embrace long hours, responsiveness, and the blending of work and life. According to Shah, laziness has not historically been rewarded with success, and he believes that hard work is an essential ingredient for achieving goals. He shared his belief that ambitious individuals find ways to balance their personal and professional lives, and he encouraged employees to do the same.
Addressing Misconceptions
Shah also addressed some misconceptions he had heard, referred to as "Nirajisms." He clarified that phrases starting with "Niraj said" are often misinterpreted or taken out of context. One specific example he mentioned was the misconception that he does not support working late. Shah firmly stated that hard work is necessary for success and that he encourages employees to put in the effort required to get things done.
Another misconception Shah mentioned was the belief that Wayfair cannot recruit employees from companies like Google, Amazon, or Walmart. He debunked this misconception by highlighting that many of Wayfair's senior leaders actually come from these companies.
Frugality and Negotiation
Shah emphasized the importance of treating company money as if it were their own. He encouraged employees to question expenses, evaluate whether the costs are reasonable, and negotiate prices whenever possible. To illustrate the significance of negotiation, Shah shared a story about the cost of running ethernet wires. He explained how the initial price of $1,600 per drop was reduced to $800 and then $300 through questioning and negotiation.
A Call for Smart Decision-Making
Shah urged employees to be smart and question things that don't make sense. He encouraged them to challenge bureaucracy and escalate issues when necessary. Shah acknowledged that some policies and practices may need to be refreshed, streamlined, or eliminated to improve efficiency. He emphasized the importance of using judgment and seeking advice from leaders when needed.
Conclusion
In his email, Wayfair CEO Niraj Shah celebrated the company's return to profitability and urged employees to continue working hard. He emphasized the importance of balancing work and life, being frugal, and questioning expenses. Shah also encouraged smart decision-making and the elimination of unnecessary policies and procedures. With these principles in mind, Shah believes that Wayfair can achieve even greater success in the future.
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By: stweedie@businessinsider.com (Steven Tweedie)
Title: Wayfair CEO Emphasizes Profitability and Hard Work in Email to Employees
Sourced From: www.businessinsider.com/wayfair-profitable-again-ceo-email-frugal-work-long-hours-2023-12
Published Date: Wed, 13 Dec 2023 22:13:12 +0000
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