Bosses are being let go at Bayer. The beleaguered German pharmaceutical company is hoping that harsh steps will result in good change after its market valuation fell to a two-decade low.
According to a Fortune article, Bayer CEO Bill Anderson is eliminating middle management and 99% of the corporation’s 1,362-page corporate handbook. Anderson anticipates that this strategy will reduce corporate red tape and provide over 100,000 workers more autonomy. By offering workers more autonomy, he wants to increase creativity at Bayer, the firm best known for creating aspirin.
In a previous interview with Business Insider this year, Anderson said, “We hire highly educated, trained people, and then we put them in these environments with rules and procedures and eight layers of hierarchy.” “Then we wonder why big companies are so lame most of the time.”
Conclusion
In June 2023, Bill Anderson became the new CEO of Bayer. The firm manual, which had more regulations and procedures than the book “War and Peace,” was over 1,300 pages long when he took over as CEO. One thing emerged from the workers’ feedback: with so much management, getting anything done is difficult.
