I agree with the answer given by @aparente.
I wanted to expand it a little (something better possible here rather that in a constrained comment box) since there is a nuance i did not catch initially: the boss's vision deficit appears to be one as of a one-eye blind person who also happens to have a case of eye outward deviation (exotropia strabismus)*
The situation painted between the employees and their boss, makes a singular one. The expression brought here for analysis
Es que hay un ojo fumando y otro recogiendo el cabo.
Is one as creative as you could find, in all its political-incorrectness, wit and expressive power. I find it hilarious that they want to find out "which eye they should care about when being watched over" (!!), and that they resource to use a smoking vs working metaphor when referring to their abilities . The phrase in question opposes a not doing anything productive ("smoking" a cigar, restfully so), to performing an useful chore ("recogiendo el cabo")
For what it appears
recoger el cabo
means some common nautical action (like pulling and retrieving the end line that holds an anchor in a sailing boat —something likely of a deep cultural ground and widely understood in a Caribean island of fishermen)
The topic can give a glimpse on the playful irreverence of a culture, and the function of the language to alude humoorsly to something sensitive to talk about.Making fun of someone's condition or disability —something taboo or cruel in other cultures or contexts—, is often a way in Latin american countries to de-dramatize life, lightning the already heavy burden it carries.
For instance, in Argentina, you could hear jokes of the likes too: to mock (make fun of) someone with strabismus, one would say:
Cuando se sube al omnibus, con un ojo paga el boleto y con el otro busca asiento
When he/she gets on a bus, he/she pays for the ticket with one eye and looks for a seat with the other
PS: Note that the situation is slightly different to the Cuban allusion, because in this last presented both eyes do work