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Whats so funny about it? He tried something new. Perhaps it might not work out but its not like he was calling for everyone to do it. It was for his company.
I don't understand why you call it comedy? His intentions were good, and he used his own high salary to try to do it. We should all be sad that it failed, not take glee in it. I don't get people anymore.
Whats so funny about it? He tried something new. Perhaps it might not work out but its not like he was calling for everyone to do it. It was for his company.
How many times does socialism have to fail before people realize it's a bad idea?
The idea is noble but the execution was terrible, especially subjecting employees to a limelight they may not want. Maybe the CEO has no qualms talking about his pay, but he can't force all 120 employees to withstand the same level of public scrutiny this has brought.
The CEO may not appreciate the social psychology phenomenon where we do compare ourselves against peers to gauge how we are faring in a limited resource environment. It's part survival instinct and has nothing to do with political ideology or greed, this does not mean the level of greed has perverted the level of competition at the workplace. Middle class security is not only about money, but about other safety net items like good healthcare and childcare and retirement benefits.
I wonder if he could do right by his workers by providing good healthcare benefits, 401k match, tuition reimbursement, free childcare... Maybe some elements of this if it becomes as expensive as the 70k salary across the board. It is not all about money only that some fall through the socioeconomic cracks.
Or, a simpler percent raise increase across a period of time would have worked to buffer against the 18 month lag time in seeing new business profits.
How is it socialismt. A CEO decided to pay more then the norm. His business. His call.
I’m sure you didn’t read the article.
1. His brother is suing the company, which I’m guessing is related to this PR stunt.
2. He lost two employees, who were pissed that people with less talent were making the same amount of money.
How is this socialist? The people who were making over $70k never got much of a bump vs. the entry level employees.
It may have been his call, but anyone with half a brain should have known this would never work.
How is it socialismt. A CEO decided to pay more then the norm. His business. His call.
But only at the low end. He did little to nothing with regards to the more experienced people who had been there for years.
He tried to equalize wages. A newbie with no experience or skills had just as much weight with the company as the manager who had been there for 5 years.
And after they were gone he lamented about losing his most valuable employees.
But they can't be if you think everyone is equal.
I studied a few good cases back in a marketing class, about Nordstrom and Lincoln Electrical in Ohio. Both lured employees with higher than average salaries in their respective fields, but then extracted twice as much work from them. Very smart if you think about it.
My previous employer provided free lunch every day at work to all employees (and paid for parking abonement in nearby parking structure)... That was the smartest move ever! What is cost of lunch? $7 on average, but it got him all employees doingwork for half-hour extra (and many of us had eaten our lunch and doing work at the same time!) Andour rates were way above $14/hr... So, at the end, free lunch was good for the owner.
I studied a few good cases back in a marketing class, about Nordstrom and Lincoln Electrical in Ohio. Both lured employees with higher than average salaries in their respective fields, but then extracted twice as much work from them. Very smart if you think about it.
My previous employer provided free lunch every day at work to all employees (and paid for parking abonement in nearby parking structure)... That was the smartest move ever! What is cost of lunch? $7 on average, but it got him all employees doingwork for half-hour extra (and many of us had eaten our lunch and doing work at the same time!) Andour rates were way above $14/hr... So, at the end, free lunch was good for the owner.
Those extras are good incentives to get people and good benefits to keep people.
But I don't think that's the same as as raising starting salaries to $70K and then do nothing for the ones that have been there for years.
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