Posted on 04/14/2015 10:51:42 AM PDT by Red Badger
I’m drawing a blank on which one. Been a while since I read AS.
Do you work for the government?
So, find seriously smart people, pay them well, work them hard. You could be quite profitable. And if someone isn’t delivering, just show them the door.
This is absolutely true. Someone taught me early on that it was best to pay a person a little more than they were actually worth and then demand 120%.
What the left doesn't understand is that these principles CANNOT be applied to low-skilled or minimum wage positions, they will only work with a person who is on an actual career path and plans to remain employed.
... Hence, his secretary paid more income taxes than he did. Hand it to Jobs, he was clever.
Wasn't it the company JG originally worked for. They voted and made all pay the same.... From each based on ability to each based on need?
“What about the 20 year employee that is making $72K/year currently? Does he get a separate but equal pay raise.”
As my teen daughters argue in class at high school - “EQUAL isn’t the same thing as FAIR!”
Maybe I have some connection to them ;)
What isn’t said is the stocks and bonds that he trades in his salary for?
The day they start paying the “little people” the same thing they pay the middle level people, productivity goes through the floor. This CEO isn’t thinking through the reality of human nature. He either needs to bump the entire pay structure up or he’s going to have a bunch of disgruntled employees. All his mid-level folks, contrary to what he’d like to believe, aren’t going to think “wow, this is great, everyone is making a good wage.” They’re going to think “if he can afford to pay the janitor $70K, I know I’m worth a whole lot more, because I do more work, or I contribute more, or whatever.” Then they’re going to slack off until they get paid what they think they’re worth. This backfires, big time. File it under no good deed goes unpunished.
Early in my career, I had the honor of working for a company that spent WAAAAAY too much to find the right talent. At one point, I was on the corporate recruiting team to find this talent. The culture of the company was built around a VERY specific personality and character type. There were often complaints internally about our CULT LIKE Atmosphere. And it was intentional. They paid well, trained hard, took care of the talent and developed unqualified superstars at early ages. The company has, since it's launch, been very successful. It is a compnay of Leaders at all ranks and levels.
There was a drawback that they noticed and accepted as part of the stringent requirements. The "leaders" they vetted at young ages and developed were all of the same entrapenuereal spirit. Many leave the company and start their own business. Some become freindly competitors. But every former employee I still know from that company has an unmatched level of respect and admiration for the company to this day.
It was pretty cool to be in almost from the start with them.
Most do not realize it, but this is actually good. You WANT people working for you that would have the ability to compete against you because that means you've hired the best.
The Twentieth Century Motor Company
That was exactly the reason the owners accepted the inevitable fact. It actually proved they were getting their money out of the people they hired. I think they went and bought a few of the companies that former employees started too. It's like growing a garden.
That's always the Catch-22.
When the minimum wage is raised, unless you apply that raise proportionately throughout the workforce, you will have morale problems.
I can still remember when I was a minimum wage worker back in 1978. At that time, the minimum wage was $2.65/hr. I felt pretty good about my raise six months later to $2.75/hr but when my salary was adjusted to the new $2.90/hr minimum wage enacted in 1979, I felt a little cheated. For despite my hard work and full year of experience, I was now making no more than the entry level kid next to me.
So...
Let's say that the minimum wage is raised from $7.50 to $10.00 an hour, that is more or less what pending legislation intends to do at the federal level. That's a 25% increase.
Now it would not be enough to raise everybody else's wage by $2.50/hr as that would be disproportionate. Instead, you would need to raise everybody 25%. So that person making $70,000 would need to get brought up to $93,750. That's not a small amount of change in a business. This will definitely result in higher prices passed on to the consumer in whatever goods and services the company offers to the marketplace.
Which brings us full circle to those at the minimum wage...any perceived gain in lifestyle with their artificially inflated salaries will be offset by the higher prices they now have to pay for goods and services. So they will still be struggling at the bottom of the economic food chain.
John Galt did work at the Twentieth Century Motor Company. I believe that company decided to give identical salaries to everyone, no matter how productive they were. Bad idea.
The company on this thread is doing something different. The minimum salary is $70,000. To me, that means no one — NO ONE — is allowed to goof off and be unproductive. You’re getting paid quite a bit, even if you are in a junior position. Now, you can still rise up and make more, but you have to work even harder.
I really think the move is to get rid of the chaff and demand productivity from well-compensated workers.
best to pay a person a little more than they were actually worth...”
When I was growing up, my daddy always told me that I was worth what someone was willing to pay me. In my own business I pay for the job/task and the skill level required to complete that task, not the person.
That is as simple and consise as I remember having read to explain why all minimum wage requirements are bad.
The only thing I would add.... If the baseline of our labor cost is raised, it eventually also devalues the dollar against other currencies as most others are not going to raise their base wages. This also contributes to the migration of manufacturing out of the US.
I think that the minimum wage should be $1,000,000 per year.
Work flows to the competent. Dont be competent with tasks you dont desire.....
Id be good with just expenses.....
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