The last couple of years I worked for an oil company give a good example of this. The company made the excuse that they couldn’t afford to give a pay raise that year because economic projections for the company were terrible for the next year. But at the end of that year the company thanked everyone for making it so the company had record profits…and then had the chutzpah to say they couldn’t afford to give pay raises for the upcoming year because economic projections were terrible.
johnson catmansays
Mobius @2:
But I bet the high-up chiefs got some added benefits out of the profitable years.
Holmssays
#2
I bet they had no such hesitation in handing out millions in executive bonuses…
The whole concept of for-profit business is that you pay your workers less than the value their work produces. If you paid them the full value, what would be left over?
My former CEO raked in tens of millions of U$D in wages during the economical crisis in 2009, on top of his dividends from the shares he owned. His immediate minions rolled in milions too.
At the same time they not only refused to give people wage increase (because crisis!) they also fired thousands of people (because of crisis!)
I calculated, that if they simply paid those people survivable minimum wage for one-two years until the crisis blows over (which it did) they would still be millionares and they would not wreck any lives and the company would not lose valuable know-how.
Yay for capitalism, where CEO gets the wages of thousands of people for not working thousand times harder. Modern capitalism becomes more and more akin to feudalism, with CEOs becoming the new aristocracy.
Ichthyicsays
“The whole concept of for-profit business is that you pay your workers less than the value their work produces.”
then the US model of paying CEO’s thousands of times the value of their work means they all must be non profit businesses!
It’s funny because it’s true.
The last couple of years I worked for an oil company give a good example of this. The company made the excuse that they couldn’t afford to give a pay raise that year because economic projections for the company were terrible for the next year. But at the end of that year the company thanked everyone for making it so the company had record profits…and then had the chutzpah to say they couldn’t afford to give pay raises for the upcoming year because economic projections were terrible.
Mobius @2:
But I bet the high-up chiefs got some added benefits out of the profitable years.
#2
I bet they had no such hesitation in handing out millions in executive bonuses…
The whole concept of for-profit business is that you pay your workers less than the value their work produces. If you paid them the full value, what would be left over?
My former CEO raked in tens of millions of U$D in wages during the economical crisis in 2009, on top of his dividends from the shares he owned. His immediate minions rolled in milions too.
At the same time they not only refused to give people wage increase (because crisis!) they also fired thousands of people (because of crisis!)
I calculated, that if they simply paid those people survivable minimum wage for one-two years until the crisis blows over (which it did) they would still be millionares and they would not wreck any lives and the company would not lose valuable know-how.
Yay for capitalism, where CEO gets the wages of thousands of people for not working thousand times harder. Modern capitalism becomes more and more akin to feudalism, with CEOs becoming the new aristocracy.
“The whole concept of for-profit business is that you pay your workers less than the value their work produces.”
then the US model of paying CEO’s thousands of times the value of their work means they all must be non profit businesses!
whee!