I wrote about Brett Favre’s sense of entitlement, this weekend, but no one has a bigger sense of entitlement than Joe CEO – the guy who failed as a leader but leaves your organization with a little coin in his pocket.
- Companies Tap Pension Plans To Fund Executive Benefits - WSJ.com At a time when scores of companies are freezing pensions for their workers, some are quietly converting their pension plans into resources to finance their executives’ retirement benefits and pay.
Here’s the Punk Rock HR rule for operating yo’ business:
- It’s time for your company’s board of directors (and the compensation committee) to be investigated for negligence if earnings are in the toilet and your CEO is asked to leave under the sweet-ass terms & conditions of his employment contract.
Golden parachutes are unethical and unfair, and they run contrary to everything that ‘the free marketplace’ stands for in America. If you can’t attract a CEO to run your business based on a straightforward compensation package, maybe you ought not to be in business.
This was an issue when we hired our new CEO. Our whole benefits package was based on equality for all within the organization (with set increases based on years of service). I can’t discuss a lot but let’s just say that there is no longer equality for all.
Like our schools can afford this… the former president of Grand Rapids Community College, Juan Olivares, collected over $500,000 of salary and incentives for COMPLETING HIS TERM. And then he left.
http://tinyurl.com/6qretk
And he couldn’t figure out why the citizens of our county wouldn’t support a tax increase. GOOD GRIEF. That borders on criminal.
@Rachel Maybe I’m a sucker for even believing in equity in the first place?
@hrMaven I heard about that and let’s just say it’s reason #45 that I stay away from Grand Rapids. That & too many Amway dudes.
Golden parachute = FAIL FAIL FAIL!
FAIL on the part of the executive
FAIL on the part of the BOD
and
FAILED ROI for shareholders.