321–330 of 717 posts
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> $10m a year is still a lot of money In absolute terms, 100% yes it is. In "CEO of a major corporation most people in the world have heard about," it's basically nothing.
Not scientific and maybe inaccurate, but a quick Google search showed the average Intel employee makes $100k. The shift in social norms where 100x the average employee (of a tech firm, which skews towards high salaries) is considered “basically nothing” is something worth talking about.
If you're in charge of managing 121k people - 10x the average salary seems like a minimum. 100x seems in the realm of reasonable.
If the CEO's salary is distributed to all employees, they would get a ~0.05% raise. If distributed to the shareholders, it would increase profits by ~0.01%.
Yet this person's decisions can have much bigger consequences to both employees and shareholders.
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Company I work for gives international Mental Health Day off, October 10th.
It seems strange to fix a specific day, people might need a day off for dealing with their mental health on another day of the year.
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To any one person, sure. But, as the saying goes, "None of us is as dumb as all of us." Once you start move into the realm of group decisionmaking based on hypothetical future demand for $OUR_WORLD_CHANGING_PRODUCT, positivity culture starts to take over. Plenty of people in the room where the decision is made may be thinking, "But what if this is a passing fad and people don't really love our product in any sort of…
Positivity culture exists because there’s no real downside for the people exuding it. You swing for the fences and the losses and layoffs are someone else’s problem. Most decent people might find such decision making distasteful and that excludes them from leadership.
I think that all you really need to do to translate the principle to business culture is replace the word "transaction" with "someone's career".
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Company I work for gives international Mental Health Day off, October 10th.
Nice token gesture but that makes just as much sense as having a National sick day. What am I going to time when I get sick?
Robinhood has been the shining example of what Fintech should NOT be.
It's only benefit was encouraging other brokerages to be more competitive.
> As CEO, I approved and took responsibility for our ambitious staffing trajectory—this is on me Reminder that Vlad Tenev received $800M in compensation in 2021. In the same year the company made terrible bets on crypto and banking, took an irreversible reputation hit among its core user base because of the GME fiasco, had multiple user data breaches, was subject to several investigations and was fined hundreds of mi…
The Shopify layoff also contained this phrasing. Shows how tone-deaf these CEOs are. Shopify's version: > Ultimately, placing this bet was my call to make and I got this wrong. Now, we have to adjust. As a consequence, we have to say goodbye to some of you today.
"Ultimately, placing this bet was my call to make and I got this wrong. Now, we have to adjust. As a consequence, we have to say goodbye to some of you today and I’m deeply sorry for that."
Emphasis added, but perhaps some part of this apparent tone-deafness might be attributed to the omission?
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Tastyworks was founded by the founders, CTO, and CFO of Thinkorswim. I worked on thinkorswim institutional desk for several years back in the mid-2000s. Not great brand recognition but a company built for traders by traders.
Isn’t thinkorswim just an arm of TDAmeritrade now?
Gobble-gobble, the sound of consolidation.
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This is where we balance it out with unions. Unions have historically gotten us everything today that most people think is just SOP. Limited work weeks (40 hrs). Monday thru Friday as business days. Paid vacations. Family and medical leave. Breaks. Paid holidays. Sick leave. It’s a shame there’s been a massive push from corporations pushing anti-union propaganda. We have been complacent. We need unions to make our vo…
I agree, unions and legislation. The devil is in the details but those are the main instruments, if only we were more willing and motivated.
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Frustrating to see the incredibly common conflation of equity and salary. Even though it’s always correctly suffixed with “compensation”, people assume that means “a bank account with 8 zeros”.
That's because it effectively is. I suggest you look into pledged asset lines (and more broadly 'buy, borrow, die'), which are even more tax advantaged than just getting paid directly. Sure, there is some marginal cost associated with borrowing against granted equity, but it's almost certainly less than 10%. So yes, it is accurate to assume that if an exec vets $x00 million dollars of equity a year, they have a high…