Tuesday, December 16, 2008
When was the last time you did something really well for $1? I can remember how long ago it was that I worked hard for $1. It was more than 40 years ago. It was Norfolk Virginia and it was 1968. I was a kid.
I was not trying to watch over a company with international visibility, international responsibility, and over 10,000 employees. You don't get anyone to do what they need to do in these cases by allowing them to take a salary of $1 which is really merely symbolic.
Were I to become CEO of Yahoo, NOBODY on our payroll would be entitled to take a $1 salary. You'd take a paycheck and donate if you wanted to, if you had millions in the bank and did not 'need' the money, then you could donate it to some charity in your own name.
We'd also cap the salaries within the company so that people were more focused on doing the work vs. just the money. Some who get salaries sit on their hands because they are on a salary. So you need to encourage them in some way to do more work. We have ways of doing this that will allow for people to share in the wealth of the company as long as we do well and always beat estimates and keep our shareholders happy. Employees are shareholders so this would benefit them as well.
More on this when Yahoo comes through .