CEO’s Threatening Job & Pay Cuts Based on Election Results? Yep, It’s Happening
This is not a partisan rant. Rather, it’s a critique of a particular disturbing behavior that both sides of the aisle can and probably will be guilty of.
Nothing is as closely correlated to your personal finance success as where you make your income.
Most of us, unfortunately, are dependent on that income to get by.
And the threat of losing our jobs and income, and facing certain financial collapse is downright frightening (insert financial independence plug here).
That’s why I find it so disturbing that a number of CEO’s have resorted to scare tactics by threatening their employee’s jobs, paychecks, and benefits if the candidates they support don’t win this election.
David A. Siegel, CEO of Westgate Resorts, wrote to his 7,000 employees,
“The economy doesn’t currently pose a threat to your job. What does threaten your job, however, is another four years of the same presidential administration. If any new taxes are levied on me, or my company, as our current president plans, I will have no choice but to reduce the size of this company.”
Well, Mr. Siegel, we certainly wouldn’t want the $1.8 billion owner of the largest home in America with a 20-car garage to have higher taxes levied on his personal capital gains – and would totally understand if that meant you’d have to cut $10 per hour jobs. That sounds fair and reasonable.
Mmmm….. that kind of tasty corporate coercion and intimidation, illegal until 2010, is brought to you from the same fine folks who brought unlimited anonymous corporate funding for deceitful political advertising by unaccountable shadow organizations, via the Supreme Court Citizens United ruling.
If you have been liking all those wonderful union and corporate-funded SuperPAC attack ads, you’re surely going to love what is to come. Mr. Siegel is not alone.
- Richard Lacks, CEO of Lacks Enterprises, a Michigan auto parts manufacture, told his employees that their paychecks would decrease if Obama was re-elected. In the exact same letter he announced a sixth company bonus in 3 years. And his very same business might have been bankrupted with a Chrysler and GM bankruptcy.
- Request Foods CEO, Jack Dewitt, called Obama’s policies a failure while the company received $5 million in Obama’s economic stimulus to hire and train new workers and has seen unprecedented revenue grown over the last few years.
- The Koch Brothers sent out an anti-Obama/pro-Romney information packet to all 45,000 of their Georgia Pacific employees.
The National Federation of Independent Business, has gone so far to host an event this week to educate CEO’s on how best to influence their workers come Election Day.
It’s just starting.
Lets call this for what it is. These threats are not about the success of the corporations they work for. These messages don’t represent the best interests of the company. And they certainly don’t represent the best interests of the country. It’s about the wealthiest, most powerful individual of that company exerting their power and influence to scare others in to voting for whomever is going to give them more personal wealth. It’s about hatred and greed. And it’s about ego.
Employees drive their business. Companies are nothing without good employees. And most importantly, to them, employees drive profit and their wealth. Our employment with them is not because they want to do us a favor. We are making them money.
I don’t care what side of the aisle you are on (although my research came up empty, I intended to insert anti-Romney CEO threats above as well) – would you want to work for a CEO who made these threats to you?
Would you want to peel off your candidate’s bumper sticker for fear that a co-worker might see it and later blame you for losing their job after the election?
Would you want to take down your yard sign in fear that your manager, who supported the opposing candidate, would put you first on the chopping block if the CEO executed on those threats?
Would you want to face up to your buddies at work who saw the CEO cut their friend’s job because the candidate you supported won the election?
Would you want to work for a CEO that used the country’s electoral results as a justification to cut your paycheck or benefits so they could drive higher profit and personal financial success?
Would you want to work for a CEO who so clearly has an agenda to work against you?
What’s next? “We’ll raise your bills 20% if X candidate is elected” threats and bumper stickers from Comcast to their customers?
We may be dependent on our incomes, but we don’t have to be held prisoner to them. If you’re one of the unfortunate victims of CEO prickedness, don’t fall for the scare tactics. If they cut your job, you can thank them later. Either way, protest, leave, and take as many fine colleagues as you can with you.
You deserve better. We all do.