Boeing CEO Says Pay Freeze Counterproductive

[rsmith6621]

Wednesday, February 18, 2009 – updated: 3:39 pm PST February 18, 2009
SEATTLE -- Freezing wages and eliminating bonuses to avoid layoffs would be counterproductive for Boeing Co. and other big employers, the aerospace company's chief executive said.

In an e-mail Tuesday to Boeing employees, printed in full on the Web site of the Seattle Post-Intelligencer newspaper Wednesday, CEO Jim McNerney wrote that such moves would hurt the company's ability to attract and retain high-performing employees.

The memo is one of the first responses by a major corporate chief executive to proposals for layoff alternatives. Such requests have gained force in the deepening recession since President Barack Obama praised "the selflessness of workers who would rather cut their hours than see a friend lose their job" in his inaugural address last month.

"More than a few of you have written to me asking whether we could avoid layoffs altogether by not paying incentive awards this year or by freezing wages across the board," McNerney noted.

http://www.kirotv.com/money/18742767/detail.html#-


Does anyone else think he is only looking in the mirror at himself and other ilk like him that are greedy

[YOY]

1. Cry me a river.

n.t.

[Wapsie B]

2. Just doing away with golden parachutes for execs who run a company to the ground

would be a good move. Tie pay for senior management to performance;no more of this rewarding failure in corporations.

[GoesTo11]

3. Here's the scam

Each company says that if they paid their top execs less, they would lose them and then have less effective management because they can't attract anyone else. Then it's self-fulfilling. But what if other companies started trying to spend less on top management? Then they'd have nowhere else to go, so they'd just accept a modest $2 million per year instead of saying they're underpaid and need $20 million. Unfortunately, all the executives at all the major companies are reinforcing the current approach by continuing to do what they can to not just help themselves but to prop up this whole system that benefits them and those like them.

Hey, isn't this just what unions are supposed to do for workers?

[gratuitous]

4. But if everyone's doing it, Mr. McNerney

Where are all those "valuable" employees going to go? I mean, hyper-inflated salaries and outlandish bonuses for running a company into the ground surely affect a business' bottom line. And if the workers have been sacrificing for decades of higher productivity while wages have shrunk relative to inflation, isn't it about time the Big Boys in the executive suites pitched in, too?

Your employees are stuck in wage slavery; what would or could you buy with a fatter salary or a huge bonus that you can't buy now?

[Ilsa]

5. Let the greedy ones go look for another fucking job. Kiss off, McNerney. nt

[Bonhomme Richard]

6. He is missing the point because.............

he only thinks of the money therefore he rationalizes. The point is the message he sends to his employees, customers, and future highly productive employees. He would be showing that the welfare of his company and employees is more important than a short term gain for a few. It would also attract more productive employees because it would show the loyalty the management has towards it's workers.
His basic cockeyed thinking is what got this nation into this mess.

[Spangle]

9. His point??

Is that upper management can not be replaced without serious harm.

While everyone else is easily replaced with no impact on the company.

That upper management can not afford a pay freeze or cut. While everyone else can. Including the lowest paid person.

[2Design]

7. there are a lot of high performers not prima donnas that would probably

out perform most CEOs today - hachet guys now that is another story or heartless - there are a lot of them too - just look at most republican politicians

[Spangle]

8. Boy needs to take his shades off....

Lots of CEO's will be looking for a job.

Another words, their jobs are just like all the others. They need to look at it the same as everyone else. When they get a pay cut, then need to be thankful they still have a job. Cause that IS the next option.

It's amazing the how big these egos are. It's so big, they can not imagine everything 'working' without them. Snort! Well, that is what they want everyone else to think. IT's fear mongering.