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this post was submitted on 03 Mar 2024
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Well, well, well.... who would have thought that the company who said don't do evil did evil anyway. This is why I don't trust corporations because their only loyalty is to investors who just wants more money.
Genuinely, why is it so difficult to be a good company? There's that one company that paid all their workers like 70k and the employees would die for the company. Loyalty means something and reinvesting in your workers builds a stronger company, no? What's the deal? Everyone fights for pennies vs building a strong foundation in a company culture and living it.
The people making the big decisions aren't the ones working. They're the ones put in charge to make money for investors, who want monthly returns. Not "here's what will get us 1XX% growth in 6-8 years," but now.
And you'd think this would only be the case with public companies, but private equity is gobbling up quality companies and milking them dry by cutting costs and abusing their brand's good name. People want returns on their investments QUICK these days.
Honest answer. Infinite growth is the only business model we universally accept. This puts unrealistic expectations on how we define success.
It's not enough to own a successful diner making good cheap food for 500 people a day. Why can't you do that for 5000 people? 50,000 people? Then in comes efficiency and questions about profit. Meanwhile your Zadie who started the restaurant 60 years ago is long dead and so is the simple life he envisioned for his kids.
In most cases the shareholders that own the company don’t care about the company’s purpose, just their ROI in a certain time frame. And then the executives incentives are structured to reward quick financial results.
Are you talking about Gravity Payments and its CEO, Dan Price? Sorry to break the fairy tale but it has been shown that he is some weird, creepy guy who ran his team like a cult and accused of sexual allegations. He resigned over a year ago. https://www.theguardian.com/business/2022/aug/18/dan-price-resigns-ceo-gravity-payments
Interesting. Thanks for sharing, I had no idea. I only checked wiki, but I see that the company is still doing well and has continued to pay it's staff well through 2023 (wiki link).
There's a handful of ethical companies and does not trade as public or private entity, so they're not beholden to shareholders, but we wouldn't hear about them often. Mondragon is a successful co-operative and worker federation company in Spain.