Trickle, trickle, fools we are, to trust the rich, now flush with cash, will share with us their bounty
The inlaid walnut table in the corporate boardroom held 12 on either side and two or three at each end, and the execs were all perched, prepped to pounce, when I dragged in my 2001 budget – 1015 pages of spreadsheet and other sheet.
As division CEO of a NYSE-listed publishing company with nearly a billion dollars sales, my pitch was explain how I would increase sales, restrain costs and improve the value of the newspapers I published.
What could go wrong? In the past year sales were up, but more important, the bottom line jumped from about a $200,000 loss to an $860,000 profit before taxes.
Since most of my employees were salaried – meaning they worked long hours without overtime compensation – my proposed budget included a four percent average pay increase. That four percent, I was told, was a big mistake. Continue reading →