And this is like tip of the iceberg bare minimum type shit, it's not even suggesting workers own the means of production or anything that radical, all it is is paying employees a more appropriate share of the profits (the company is still making an obscene amount of that profit, and the employees are still under paid for their labour, it's how the pyramid scheme we call capitalism works, but this is proof that even while continuing to roll in billions, other employers don't have to be keeping their employees on poverty wages, they choose to).
davidagain@lemmy.world 6 months ago
I mean, I’d heard that this is how the labour market is supposed to work in theory, but I didn’t realise that some CEOs were actually doing it. Corporate America does NOT want you to think about this.
DessertStorms@kbin.social 6 months ago
Emmie@lemm.ee 6 months ago
Why would workers own the means of production if they didn’t set up the business in the first place? It’s just a hired labour. If you hire someone to do something this doesn’t mean they should suddenly have a part of that thing.
BassTurd@lemmy.world 6 months ago
I recently started at a private company that does profit sharing through ESOP. This year to all invested employees, so those more than ~1yr, they contributed around 30% of their annual salary in stock to their retirement. The private stock price rose about 32% from last year as well. On average the stock goes up 20%+ and the contributions have been around 18%. The founder and IG CEO found that companies that have an ESOP grow faster than others, and are happier. It takes 6 years for full investment, but after that, when you leave, they pay out your shares at that stock price, over a few payments I believe.
fluckx@lemmy.world 6 months ago
I bet it helps with employee retention as well.
ChillPenguin@lemmy.world 6 months ago
I wasn’t a believer when I started at an ESOP. But looking at my retirement funds after working for 8 years at the company. Then comparing it to friends who were given shares of large public companies and making maybe like 10k over 4 years. Absolutely worth it.
BassTurd@lemmy.world 6 months ago
If I were eligible this year, it would have been >20k just given to me for retirement. They also contribute to 401k. It’s nothing crazy but it’s something on top of ESOP. I don’t want to need to work until I’m to old to enjoy retirement, but my wife and I like to travel now. This helps do both.