Current Events > Economics
what happens when greed over-reaches
franksolich:
https://www.theverge.com/2018/10/3/17934194/amazon-minimum-wage-raise-stock-options-bonus-warehouse
Oh my.
One knew it was too good to be true.
Some people have yet to learn that if something seems too good to be true, it usually is.
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Amazon eliminates monthly bonuses and stock grants after minimum wage increase
Amazon garnered praise for raising the minimum wage for its hourly workers to $15 yesterday, but the widely-publicized move also came at the expense of monthly bonuses and stock options. The company explained its decision to shift to a new stock purchase program in the announcement blog post yesterday, citing that hourly employees preferred the “predictability and immediacy of cash to RSUs,” or restricted stock units, but the post doesn’t mention the loss of monthly incentives, which Bloomberg reported earlier today.
Several Amazon warehouse employees have criticized the move, stating they would actually be losing thousands in incentive pay. Currently, warehouse workers get two shares of Amazon stock when they’re hired ($1,952.76 per share as of writing), and an additional stock option each year. After the changes take effect, the RSU program will be phased out for stocks that vest in 2020 and 2021, and it will be replaced with a direct stock purchase plan by the end of next year.
An Amazon warehouse worker told The Verge via email that the news was devastating to fulfillment employees, many of whom depend on their RSU and VCP (variable compensation pay, a performance-based monthly bonus program) incentives on top of their hourly wages. VCP incentives, which are dependent on good attendance and hitting productivity targets, could get Amazon workers an 8 percent monthly bonus, and a 16 percent bonus during the peak November and December seasons.....
Muddling 2:
This is my shocked face..................
As Heinlein said in "The Moon is a Harsh Mistress"; TANSTAAFL.
Eupher:
:ownit:
I've been wanting to post this meme for a long time now.
My day is complete. :-)
FunkyZero:
you can't buy Mad Dog and weed today after work with stock shares...
I'm sure the employees with actual brains are REAL happy with lefty now...
TheShoe:
So? Nothing is preventing employee to work hard and advance to a position eligible for RSUs.
This was clearly a shot over the bow of Walmart and other competitors to raise wages and prices. It was a smart move by AMZN.
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