Stagnant wages biggest challenge to enconomy, former labor secretary says
Joblessness remains high because working Americans' wages stagnated over the past 30 years while the rich got richer, and there is no more easy borrowing to do now, former U.S. Secretary of Labor Robert Reich said Tuesday.
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Since: Jan 11
#1 Jan 26, 2011
Joblessness can be amelorated in Japan, Russia, Germany,UK USA with employee-employer loyalty. Businesses, universities, states, counties, cities worldwide are into a phase of creative disassembly. Hundreds of thousands of jobs are being shed. Even solid world class University of California Berkeley led by Chancellor Birgeneau is dismissing employees, faculty via “Operational Excellence (OE)”: 2,000 fired by end of 2011. Yet many continue to cling to an old assumption: implied, unwritten management-employee contract.
Management promised work, upward progress for employees fitting in, employees accepted lower wages, performing in prescribed ways, sticking around. Longevity was a sign of good employer-employee relations; turnover was a dysfunction. None of these assumptions apply in the 21 century economy. Businesses, universities, public institutions can no longer guarantee careers, even if they want to. Managements paralyzed themselves with a strategy of “success brings successes” rather than “successes bring failure’ and are now forced to break implied contract with employees – a contract nurtured by management that future can be controlled.
Jettisoned employees are however finding that hard won knowledge, skills, earned while loyal are no longer desired in 21st century employment markets.
What contract can employers, employees make with each other?
The central idea is simple, powerful: job is a shared partnership.
• Employers, employees face financial conditions together; longevity of partnership depends on how well customers, constituencies needs are met.
• Neither management nor employee has future obligation to the other.
• Organizations train people.
• Employees create security they really need – skills, knowledge that creates employability in 21st century economies
• The management-employee loyalty partnership can be dissolved without either party considering the other a traitor.
Let there be light for (union) employees and employers
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