(Note: Thats not their gross. Thats their projected net profit for this year)
Related thread:
Get me accounting!!!!
“Simply maths illustrates that 121 employees multiplied by $70,000 base salary equals a whopping $8,470,000.”
Common Core advocate? Why in the hell would mere mathematics be any barrier to realizing this particular utopian construct?
Let's say you have a temp services company which just hires people, marks up their salaries by 25% and rents them out to other companies. If other expenses are minimal, then the salaries would be four times as large as the profit. You could make a lot of money that way.
But, but...everything is so “FAIR” now.
How can it not work?
Ain’t Marxism wonderful?
Pray America is waking
Read this yesterday and instantly thought the guy is lying in a misguided attempt to gin up sympathy business.
Problem is there is no sympathy in business.
Just fire people until the math works out or you go out of business. That is how minimum wage works.
And then multiple total base salaries by, say 1.5, to obtain fully loaded salary costs, which also include, social security, medicare, medical, vacation, holiday, sick leave, etc.
Their new motto after this fails:
Socialism is Great Until You Run Out of Other People’s Money.
Thanks Maggie.
Math is hard. Reality is harder. Shareholders? If there are any do not @ with them...
He doesn’t actually have to follow through on this. The news media reported the story, but they will never follow up on it to see if it actually happened, or there were layoffs, or new hires under that amount later on, or even the consequences for the company. It got him his 15 minutes of fame.
they likely have employees that wouldn’t qualify under the new policy, like Microsoft used to say every employee got a window office, but Microsoft employees made up a small fraction of Microsoft’s entire employee base
Corporations want the maximum price for their product but want to pay as close to minimum for labor. Seems to me wall street pays outrageous amounts for labor and gets maximum returns. Maybe non financial corps could learn something from them.
This CEO could run for President of the United States and be right at home. That’s how the Federal government books are managed!