In these highly competitive times, we live in an overpaid and overrated society. What I mean is that many people have an inflated sense their worth and, as a result, seek compensation that they feel is adequate. When this happens, we see it in varied instances. We see it in overpaid athletes whose sub-par performance hardly justifies that tens or sometimes hundreds of millions of dollars that their paid. The same can be said for executives and other officials in companies that are slowly dying and yet they make a nice payday for themselves. At which point did performance become irrelevant?
This problem truly troubles me, especially because we are now looking at a proposed bailout by the US government for the financial and investment industries. I have talked to people that are upset that whatever amount of money constitutes this bailout either: (a) goes to people that made foolish choices (i.e getting a subprime or adjustable rate mortgage to buy “too much house) or (b) rewards executives that secured themselves overstuffed retirement packages despite their companies not just underperforming but also, on occasion, going out of business. I do see their point.
Having said this, I think that definitely the government needs to take action. Am in favor of the federal government taking action on everything? Definitely not. I feel that it should keep its nose out of things that really do not need to be resolved by them. However, I feel that the current situation(s) are so dire that they need to be involved. Unfortunately, our economic state is not just affecting us but also has rippling ramifications elsewhere.
We need to fix to fix this situation. However, we cannot forget that there needs to be oversight. Since there definitely was not adequate oversight that could have prevented this situation from getting this bad, it needs to be part of whatever bailout plan is ultimately approved. Foolish people should fend for themselves, while lecherous need to be nailed to the wall. I feel that the bailout should provide just enough financial assistance to reestablish public confidence in the market and economy while also adding the necessary safeguards and oversights to lessen the chance of this repeating.
The lesson that I think we need to walk away from this is to take a look at value and performance. By overemphasizing performance, we sacrifice value. It is not that hard to pad one’s resume or pad one’s past achievements to look better. On the other hand, one might be quite valuable though never proven. I do not see an employer in these times easily taking a chance on someone that is unproven. Employers and supervisors like to see results to compare performance. Value and performance–not one without the other.