Now we have a new First Minister, who’s pledged to reform the Welsh economy over the next few years, perhaps it’s time to think about how we remunerate people in Wales, and in particular those at the top of the tree, some of which receive eyewatering salaries. We have to accept this is a big task, but we could start with the values driven businesses, employee ownerships, co-ops and mutuals, and not-for-profits, and follow on with those supplying government and the public sector.
There are a number of reasons for the rush by executives to the top of the salary tree, some of which are quite complex, but whatever the motivation, it is creating an unhealthy society. My personal view is that one of the main drivers is a search for recognition. Whereas in the past individuals became recognised for their status in the community rather than in cash, and for their philanthropy such as Carnegie building libraries, or business people supporting the local football team, now people seek recognition through obvious wealth. Continue reading →