This post also appears in Forbes.com………..CEOnetwork (R)
Bank of America is looking for a new CEO. The funny thing is, not many CEO’s are applying for the job, imagine that!
There are people both in business, and who simply work for others in a business that can’t understand why people wouldn’t just dive at the chance to be a CEO at such a large, and dominant financial center. Talk about the pay….even cut in half from the from its former level is still far above the aspirations of many in the business community, and those who are not can only dream of that level of compensation. So What if they have to put up with some “Pay Czar”..or should I say..Pay Master ( That’s the official title).
Who among us couldn’t get by on a couple of million dollars, or even 1 million. I’ll tell you who….a true Chief Executive Officer, and that’s the rub that most don’t get, and I dare to say, Never Will!
A true CEO expects to be compensated on his value. What he or she brings to the table, what value they add to the bottom line, and what value they add to shareholders. The flip side of that argument is a true CEO understands, No profits, No added Value equals , No Bonus..and worse…Maybe No Job, and a ruined reputation.
Being a true CEO is not a position that you can go to some school and get a degree for and after graduation start mailing out your resume for CEO positions. CEO’s know, and understand it’s not. That doesn’t stop the rest of the world from thinking so, but that’s not the matter at hand. Most CEO’s get to their positions from crawling, and fighting, and scraping through generally every level of business. They are the ones who understand employee angst, customer markets, vendor relationships, just to name a few. They are the ones who lie awake at night with the weight of the world on their shoulders because the decisions that the CEO will make, will affect every man, woman, child, and family that is directly affiliated with the firm. Most in business do not have that type of responsibility, and they shouldn’t. That’s why you have a CEO.
What you have glaring anyone who want’s to truly notice is the fabled “Atlas Shrugged” effect. The people who are dearly needed to help, rebuild, start, engineer, or just plain help fix the current demise in some businesses, are sitting out, and saying “Thanks…but No Thanks”
It’s truly a lesson that others have written, and warned about for decades, and it’s playing out right in front of anyone who wants to take notice. The best in ANY field will not work where they are not in control of capturing their due rewards. This is not to say all CEO’s demand respect, and outrageous compensation, far from it. What I am saying is look at it from your position if you’re a CEO. Would you want the job if your compensation could be cut, retracted, changed, limited, reversed, confiscated at any time depending on how someone who may NOT be in business, or worse, may Never have been in business, feels about you, or your pay? I don’t know about you, but I’m not filling out any applications…Are You?