For an answer, take a look at the corporate executive. No, not the entrepreneur, still in charge of the company he founded twenty years ago. No, not even that new political god, the small business owner – he (or she) is so busy with cash flow that there is no time for vision. I am talking of the CEO of a publicly traded company, hired by the Board of Directors and responsible to the shareholders.
The job of this CEO is to systematically devalue work.
Why, you ask? Remember – the time horizon for a CEO is the next quarterly report, which is never more than three months away. He could spend his time dreaming a vision for the future. But – especially in these hard, competitive times – he doesn't dare. The bottom line has to look better three months hence and his only choice is to cut costs. So he merges, divests, moves work offshore, and fights unions. He cuts costs, because that seems to be the only way he can protect the shareholders.
But work, and workers, are more than just a cost to the company. They are also its most important asset. A generation ago workers were loyal, dedicating their life's work to the company that kept a roof over their heads and food on the family table. That loyalty is long gone. Today every worker is stressed as his salary and benefits suffer the Death of a Thousand Cuts. He can't quite voice it, but he knows his company thinks he is replaceable and essentially worthless.
So we have the Occupy movement and We are the 99%. We have to do something to stop this race to the bottom. But what?
We might start by asking Who are the Shareholders?
As I wrote March 18, the shareholder is most likely a hedge fund, which owns a stock, on average, for twenty-two seconds. The decision to buy and sell the stock is made by a computer algorithm.
So the Board exercises its fiduciary duty and hires a CEO, who in turn exercises his duty to the shareholder, who turns out to be no one, a chimera, a moving target.
Our work, our careers, are being devalued by an algorithm, for the profit of a very few. Sadly, no one else is in control.