It was announced recently that Facebook CEO Mark Zuckerberg plans to take a salary of just $1 this year. This decision puts Zuckerberg into a growing group of large-corporation CEOs who receive a dollar annual salary (while still having an exorbitant amount of stock).
I applaud CEOs who take part in this. As an entrepreneur, I see this as a great thing!! A CEO’s income should be based upon their employees’ performance. If the business and all of its members doesn’t succeed, the CEO doesn’t succeed. This ideology is reflected well in the $1 salary efforts.
I’m not saying CEOs shouldn’t have a salary at ALL, but a base salary for the first few years and then joining the $1 club guarantees that if the company doesn’t excel, neither does the CEO. This way it’s more of a group effort.
The “$1 Club,” as some call it, is a strategy that became popular right around the dot-com boom, when Steve Jobs took a $1 salary at Apple in 1998. But its roots are way older. The idea dates as far back as World War I and II, when top government executives known as “dollar-a year-men” would take the $1 salary to help the country stabilize. The practice has resurfaced recently because many CEOs are receiving flak for their substantial paychecks while the economy struggles to get back on its feet.
The $1 Club is especially popular with leaders in the tech industry: Those who have taken part in the Club include Eric Schmidt of Google, Meg Whitman of HP, and Larry Ellison of Oracle.
Zuckerberg in particular won’t have much to worry about: His share of Facebook’s IPO in 2012 was worth about
$2.3 billion.
Is the $1 Club just a symbolic gesture to make those on top appear humble, or a genuine
collaboration-building effort? CEOs: Would you try this? Why or why not??
A couple months back, I hosted a SkillSurvey Webinar about the key dimensions of a candidate: Skill, Attitude, Competency, and Culture.
This was spurred by a blog post I made back in January that posed the question “Is it skill or attitude that makes the best candidate?” which prompted amazing discussion.
I combined these ideas and turned them into a guest article for Recruiting Trends that is featured on their website today. The article, “Dimensions of Necessary Attributes: Measuring a Candidate’s DNA,” explains how these attributes are often overlooked in the hiring process, and how much of this disconnect is attributed to traditional recruiting processes (and how to fix it).
Check out the article here!
What a fantastic session we had on Tuesday at the SHRM Talent Management Conference on Tuesday! The room was packed and full of very vocal, very engaged HR and talent acquisition professionals. Its always great to have some laughs while learning some of the best practices in the business – often we forget the basics of our craft and the huge impact it has on the recruitment process and our relationships with our hiring executives.
Some of the stories on manager relationships were priceless and my thank you goes out to those who played along with the fun – especially the group that takes their hiring managers out for a round of paintball to develop stronger relationships – who wouldn’t want to splat a paintball on some of their foreheads????
In all seriousness, it was a great time and a great crowd and as promised, following is a link for you to download the presentation – happy hunting!
2013 SHRM Talent Management Conference
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This morning I was fortunate enough to spend 90 minutes with a great group of attendees at the SHRM Talent Management Conference in Las Vegas. We were able to openly discuss the topics of diversity and inclusion without fear of being ‘politically correct’. We had some great discussion in areas we agreed on, as well as did not agree on – sounds a bit like diversity itself!
The session began with the group defining what REAL diversity was and was not, and then uncovered the differences between diversity and inclusion and why inclusion initiatives fail. We continued the session with a basic and practical framework of how to condition your organization for inclusion, while building a practical roadmap to identify and engage diverse talent for your organization.
One of the key points we all agreed on was the diversity is not only about color – in fact color in many cases does not lead to diversity/inclusion and the business benefits proven to exists.
Even those that did not agree with 100% of my premise were engaged in a common focus on improving inclusion. Although we have a common goal, our routes may be different due to the 4 dimensions each human consists of.
For those of you that did attend the conference, following is a link to the presentation slide. For those of you that did not attend, please download and contact me directly with thoughts and questions. Thank you all – it was a blast!
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