Monday, March 23, 2009
What if they all quit?
What happens if all the folks who got those bonuses at AIG just quit?
A small detail that hasn't been mentioned much--these were retention bonuses. In other words, in theory, they were offered to employees in order to keep them from fleeing the company. After all, these were folks who had been working for a big insurance company, not the government.
So what if they all decide not to come to work tomorrow? What would whoever's-in-charge do? Promote into executive positions junior AIG employees who didn't get bonuses? Hire people away from Travelers or State Farm? Hire people from government regulatory departments?
I mean, doesn't whoever's-in-charge there at AIG have an important job to do? Don't they need to pick up the pieces and put this thing back together--get rid of the the crap and make it a profitable company again?
Maybe they can tax bonuses 90% and still retain the best people who have stuck it out this long. Maybe.
My guess is not, tho. My guess is that they will hire (in a figurative sense) postal workers, DMV cashiers, OSHA inspectors, IRS & Social Security Administration help desk phone operators, and airport security wand-wavers. And if that's not who they hire to fill the vacancies, that's what the remaining employees will be turned into.