Did you know that Starbucks is one of America's biggest corporate thieves?
Companies like Starbucks can legally pay below minimum wage in some U.S. states and several Canadian provinces/territories. So let's say the general minimum wage in a particular state or province is $12, Starbucks can pay below that (sometimes as low as $3), with the "American rationale" being that tips will fill the gap between the wage being paid and the minimum wage.
Interesting concept isn't it?
- Pay someone $3/hr (in America, as you know, your taxes don't go to healthcare in most cases)
- Charge $7 for the world's most average coffee
- Let the customer provide "tip in" the gap
Maybe fund managers like Magellan should adopt that model? Wouldn't that be a nice incentive to provide a good service and actual results?
Maybe their PM's can start on $20,000 annual salaries, and if they outperform, the performance fees lead them into six figure territory?
(20min delay)