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If your company doesn’t make payroll, how long would you keep working there? Most people don’t/won’t/shouldn’t work for IOUs.
by ellisv 4y ago
If your company doesn’t make payroll, how long would you keep working there? Most people don’t/won’t/shouldn’t work for IOUs.
- wpietri 4y agoEverybody works for IOUs. It's just a question of how much credit you want to give them.
- wpietri 4y agoHuh. From the downvotes, I'm confused. Does anybody get paid in advance? As far as I know, "do the work today, get paid soon" is how it works for basically everybody in the US.
- ellisv 4y agoAlmost no one is paid in advance. Most people expect to be paid on a regular schedule, e.g. biweekly, semimonthly, monthly. If you do the work and don’t get paid soon, what’s your expectation going forward?
- wpietri 4y agoDepends a lot on the context. In this specific one, where $250k is getting freed up immediately and some large percentage of the account will be available within a week, then I'd be totally fine if the CEO says, "Oops, we got caught up in this, we'll do a partial payroll with what we have and get you the rest with a special check a week later." On the other hand, if the CEO were saying, "Gosh, our company managed our cash so poorly that problems with one bank mean the company might go under," then I'd be looking for a new job pronto. Because not only would that mean notable financial mismanagement, but would also suggest that the business was not healthy enough that they could get a bridge loan or emergency investment.
- markdown 4y agoIf you know your boss got screwed by his bank, but that you can bank on being paid within a week, then you'd stay, wouldn't you. I'm under the impression that every American adult has a credit card, so I don't understand what all the fuss is about. A worked who understands this situation and still leaves because they got paid a week late is a worker who was going to leave soon anyway.
- wpietri 4y agoExactly. Companies go under all the time for all sorts of reasons. A worker who has absolutely zero margin to delay a paycheck is in trouble for all sorts of reasons. Bank failures are tiny fraction of the things that could wreck their world.
- bombcar 4y agoYep. Only a very few industries technically pay in advance. And these startups could announce they’re going to “monthly pay period” and glide out two weeks. Questionably legality.
- thebigspacefuck 4y agoDepends how the job market is right now :) I’d rather work for a job that’s most likely going to pay me in the near future and start to look around than quit and not be able to find anything else.