Guest Blogger: William R.
Mansfield, Founder, Mansfield Institute for Public Policy and Social Change,
Inc.
In one very real sense, it is extremely
misleading to talk about “the Millennial Workplace” as if Millennials are
somehow inherently different as human beings from every generation that has
gone before. Obviously that is not true,
as basic common sense tells us. If
someone is human, he or she is as fully human, and is human in the same way, as
everyone else, no ifs, ands, or buts.
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| An amorphous "workforce" tends to dehumanize people. |
On the other hand, today’s Millennial
generation — ages seventeen to thirty-five or thereabouts — does face
significantly different challenges from every previous generation in the
world’s history. They are
entering the workforce (itself a relatively new concept on the world scene) and
bringing with them a new perception of what work should be like.
This new
perception affects power relationships in general and, naturally, how specific relationships
between employers and employers, employers and employees, and employees and
employees should be structured. In order
to create a “Millennial friendly” workplace, there are a few things we should
know about the generation that will represent nearly 75 percent of the work
force by 2030 — but, fortunately, they are no different from what we need to
know about every other worker or person.
First — more than
any other generation in history, Millennials are face to face with the specter
of becoming “obsolete.” Since the advent
of the Industrial Revolution there has always been the fear of being replaced
with a machine. The answer, however, has
always been retraining for another job, even if it is lower paying.
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| Advancing technology always replaces human labor. |
For the last
century, the rate of economic growth in global markets hides the fact that all
forms of human labor are becoming redundant as robotics, artificial
intelligence and other advanced technologies have become increasingly the
source of marketable productiveness. With the growing concentration of capital
incomes from productive capital assets among fewer and fewer capital owners,
however, and the consequent decrease in median consumption power among
most citizens everywhere, the economic growth that could formerly be counted on
to absorb “excess” labor made redundant has slowed dramatically within
productive enterprises.
Added to this is
the way in which government redistribution programs have also disguised the
fact that fewer and fewer people are able to produce with labor alone, even
when combined with technology other people own.
The so-called “Welfare State,” however, is also showing signs that it
cannot be sustained for much longer on government deficit spending that now
exceeds $66,000 per U.S. citizen.
Finally, the rate
of technological advancement is displacing labor at an ever-accelerating rate. It is not longer a question of whether robots will replace people, but when.
When these
factors are combined, the situation appears hopeless for Millennials. They know there is an extremely high probability
that it is only a matter of time before they become completely unnecessary in
the production process, and an added burden to overloaded and nearly bankrupt
government redistribution programs.
. . . hopeless,
that is, within the current paradigm.
What is needed is
a drastic shift to a more inclusionary free enterprise paradigm known as the
“Just Third Way”, one that enables victims of the system to become its masters,
without violating property rights of current owners over their existing
capital. And the only way to do that is
by applying the three principles of economic justice (1. Participation, 2.
Distribution, 3. Social Justice), and implementing and maintaining the four
pillars of an economically just social order:
1. A
limited economic role for the State,
2. Free
and open markets as the best means of determining just prices, just wages, and
just profits,
3. Restoration
of the rights of private property, and
4. Widespread
capital ownership.
That’s all very nice, but those “four pillars”
are a pretty tall order, aren’t they?
How can this be done at the level of the individual enterprise?
It’s not easy, but it can be done to a limited
extent within the framework of existing law.
This is through what the Center for Economic and Social Justice (CESJ)
calls “The JBM S-Corp ESOP,” where “JBM” means “Justice-Based Management,” and
“ESOP” stands for “Employee Stock Ownership Plan.”
So how does this work within the context of the
four pillars?
1.
Limited economic role for the State.
Unfortunately, little can be done at this point about limiting the power
of the State, except for people to do the best they can to make their companies
profitable without government subsidies, including tariffs or trade quotas. By having a company that is organized as an
S-Corp and owned 100% by the workers through an ESOP trust, the corporation
pays no income taxes to the government at either the state or federal level,
limiting government control to that small degree, at least.
2.
Free and open markets. Again,
not much can be done at this point. One
company cannot buck the system and expect to do anything other than go under. The best that can be done is what should be
done, anyway: be honest and fair in all dealings with workers, customers, and
shareholders.
3.
Restoration of the rights of private property. Now,
this is something that can be done if a 100% worker-owned company passes through
the vote on all shares, and all future profits are used to (1) pay off loans to
purchase new or existing shares that can be tax-sheltered within worker
accounts within the ESOP trust; (2) pay out dividends or bonuses to supplement
each worker’s incomes; (3) or to finance new capital growth assets of the
company in ways that benefit all worker-owners.
4. Widespread
capital ownership. This is the key, and what makes it possible
to restore the rights of private property under existing law is that future
profits are tax-deductible at the corporate level if the enterprise is
100%-owned by workers through an S-Corp ESOP. More universal access for every
citizen to participate in the productive process as a capital owner is
theoretically possible, but will require new Federal laws based on the expanded
ownership benefits available to ESOPs.
Yes, this is little enough — but it is a great
deal compared to what companies that are not oriented along Just Third Way
lines can and will do. And people can do
more than what the economic system allows them to do.
#30#