Employees' car choices don't go unnoticed by their bosses
The original article may be seen here.
By Del Jones, USA TODAY
Depends on which CEO you ask. Forty-four company leaders responding to an informal USA TODAY survey said they had an opinion on the question, and 26 of them said it was OK to pull into the parking lot driving wheels a cut above. That would fit the image of CEOs as free-market disciples who allow underlings to buy what they want — even if they upstage the boss.
However, 18 advised against it, mostly because it signals irresponsibility and a lack of judgment.
Yet, a few said they go so far as to encourage employees to buy cars out of their league because expensive tastes and debt motivate. "It shows they have goals and ambitions to aspire to, and maybe catch up with," says Dave Young, CEO of mattress manufacturer Vymac, who drives a 12-year-old BMW.
Robert McGovern, CEO of Jobfox.com, drives an '06 BMW. He says he "works" his salesmen by telling them that they deserve a new car. "Go treat yourself to that Beemer you've always wanted," he tells them. (McGovern founded CareerBuilder.com, now jointly owned by Tribune, McClatchy and USA TODAY parent Gannett.)
But Paul Holstein, COO of CableOrganizer.com and an '07 Lexus driver, worries that over-extended workers expose the company to fraud and other risk. "I wonder about an employee's financial maturity if they drive too nice a vehicle. If it's above their means, I question the source of funds and will monitor that employee's work more closely."
"It always makes me laugh when I see some guy drive up in an extremely expensive car he can barely afford," says Richard Hanks, president of Mindshare Technologies, who drives an '02 Toyota.
"They could use a financial adviser. An expensive new car is one of the worst investments one can make," says Jim Holland, CEO of Backcountry.com, who drives an '05 Subaru Outback.
"Nuts, they should be saving for the future," says John Pugh, president of Cortech Engineering, who drives a 2004 Lincoln Navigator.
None of the CEOs say they are jealous, even though "envy is part of the human condition," says Penn State management professor Donald Hambrick and co-author of the paper "It's All About Me: Narcissistic CEOs and their Effects on Company Strategy and Performance."
Hambrick says he's unaware of research addressing CEO jealousy of subordinates' possessions. "I think we could reasonably expect that narcissistic CEOs can't stand to be outshined," and that employees of narcissistic CEOs who arrive in nicer cars could suffer "denigration, smaller raises, slower promotions, and possibly dismissal."
"Drive the Ferrari on weekends, and don't brag to the boss about getting your kid into the Ivy League," Hambrick advises.
In some cases, it could be difficult to find a cheaper car than the boss drives. A survey of C-level executives by TheLadders.com job site said that 5% are "a little embarrassed" because they drive the worst car in the lot.
Mindshare Technologies' business monitoring tools help companies improve operational excellence and minimize customer attrition through personal customer involvement. Mindshare's proprietary survey technology captures the voice of the customer in real-time and immediately transforms it into actionable intelligence through powerful and incisive enterprise reporting. With Mindshare, companies can determine the type of information they collect, who can access it, and how it's reported. As a hosted system, Mindshare is affordable and flexible, with surveys and reports tailored to fit individual needs. The reports are web-accessible 24/7 or by timed email delivery. Mindshare serves more than 25 different industries including travel, hospitality, restaurant, financial, salon, automotive, and retail. Clients range from small regional chains to large multinational corporations. For information, visit www.mshare.net.
