Why the highest paid make so much
Why the highest paid make so much: I recently an article in CNN Money with this title and found it very interesting and educational. There are a number of theories and concepts as to why.
One concept attracted my attention: Winner take all: This theory contends that there are some people who are just really good at their jobs. As technology improves and markets get larger, the best workers know how to leverage those advances to take an ever larger share of the economic pie.
This extends not just to celebrities and CEOs but also to top performers in many professions, said Robert Frank, an economist at Cornell University who wrote a book on the subject in the 1990s.
Thanks to email, cell phones and other technology, the best salesperson, doctor, lawyer, etc. “can handle a much larger share of the load than before,” Frank says. “It’s a real bad time for mediocre people.”
A brutally honest statement, and I agree.
My expertise and profession is sales, management and leadership coaching and training. When I meet someone new, I’m often asked, “What do you do?”
I tend to describe what I do as simply as I did above. However, I add one thing. “I only work only with people/decision makers who have no desire to maintain the status quo and have the visionary mindset to not be mediocre and do something about that beyond just talking about it.”
I have a rule regarding the status-quo concept: “You’re either growing – or dying.” It’s that simple. So you can see why I liked Robert Frank’s comment: “It’s a real bad time for mediocre people.”
So I’ll pose the question to you if you’re a decision maker in your company, what are you doing to make sure you and your people are not mediocre or just maintaining the status quo?