As a former bank manager, you're completely full of shit. If the business loses $10,000 in a month that DOES NOT come out of your pocket. That comes out of the BUSINESS, not your pocket. And such a loss is entirely on YOU. Why should your employees have to pay for YOUR incompetence and mismanagement????
You seem to be speaking from experience when you say that the employees get paid first in the event of a business failure. Except employees don't get paid first. Not even close to it. Secured creditors get paid first, then government debt next, expenses of the business third - that's where your employees get paid, and then your unsecured creditors get paid. Shareholders are last, and deservedly so.
If you don't "choose" to give your worker a fair wage, while you live high on the hog, on the profits of THEIR LABOUR, you won't get or retain good employees. Good employees will always have other opportunities. Even Walmart found that they were losing business because their employees were the lowest paid and shoppers found going to Walmart unpleasant as a result. That's when they started raising wages.
The best place I've ever worked, treated the staff very well. We were well paid, treated with respect, and given every perk in the book. No one ever left. And our reputation was that of the "hardest working firm on Bay Street". We had the most billable hours per capita on Bay Street. When people are well paid and appreciated, they give their absolute best.
