Labor is back. While familiar political feuding is a result —the left elated, the right dejected — investors are taking note and corporate America should make the most of it.
Participants assert different viewpoints about the economics of such labor advances. Unions complain that corporate America funnels an unfair share of corporate profits to stockholders. Companies counter that pay raises hurt customers since higher wages result directly in higher prices. While each company is unique, those completing the triple play all tend to boast a variety of intangibles that add substantial value. For customers, intangibles include brand quality, product guarantees and supportive service, which even the price-conscious pay up for. Among workers, intangibles include job satisfaction, skills training and promotion opportunities, advantages some even trade for lower pay.
· Volvo VLVLY, -0.29% : At a car maker famous for safety, the triple play could mean factories boasting the best safety records in industry. In their recent contract renewal the sides settled on hourly wage increases while also boasting that the contract gives workers “great quality of life.” Aligning worker safety to product safety would be an obvious way to deliver on that boast.
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