Investment wages
The investment wage is a part of the wage that is not paid to the employee as money , but in the form of a share in the employer - company or in other companies.
According to various concepts, part of future wage increases are invested through employee shares , convertible bonds , stock custody accounts or inter-company capital investment companies as part of an investment wage .
Investment wage as a form of employee equity participation
In the ideal case, it is about the employee's participation in the productive assets , for example through GmbH shares or shares . Investive wage is an employee equity stake ; Employees participate in the company through shares or company shares.
Political discussion in Germany
The investment wage has been part of the political discussion since the 1950s. The concept was also discussed at the SPD's program conference in 2006. As a model, the investment wage is now increasingly popular with the CDU .
In June 2007 the SPD pushed the debate. She proposed a so-called “Germany Fund” through which employees can indirectly buy shares in their company. Bonus or extra payments should flow into the fund instead of salary components, and the indirect participation should protect against the risk of bankruptcies. The Union, on the other hand, favors direct participation of employees in company capital in its “Concept for Social Capital Partnership”.
A well-known example is the birthday share, every employee receives a share of the company for his birthday, as was discussed once at Thyssenkrupp .
Social ethical justification
In the Christian social doctrine, the advocate of investive wages is based on the "principle of the primacy of labor over capital" ( John Paul II ) and the resulting demand to overcome the antinomy of capital and labor and to create the possibility that the worker "can keep the consciousness to work in his own area" ( Laborem exercens, No. 15 ).
Individual aspects
In economics , a number of possible effects of investment wages are discussed (sometimes controversial):
Investment wages and savings rate
Assuming that the investment wage is realized through an equity stake, one usually assumes a slightly positive correlation between the savings rate and the introduction of an investment wage. Low-income sections of the population in particular are forced to increase their savings rate because they cannot use the investment wage to consume.
Investment wages and portfolio theory
In the context of Harry M. Markowitz's portfolio theory , the investment wage should be viewed critically. Employees investing part of their capital in the company they are already employed by increases their income risk. Since the two sources of income, investment wages and pay, are completely positively correlated, the employee's portfolio variance increases according to Markowitz. However, portfolio theory cannot explain important motivational aspects of investment wages, which, depending on the effect, can also reduce risks, since higher performance is achieved by all employees.
Demotivation through investment wages
Götz Werner recognizes a demotivating factor in investment wages:
- “ People have to have a sufficient income. The investment wage is something that actually only makes you dependent. "
- “ [...] Identifying and binding are different. The investment wage might bind, but that doesn't mean it has to identify. And people have to identify with their work, with what they do. People have to be free in what they do. They must be free to do what they think makes sense and where they can identify with. "
In addition to the “displacement effect”, investment wages can also be viewed as motivating. Here, on the one hand, the effect of experienced participation must be taken into account and, on the other hand, the VIE theory . According to this motivation theory, the system of investive wages contributes to a higher instrumentality (secondary goal) of the work, whereby the motivation should be increased.
Web links
- IABInfoSpecial on the subject of "Profit and equity participation of employees" with publications, research projects, institutions and further links on iab.de
- ver.di Education + Advice: Investivlohn - Pros and Cons on verdi-bub.de
literature
- Federal Ministry for Labor and Social Affairs (Ed.): Employee participation in productive assets - A guide for employers and employees. Bonn, Berlin 1998.
- Rüdiger Eschenbach, Walter Heering: Employee equity participation - management concepts and innovative forms of participation. in: management knowledge leadership skills. Metropolitan-Verlag, Düsseldorf 2001, pp. 199–215.
- Rosemarie Fiedler-Winter: Innovative employee participation - The royal road for the economy , Lech 1998.
- verdi: Investment wages - consolation for wage waiver? Economic Policy Information 5/06, November 2006 (PDF)
- Heinz-J. Bontrup: Profit and equity participation. A micro- and macroeconomic analysis, Gabler Verlag, Wiesbaden 2002, ISBN 3-409-11784-9 .
- Heinz-J. Bontrup: Profit and equity participation. Instruments for a fairer distribution of added value against the investment monopoly of capital, in: Frank Lorenz, Günter Schneider (Ed.): Get out of the crisis! Hamburg 2009, ISBN 978-3-89965-326-7 .
Individual evidence
- ↑ Social capital partnership - for more employee participation in profit and capital (PDF; 116 kB) ( Memento of the original from November 24, 2013 in the Internet Archive ) Info: The archive link has been inserted automatically and has not yet been checked. Please check the original and archive link according to the instructions and then remove this notice. , Application of the federal executive committee of the CDU Germany to the 20th party congress on 27./28. November 2006 in Dresden
- ↑ So Ursula Nothelle-Wildfeuer : Wirtschaftsethik , in: Clauß Peter Sajak (Hrsg.): Christian action in responsibility for the world. Schöningh, Paderborn 2015 (UTB 4312), ISBN 978-3-8252-4312-8 , p. 183 (193)
- ^ Erwin Amann, University of Duisburg: Script Microeconomics
- ↑ Interview as part of the “Tacheles” series on Deutschlandradio on dradio.de
