Not so long ago, employees of large corporations believed that if they did
their jobs well, they could count on working for the company for the rest of
their careers. The downsizings and reorganizations of recent years have
exploded that premise. Still, some remnants of the old beliefs linger on. Most
people assume that if they continue working for a company, they will at least
receive the same salary.
Now that premise is also giving way. Consider a practice that some
companies have lately adopted: bidding for your job.
J. Fife Symington III, the Republican governor of
Arizona, is so conservative that he has sought to abolish the state's Depart
ment of Education. But, poor fellow, he's broke, as the Economist recently
reported. When he was elected in 1991, Symington said he was worth $10 million.
Three months later, he claimed his net worth dropped to a negative $23 million.
These things happen. This past fall, in an unprecedented step for a sitting
governor, Symington filed for bank ruptcy protection under Chapter 7, which
allows him to stiff his creditors and get a fresh start in life.