BY GEORGE WAIALEALE – This year Hawaiian Telcom and the IBEW Local Union 1357 have been in negotiations for a new contract for the unionized workers.
In the last two quarters Hawaiian Telcom has been showing a profit and making a move into the video market to compete with Oceanic Cable.
In August of this year the Star Advertiser printed that Eric Yeaman the CEO and President of Hawaiian Telcom made $6.72 million in compensation for 2010. In the year before Yeaman made $1.32 million in compensation. That is by my calculations a 408 percent pay increase.
In Hawaiian Telcom’s final offer to the members of IBEW Local 1357 they gave them a one percent pay raise and a $500 bonus each year over the life of the contract. They also removed their retirement plan.
This is what I call “The Pie Theory” – Eric get’s more and the employee’s get less.
People wonder why we have “Occupy Wall Street” movements across the country? Hawaiian Telcom employees and the IBEW Local Union 1357 members should make a demonstration of their own.
Many working people believe that we should take care those who work hard and reward them for their hard work.
It appears that Eric Yeaman has been rewarded beyond all reason; and at the same time he has forgotten about the employee’s who work each day to make Hawaiian Telcom a better company.
I suggest that we reverse “The Pie Theory” Eric should receive LESS and the employee’s should get MORE to send the right message about performance incentives.
George Waialeale is a member of the IBEW.