Company fines workers $10 for each late minute
The venture capital firm Andreessen Horowitz says it's one way to get employees to take punctuality seriously.
Showing up late for meetings can be a sign of disrespect, disorganization or even a strategy to prove your time is more valuable than others.
Ben Horowitz, a co-founder of venture capital company Andreessen Horowitz, says showing up late for meetings is a problem that plagues his industry -- and it demonstrates a "lack of respect" that he wanted to root out of his own office, he tells Fortune in a video interview.
Entrepreneurs, Horowitz explained, are under tremendous strain, working around the clock, and show up to venture capital companies in the hope of getting funding. What happens next isn't pretty, he added. "The first thing you get is you go to meet with them and you sit in the lobby for 45 minutes. . . because they are very important people," he said.
Horowitz Andreessen invests in technology companies and startups, ranging from Groupon (GRPN) to Pinterest, according to its website. Co-founder Marc Andreessen is an entrepreneur himself, having co-founded Netscape, which helped commercialize the Internet in the 1990s with an early Web browser. Horowitz was one of Netscape's first product managers.
"We said, 'Look, we want to make sure everyone in this firm respects the entrepreneur and respects that they are the ones that are going to make us the money," Horowitz added. With the fine, "we tend to be on time."
Asked about the biggest fines he's collected, Horowitz said he once nabbed Andreessen for $180. "When someone has to pay $80 for being eight minutes late, they say, 'Why? Why are you charging me so much money? I had to go to the bathroom," he said.
One top technology executive would likely be racking up huge fines, based on a recent report from Business Insider. Yahoo (YHOO) CEO Marissa Mayer is "late all the time," according to the story. She can be at least an hour tardy for meetings with her employees, the piece says.
While Horowitz points to venture capital as a place where tardiness is common, it's not unknown to other industries, ranging from health care to cable providers.
One cable company has taken a similar tactic to winning over its customers. Comcast (CMCSA) has a guarantee that seeks to battle that image. If they're late or don't show up for an appointment, they give those customers a $20 credit.
More on moneyNOW
Clearly this is an article grounded in a world that didn't exist some years ago. That world didn't fine you for being late for a meeting: You didn't have to show, given that you didn't any longer have a job.
It may not be true that everyone can be replaced with mental midgets, but everyone is replaceable - and in a very short amount of time.
Occasional tardiness is not unreasonable, but habitually being late is inexcusable and the offender should be penalized, if not fired. Many times it's not just you that is effected, but an entire crew or an entire office.
Consider this: 10 minutes a day X 250 day average per year = 42 rounded hours
42 X $20 hr = $ 840.00 that you stole from your employer in a year + everyone you held up
Boys And Girls club charges $3.00 a minute if you pick up your kids late .
But just try telling you boss that family comes first !
Most meetings are a big waste of time. Anything over 30-60 mins,you are talking about the weather;
Unless you are a Moron..
Copyright © 2014 Microsoft. All rights reserved.
Fundamental company data and historical chart data provided by Morningstar Inc. Real-time index quotes and delayed quotes supplied by Morningstar Inc. Quotes delayed by up to 15 minutes, except where indicated otherwise. Fund summary, fund performance and dividend data provided by Morningstar Inc. Analyst recommendations provided by Zacks Investment Research. StockScouter data provided by Verus Analytics. IPO data provided by Hoover's Inc. Index membership data provided by Morningstar Inc.
[BRIEFING.COM] The Nasdaq Composite (+0.5%) and S&P 500 (+0.2%) posted modest gains on Thursday, but not before enduring a morning dip into the red, which took place in reaction to reports indicating Russia has commenced military exercises on the Ukrainian border.
The news from Europe knocked the key indices from their early highs, while giving a boost to safe-haven assets like gold futures (+0.5% to $1290.80/ozt), Treasuries (10-yr yield -1 bps to 2.69%), and the Japanese yen (102.30 ... More
More Market News
MUST-SEE ON MSN
- Video: Easy DIY smoked meats at home
A charcuterie master shares his process for cold-smoking meat at home.
- Jetpacks about to go mainstream
- Weird things covered by home insurance
- Bing: 70 percent of adults report 'digital eye strain'