Oh, it’s even more shortsighted and unrealistic than that. Yes, the company was hemorrhaging employees. I imagine this will stop that, temporarily.
However, when the acting president made his victory lap, hours after the union made their rounds letting us know, looking for his pat on the back, he let slip a few things that have been resonating and have since distilled in my head.
First, he sees himself some sort of hero for the mariners and Jones act. He thinks this will save not just G&H, but the maritime industry as a whole. He thinks this move will force everyone else to increase their wages, including offshore, and thus draw in the next generation of mariners.
Second, and this one has truly made me realize the intention. He mentioned competitors having to come up on wages to stay competitive or go under. Knowing that his company, one of the two who’s names are actually on the boat, was fiercely trying to buy a couple other companies before, made me realize this isn’t about us, or for us. This is a strong armed tactic to try and drive market value down and increase possibility of absorbing a competitor(s).
While there has been some notable removal of key players in the management to hopefully improve upon the company’s disfunction, there still sits many others in place that ought to go. Unfortunately, that takes more effort than an owner truly wants to put in. He’s ready to “improve” and be able to wash his hands of it and sit back in the profits again.
All in all, while this was a necessary move and the mariners will enjoy the raise, I unfortunately don’t believe this will do anything to actually improving the company, let alone the industry perception of G&H. While it will put asses in seats, it will not be long term, and I suspect many will run back to where they came from when former employers increase their wages due to poor management here.
But hey, if arguing over ordering a mooring line is worth $740 a day to you, come on, we can bitch about it together.