In keeping with the overall philosophy we have discussed so far for how an ideal bank will operate, including empowering elected leaders who will seek to accomplish the will of the People and to set an example of virtue rather than greed and self-aggrandizement, the compensation for those who contribute to the creation of the this ideal bank will be centered around the average income within the region that the bank will service (including the income, or lack thereof, of the homeless and unemployed). Furthermore, heir compensation will be tied to the approval the People within the serviced region have for the bank founders’ services, and will be capped at a percentage of the region’s average salary as designated by the people who are serviced (120% of the average income in the region, for example).
These directly democratic compensation rates will apply for senior leaders within the bank during its start-up phase, as well as after the bank begins to make loans. Senior leaders, during the start-up phase, will be charged exclusively with determining, anticipating, and implementing the People’s will for how the People’s bank will operate.
Employees who are hired for start-up and/or ongoing operations, such as web developers, pollsters, fundraisers, grant writers, loan officers, Community relations and communications officers, accounting officers, trade and commerce development officers, and retained earnings fund managers will also be compensated and held accountable to the People in a similar manner, although they will report directly to the organization’s senior leaders who in turn are ultimately accountable to the population that they serve. In addition to these internal employees, an external and independent oversight organization should be created during the start-up phase which will also be transparent, elected, and accountavble to the people with a seperate budget which the People authorize as they deem appropriate.
During the initial start-up period, before income begins to be generated with interest from loans, founding senior leaders will earn their pay by also serving as the first fundraisers, grant seekers, and trade and commerce developers, while assisting in development of the bank’s web page and polling procedures as well.
Performance above and beyond that which the People feel warrants the maximum compensation within the range which they establish will be rewarded not with money, but rather in the form of honor and a fitting legacy for their contributions to society which will be bestowed upon such exceptional leaders in a manner and under conditions of the People’s choosing.