I've always founds this curios, if I'm my company is going through a rough time, I don't call my boss and say I want 50% more money, I usually just help out until we get through it, occasionally I'll get a bonus for that but it's optional.
Oil companies are interesting because it seems like the first thing that happens if there is any kind of problem is put their prices up?
This is intuitive on an individual level, but price discovery works differently in these two scenarios.
Wages are "sticky" and negotiated directly between two parties. Oil is a globally traded commodity. Oil companies don't just decide to "put their prices up", though large players can influence it.
When a shock happens, buyers immediately bid up the price to secure limited future supply. Producers largely aren't involved in that pricing.
I will also add that, depending on the situation, your company having hard times very well might be the time to renegotiate your pay. It also though may be the right time to sit quietly and not draw attention to yourself.
bamboozled · · focus · HN ↗
Oil companies are interesting because it seems like the first thing that happens if there is any kind of problem is put their prices up?
jfyi · · focus · HN ↗
Wages are "sticky" and negotiated directly between two parties. Oil is a globally traded commodity. Oil companies don't just decide to "put their prices up", though large players can influence it.
When a shock happens, buyers immediately bid up the price to secure limited future supply. Producers largely aren't involved in that pricing.
I will also add that, depending on the situation, your company having hard times very well might be the time to renegotiate your pay. It also though may be the right time to sit quietly and not draw attention to yourself.