Romney Backs Pay for Performance
Mitt Romney continued to tout his business experience Thursday, with an op-ed in the Wall Street Journal on the subject of what he learned during his time at venture capital firm Bain Capital.
One key lesson, Romney wrote, was the value of performance based pay, which he said results in "empowering people."
"For example," Romney wrote, "at Bain Capital we bought Accuride, a company that made truck rims and wheels, because we saw untapped potential there. We instituted performance bonuses for the management team, which had a dramatic impact. The managers made the plants more productive, and the company started growing, adding 300 jobs while Bain was involved. My faith in people, not government, is at the foundation of my plan to strengthen America's middle class."
Romney may lack faith in government, but it seems likely that as president, he would back strengthening the link between performance and pay for government's managers.