Sunday, October 28, 2012

Those Darned Canadians!

Take a read of this article about the Toronto Symphony Orchestra, which played this past season at a slight deficit and is ready to renegotiate musicians' contracts without asking for a cut in payroll. The approach of the Toronto Symphony Orchestra management is in direct contrast to that of the Minnesota Symphony and many other American orchestras. Those darned Canadians want to produce the best possible music they can, and know that that will attract audiences (and donations). What a concept!

I think most American businesses can learn something from Toronto's CEO: "I’m trying to increase the compensation to musicians so that we can attract the best and reward them for great performances." That's right. Pay more to get the best employees, and good things will happen. As an old boss of mine used to say, you can't save your way to prosperity. You have to spend a little get the best people, and the best people will deliver the best results. Period.

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