These companies paid their employees a median wage of $31,672 in 2022, while their CEOs took home an average $15.3m
A good reason to have laws regulating the maximum pay gap between executive and the lowest paid peon. And make sure to include all types of pay like stock options so companies can’t squirm out of it.
Sounds great, and sure might as well pass it, but there’s a lot of ways to get around it
- Shell companies
- TC in stock/bonuses
- Outsourcing to contractors
- Utilizing foreign jurisdictions
The point is that if max pay gap laws are passed, CEOs will just hide their actual pay in external resources and normal employees will still make exactly the same.
I’m ok with this, but it’s essentially just a step toward socialism which is the better option (but will never happen). Because all this will do is make CEOs less wealthy from the company itself. The investors still make tons more than the CEOs already and they don’t do anything. You need to force revenue sharing essentially which is just socialism with extra steps. Cause CEOs will just end up investing in other companies and still be wealthy and get less compensation from the company itself.
I mean, it’s a pretty big step. It would basically make it such that a company has to expand it’s footprint to grow revenue.
No, for investors to grow revenue it would. Which was the whole initial concept of owning the means of production. You invest in what you thought would make money. You didn’t invest because you wanted to take away employee’s earned value to yourself. But that’s what it came to. A majority of inflation is profit-driven related. Not government assistance related like many corporations and conservatives want you to think. Aside from that, any overt success is shared amongst everyone and no increase would be offset by normal COLA through the supply chain. People could survive and thrive without having to gut the value of employees or those in the supply chain. The only issue would be loss of business which is always a risk. But losses can be shared equally or if it’s a large enough loss over a long enough time, it would require some folks to be laid off and depending on why, the employees could put the person running the business.
Exactly. Increasing pay would be really, really nice. But we can do that and have more control over our workplaces. Worker owned companies would prevent huge disparities in pay from reoccurring, regardless of what the government does.
Like a wise and angry man once said: “Fuck the G rides, I want the machines that are making them.”
I don’t think the point is for them to be less wealthy, the point is you shouldn’t make more than 600 times what half your employees make.
I know. But investors don’t care. They’re the root of the problem. CEOs are simply an employee of the company that ultimately represents the shareholders interest. Affecting their pay does not affect shareholder value that much. It just commoditizes the CEO position.
Because this is America and if you make rules like that you’ll crush the American Dream tm and no one will want to work at all because you’ve taken away their ability to daydream about one day being the disgustingly rich person doing the trickling instead of the disgustingly poor person waiting to be trickled on.
That’s just bringing down the top without helping anyone. Need to lift from the bottom instead
if you’ve ever worked food service in your life you should instantly be able to calculate how fucked wages are. in 1 hour you make dozens of meals that cost $10+ while getting paid maybe $10 or $15 per hour. it’s obscene
Good sentiment but not really a true conclusion. Most restaurants sell their food for a little over cost. The majority of their sales profits come from the drinks. It’s insane. A 5 gallon bag of Coke syrup is good for $1,000+ in drink sales but costs most businesses less than $100. Regardless, I agree that workers should be paid more, but not because the food is so expensive.
Here’s the list of top 100 ‘low-wage’ US firms that are fucking over their employees (listed in the full ‘Institute for Policy Studies’ report):
Lowe’s
Home Depot
Walmart
S&P Global
Linde Plc
Autozone
O’Reilly Automotive
Nike
Target
Dollar General
Analog Devices
Sherwin-Williams
McDonald’s
Mondelez Intl
Amazon.com
TJX
MGM Resorts Intl
Best Buy
Starbucks
Kroger
Johnson Controls
Seagate Technology
Colgate-Palmolive
Philip Morris Intl
Marriott Intl
Cognizant Tech
Solutions
Fleetcor Technologies
FedEx
Estee Lauder
TE Connectivity
Domino’s Pizza
Constellation Brands
YUM Brands
Ulta Beauty
Coca-Cola
Stanley Black &
Decker
Mosaic
Ross Stores
Hilton Worldwide
Bath & Body Works
Corning
Becton Dickinson & Co
Amphenol
Dollar Tree
Tractor Supply
Tapestry
Whirlpool
LKQ
Skyworks Solutions
Advance Auto Parts
Carrier Global
Amcor Plc
Assurant
Darden Restaurants
Walgreens Boots
Alliance
Costco Wholesale
Chipotle Mexican Grill
Mohawk Industries
Microchip Technology
DXC Technology
ON Semiconductor
Hershey
Kimberly-Clark
Ralph Lauren
Tyson Foods
Wabtec
Baxter Intl
Align Technology
Smith (A.O.)
VF
Robert Half Intl
Genuine Parts
Avery Dennison
Kraft Heinz
Borgwarner
Factset Research
Systems
PPG Industries
Newell Brands
Fastenal
Carnival
Viatris
Live Nation
Entertainment
Wynn Resorts
Garmin
Cooper Cos
Extra Space Storage
Aptiv
Mccormick & Co
Epam Systems
Royal Caribbean
Group
Norwegian Cruise Line
Iron Mountain
AES
Teleflex
Western Digital
Caesars Entertainment
Copart
Las Vegas Sands
Monolithic Power
Systems
Public Storage
They are not only fucking over their employees. They’re fucking over all tax payers and straining the countries they are allowed to operate in, while funneling those dollars to top executives and shareholders.
These companies rely on social programs like welfare and food stamps to support their front line staff. They drain those programs for their own profits, and leave the governments less able to help their people. This is vampire capitalism.
Hey my company is on this list. Can confirm it fucking sucks. Where did you source this from?
The article is about a new report from the Institute for Policy Studies which identifies the top 100 ‘low-wage’ US firms. The full report is linked from the article to here: https://ips-dc.org/report-executive-excess-2023/ , I opened the PDF and pulled out the full list.
Why is epam on this list? They charge more than most other contracting firms
But they bring so much value for that $601. Like figuring out how many people to fire to maximize revenue for shareholders. Come on, doesn’t that deserve a $15 million salary?!
It’s ironic, they’re the one position that I think at most companies provides no value at all. They think they’ll be the ruling class in an apocalypse, but they don’t realize that they have no marketable skills whatsoever.
Yes and no. They can’t do what everyone else can do and not many can do what they do. You only see the darker side of thing and yes most are incredibly evil in many ways.
However, someone has to organize. Someone has to delegate. Someone has to decide. Do they deserve that much money? No. Does the position need to exist? In many ways it seems so.
Perhaps it’s more accurate to say that they don’t have a unique skillset. You’re right that someone does need to delegate, organize, and decide, but the ability to do so isn’t special at all. You could probably put any given technical worker in that position and they’d do just fine too.
Experience of course is what really shines here, but the problem is the same as politics. They may have more experience, but the decisions they’re making aren’t for everyone’s best interest. They’re biased towards the newer, richer friends.
This experience vs corruption duality is tough. It’s also there when you have the government making policy. The experts you want to consult on how X is made and what regulations there need to be are those who are experiences in making X – but those same groups also want money and clout, and will try to get that into the regulations. I’m not sure what a good solution is.
Feels like this is actually a way to make it seem like less of a gap? Hourly workers (the workers discussed here for the most part) think of wages in, you guessed it… hours. To keep it clear, tell them, “You make $10 an hour, but your CEO makes $6,000 an hour.”
Or even better, “Your CEO makes more in a single day than you do in an entire year of full time work - Almost double what you make in a year in fact. And that day your CEO ‘works’ is a fairly relaxing day with a long lunch break, a private office and air conditioning,”