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JUNE 8, 2022
Talking Points
When the CEO Gives Themselves *Another* Raise…
… and you were told “it’s just not in the budget right now” when you advocated for a salary and title bump of your own a few months ago. Ha!
That’s right, there’s another pay gap we need to talk about: According to a recent Fast Company article, many CEOs at top publicly traded companies are making 670 times more (yes, you read that right—670) than the median-wage workers. And that’s just the average: Some companies are making over 1,000 times more. We wish you could see the look on our faces right now.
Let’s do some quick math, with the help of this very handy but also very depressing chart from The Hustle. For example, Bath & Body Works' CEO Andrew Meslow made $17.7M in 2021. And the median worker salary? $10.6K (part-time work). Another one! David Zaslav, the CEO of Warner Bros Discovery, made $246.6M in 2021, while the median worker salary was only 83K.
One reason why this happened? Because CEOs kept giving themselves raises, at a higher and more drastic rate than their employees. On average, their pay increased by $2.5M in 2021—and the median pay for employees only went up by $3,556, according to this Executive Excess report.
So, what can be done? Is it even possible to tell the CEO of the company you work for to stop being so greedy and let you have a slice of the money pie? Well, not exactly… Currently, there are two laws in place in the U.S. which raises taxes for companies with large CEO-to-worker pay gaps: one in San Francisco and one in Portland, Oregon, as stated in the Fast Company article. “The beauty of putting conditions that are tied to the pay gap is that it’s an incentive to narrow those gaps both by lifting up the bottom and bringing down the top,” Sarah Anderson, the lead author of the Executive Excess report, told FC.
We’ll leave you with one more stat: It would take the median worker at least 186 years to earn what their CEO did in 2021. And in what world is that ok?
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Staff Picks
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