At dinner Friday, someone mentioned that Bette Midler tweeted “How was YOUR Black Friday? No injuries I hope. Its incredible that we have to fight over STUFF! If there were a DECENT minimum wage, or if workers were treated fairly, and got a tiny portion of the salaries that these CEOs pay themselves, we wouldn’t. “
Having never ran business or having any concept of math, let me help you a little bit Bette.
McDonalds CEO Steve Easterbrook took home just under $8 million last year total. McDonalds has 1.9 MILLION employees. If you took every penny he made and split it among the workers it would amount to $4.16 each. Total, not per month, week or hour. Total.
Let’s go a little higher then to Walmart. The CEO made $35 million last year. Walmart employs 1.5 million people. Take every penny he made and split it up and you get a whopping $23.33 per employee for the whole year. Again, not per hour or per week, but for the whole year.
Let’s go liberal for a moment. Twitter pays the CFO a combined $14.2 million in pay and comps. twitter only has 2910 employees (and for such a progressive business only employs 49 African Americans!). But if you take just the CFO’s pay and split it among the employees you get a whopping $4900 per year. That is some serious coin compared to $23.33. However except for possibly janitorial staff, I am pretty sure nobody else at Twitter is making minimum wage. (note from the story how Twitter is also a cesspool of racism just by their racial makeup alone)
Bette, first off you need an economics course on minimum wages. Study the case of Seattle, but try and look at other sources than the NY Times. Get a well rounded dose from all sides and you will see the details. Seattle actually has a booming economy because of the increased tech sector jobs, but the minimum wage jobs have been stagnant and not enjoying the same boom because of the increase. Second, when you work for the same scale as the key grip or a gaffer, then perhaps you can start to lecture a CEO on their pay.