How does an average guy in a decidedly below average organization "earn" over $9 million a year? DeMar DeRosan just signed a four-year deal with the NBA Toronto Raptors, a team which has only made the playoffs five times in their 16 year history, only once advancing to the second round; a team with an all-time "winning" percentage of an embarrassing 42%.
How much does the average guy where you work make? Has your company failed miserably for the last 16 years? Of course not--they'd be out of business. So, why is it that this band of losers is not only still making money, but paying huge salaries to everyone responsible for their massive ongoing failure? You know these losers wouldn't be paid so much if you losers out there wouldn't pay to watch a horrible team night after night, year after year, decade after decade. What--you just can't get your fill of failure? We have people homeless and children hungry while assholes pay big bucks to watch bigger assholes paid bigger bucks by bigger assholes to play another squad of assholes who are paid even bigger bucks...
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Showing posts with label salary. Show all posts
Showing posts with label salary. Show all posts
Thursday 1 November 2012
Friday 16 January 2009
A great, big harrah!
goes out to Seagate. As one of the largest manufacturers of hard drives in the world, and having fallen on hard times, Seagate has announced that it will reduce its workforce by 3,000. No, that's not the part that needs to be applauded. It also said that various executives' salaries will be reduced between 15% and 20%. Now, we're getting warmer. The CEO will take a 25% salary hit. Applause!
Why does the reduction of someone's pay require applause. Simple. Very quietly (to some) the gap between CEO's pay and that of the average worker has widened exponentially over the last few decades. You're probably thinking "Vin, you must be exaggerating when you use the word 'exponentially', aren't you?" Au contraire, my friend. It is almost beyond belief how the wage gap has turned into a veritable chasm.
In 1965, the average Joe's pay envelope contained only 1/24th of what The Big Kahuna's did. Back then, that difference almost sounded reasonable. But greed being the hallmark of the rich, by 1979, that difference had grown to 35. By 1989, it was 71. 1995 was a banner year--it hit the 100 times milestone. Unbelievably, it was at this point that Chief Executives' salaries really took off. By the year 2000, they were making 300 times more than Joe Lunchpail!
If you were making $40,000/year, The Grand Poobah was pulling down about $12 million. And that's not counting the myriad of stock options, bonuses and benefits which can add millions more. Baby, you're a rich man! The tech wreck caused executive pay to be reduced...but it was short-lived. The gap between the poor and the rich continued its relentless, ever-widening journey.
This graph gives a visually-startling picture of the enormity of this untenable situation. Unfortunately, it only shows data up until 2005.
On behalf of all the little guys, a hearty congratulations, Seagate, on taking a gutsy stand on executive pay. Here's hoping your peers follow your sensible and ground-breaking stand.
The Story.
Why does the reduction of someone's pay require applause. Simple. Very quietly (to some) the gap between CEO's pay and that of the average worker has widened exponentially over the last few decades. You're probably thinking "Vin, you must be exaggerating when you use the word 'exponentially', aren't you?" Au contraire, my friend. It is almost beyond belief how the wage gap has turned into a veritable chasm.
In 1965, the average Joe's pay envelope contained only 1/24th of what The Big Kahuna's did. Back then, that difference almost sounded reasonable. But greed being the hallmark of the rich, by 1979, that difference had grown to 35. By 1989, it was 71. 1995 was a banner year--it hit the 100 times milestone. Unbelievably, it was at this point that Chief Executives' salaries really took off. By the year 2000, they were making 300 times more than Joe Lunchpail!
If you were making $40,000/year, The Grand Poobah was pulling down about $12 million. And that's not counting the myriad of stock options, bonuses and benefits which can add millions more. Baby, you're a rich man! The tech wreck caused executive pay to be reduced...but it was short-lived. The gap between the poor and the rich continued its relentless, ever-widening journey.
This graph gives a visually-startling picture of the enormity of this untenable situation. Unfortunately, it only shows data up until 2005.
On behalf of all the little guys, a hearty congratulations, Seagate, on taking a gutsy stand on executive pay. Here's hoping your peers follow your sensible and ground-breaking stand.
The Story.
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