@rbreich
I don't know the comparative figures for the UK but I wouldn't be surprised if they were very similar.
This huge widening of the gap within organisations is one of the worst things I've seen in my lifetime.
The people running the job have no longer got any concept of what it's like for the people doing the job.
@rbreich totally surprising that those responsible for routing surplace in companies have routed it to themselves. What were the odds? Shocked face. Etc.
@rbreich I worked for a company where the newly hired CEO took away the employee's 401k match. A year later he left with a $1 million payout. He literally pocketed the employee's 401k match to the dollar.
@rbreich Well, that’s capitalism working as intended. Poverty and inequality of wealth is not a mistake of the system, but by design. What would it even mean to be wealthy unless countless others were poor? There’s no fixing this without changing the entire system.
@rbreich We need a labor law that restricts tax deductions on executive pay to 20 times that of the median salary of their employees including contractors.
As for gaming the system, I understand from a talk by Daniel Markovits that senior executives have used automation to siphon work away from middle managers, justifying less money for them and more money for the siphoners. It’s one reason people at the top burn themselves to crisps. But I have yet to read “The Meritocracy Trap” to get the full story.
@rbreich “Wells Fargo to lay off more workers from its West Des Moines campus as CEO comp rises”
“On the same day that Wells Fargo shareholders voted to increase CEO Charlie Scharf’s 2023 compensation package by $4.5 million, the company announced another round of layoffs at its Jordan Creek campus in West Des Moines.”