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this post was submitted on 21 Oct 2023
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I'd support laws that limited CEO:Employee wage ratio to something more like 10:1.
If you pay me 100k and you're making 1m, I can accept that there is no room for a raise or a bonus.
If you are making 10m and I am making 100k and you deny me a raise, I'm feeling disenfranchised.
It's better to place the burden on the company as a whole per revenue than per CEO pay differential. Amazon for example made somewhere in the 500 billion dollars in revenue for 2022 but for all ~1.5m employees only spent ~42 billion on salaries for an average of ~28k a year.
They have so much ample revenue to use for increased salaries that goes unanswered.
Won't work, can't work.
There are companies which have insane revenues but tiny profits - let's say manufacturing, where you need to pay a shitton for materials and workers, just to get a bit in return.
There are also companies where the main source of income is selling people's time, say a consulting firm like McKinsey. Their income/revenue ratio is gonna be totally different from the first example.
I'm sure there are good ways to do it but this ain't one of them.
I can see your point, but I am also tired of pointing to CEO salaries and thinking that reducing them will make any meaningful increase on company wide salaries.
There's always making cost scalable to reported profit. It's annoying to see a company like Amazon make so much but pay employees so little because it's"competitive pay" to the business they're ruining through monopoly.