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Boeing offers 35% pay hike over four years to end machinists' strike
(www.reuters.com)
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this post was submitted on 19 Oct 2024
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I'm not sure the business has the $$ to support all of the union requests (Should they? Yes, but good ol' Dave really did a number on the business). They should offer to attempt claw back the last 3 CEO departure packages as a guesture of good will if they can't meet union requests.
OR the c-suite should make less goddamn money and understand that taking care of their employees benefits their share price more in the long run. That would require they learn how to run a fucking business though.
That's how it should be - and is another excellent gesture of good will. But, based on a quick search, it looks like each of the 20 senior execs makes ~$2m/year (in cash, they get stocks too, but those don't cost the company anything). If you halved their salaries, it would be ~$675/year for each of the 33k striking machinists - and does not totally bridge the gap to meet union requests. It also would omit SPEEA. But I agree, there are a bunch of levers they can and should be pulling.
They spent $70 billion in stock buybacks in the last decade. Start there. Just sell the stock.
Yes. This. The stock buybacks drained cash for investment in production and was a reason to keep salaries depressed and to seek further cost cuts. Stocks buybacks were used because management could not convince investors that improvements were needed after using every Jack Welch trick and wanted a quick way to propel the share price, which has backfired in spectacular and lasting ways