Posts Tagged ‘workers’

forbes wells_fargo_protest_web_04_25_12

A week ago, I wrote about the fact that the United States’ top 500 chief executive officers managed to capture 335 times the average worker’s wage last year, taking home $12.4 million on average.

But I didn’t make this calculation for the top 200 CEOS, including Wells Fargo’s chief executive, John G. Stumpf, who was awarded $19.3 million, “making him perfectly representative of the best-paid chief executives in the country”:

According to Bureau of Labor Statistics data compiled by the A.F.L.-C.I.O., the average worker in the United States who doesn’t have management responsibility earns $36,875 a year. . .

A bank teller at Wells Fargo making that average wage would have to work more than half a millennium, until 2539, to earn what that company’s chief executive, Mr. Stumpf, who made the average among chiefs on the Equilar list, earned last year.

That’s right: the average American employee would have to work until 2539 to earn as much as the average of the 200 highest-paid American CEOs did just in one year.

mike4june

Special mention

mrz052016dAPR20160520084516 179702_600

DALI_03

The amount of time people work is not, of course, written in stone (or, for that matter, in law). And, in the United States, employees work much more than in most other rich countries. So, why not reduce it?

In the nineteenth century, the demand of the U.S. labor movement was 8 hours—8 hours work, 8 hours rest, and 8 hours recreation. The idea, when workers were routinely forced to have the freedom to work for 10, 12, 14 hours at a time, was to establish a maximum length of the workday.

The campaign didn’t work (the 8-hour day was never legislated in the United States) but the rising factory system, in which production could be organized around the clock, did bring with it three shifts of 8 hours each. And that eventually became the standard for factories and then offices—except that American workers routinely work more than 40 hours a week and often aren’t paid for overtime.

It makes sense, of course, to reduce the length of the workday and, as I wrote back in September, Sweden has begun doing exactly that—with a 6-hour day. According to the latest report, the results have been positive: less work, more time for rest and recreation, and, as it turns out, higher productivity.

20150613_woc538_1

The result is not all that surprising. According to the Economist, there’s a negative relationship between hours worked and productivity: countries with fewer hours worked per year tend to have higher productivity. The United States, as we know, is at the other end: more hours worked and lower productivity.

So, the number of hours worked (whether daily, weekly, or annually) is not anything given or natural. And there are certainly benefits—for individual workers and society as a whole—in decreasing the length of the workday.

Who, then, is opposed to changing the length of the workday? The same ones who opposed the nineteenth-century movement to establish an 8-hour day.

Their fear, of course, is that, once we denaturalize the length of the workday, we might also be able to question and move beyond other givens—like the idea that most people are forced to have the freedom to sell their ability to work to a tiny group of employers, who profit from the labor of others.

Changing that arrangement would allow workers themselves to decide how to achieve a better balance of work, rest, and recreation.

mcfadden-22-5

Special mention

Clay Bennett editorial cartoon 981193_1_cartoon160516-01_standard

179591_600

download Overtime

Chart of the day

Posted: 20 May 2016 in Uncategorized
Tags: , , ,

CEO-worker

The United States’ top 500 chief executive officers managed to capture 335 times the average worker’s wage last year, taking home $12.4 million on average, according to a new report by the AFL-CIO. That average CEO pay was a whopping 819 times the wage of a worker earning the federal minimum wage.

Here’s the list of the top 25 CEOs by pay—from Joe Kiani of Massimo Corp (at more than $199 million) to Jeff Immelt of GE (at just under $33 million):

CEOs

179416_600

Special mention

179458 179450_600