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How To Earn Millions

How To Earn Millions

Just in time for that 2011 budget

Just a warning: This is not going to make you happy.*

In 1960 — not exactly ancient history, though few of us were working then — average CEO compensation in America was 40 times greater than that of the average worker at that same company.

In 2009, odds are the CEO of your company earned more than 400 times more than you, or any of the other “average” workers in your office.

That is more than $10,000 more every day than you earn every year.

Admit it: That is an astonishing statistic, especially given the state of the American economy for the past 10 years, and the recent screaming about tax rates.

As if you didn’t already know this, that gap between the CEO and the average worker’s compensation is larger — by far — here in the good ole USA than any other nation on earth.

Let’s look at recent history, the age of radio consolidation…

From 1990 to 2005, CEO compensation increased 300%, adjusted for inflation, while your pay and that of your co-workers increased a whopping 4.3%.

As radio jobs have been cut by the thousands, as your operating budgets continue to be cut, even the upcoming 2011 budget**, at least you can comfort yourself with the realization that chances are, your CEO is getting a nice raise, plus stock options, and free use of the company jet.

Kinda fitting at this time of year, actually…

I have tickets to A Christmas Carol tomorrow night.

So, as we pick up our final check, which won’t cover the cost of our COBRA health insurance, all I have to say is: “God bless us, every one.

**A spokesperson for Clear Channel released the following statement last week: “We continuously adjust our organization to keep it nimble, lean and efficient. As we approach the New Year, and our goals and objectives for 2011 become clear, we are making some modest reductions in back office staffing…

 

 

*(All data from the Harvard Business Review)

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