General Motors CEO Mary Barra, the highest-paid chief executive among the Big Three, made nearly $29 million in 2022. Securities and Exchange Commission filings show that this is 362 times the median GM employee's paycheck [1] (this pay ratio is required reporting from public companies now).
Profits at the “Big 3” auto companies—Ford, General Motors, and Stellantis— skyrocketed 92% from 2013 to 2022, totaling $250 billion. Forecasts for 2023 expect more than $32 billion in additional profits [2] [3].
Polling shows a majority strongly supporting the union's efforts in this regard [4].
The money is there, and the people who doing the work are asking for a greater share of the profits generated by their work. This is not unreasonable, and Labor should continue to turn the screws as politics shift, as well as structural demographics causing labor demand to exceed supply for at least the next decade.
[1] https://wamu.org/story/23/09/13/sky-high-ceo-pay-is-in-focus... ("Sky-high CEO pay is in focus as workers everywhere are demanding higher wages")
[2] https://www.epi.org/blog/uaw-automakers-negotiations/ ("UAW-automakers negotiations pit falling wages against skyrocketing CEO pay")
[3] https://www.cnbc.com/2023/09/15/biden-says-record-profits-sh... ("Biden says record profits should ensure record contracts as UAW strikes Ford, GM and Stellantis plants")
[4] https://i.ibb.co/r7TsFtY/qd18hourfcob1.webp
Profits at the “Big 3” auto companies—Ford, General Motors, and Stellantis— skyrocketed 92% from 2013 to 2022, totaling $250 billion. Forecasts for 2023 expect more than $32 billion in additional profits [2] [3].
Polling shows a majority strongly supporting the union's efforts in this regard [4].
The money is there, and the people who doing the work are asking for a greater share of the profits generated by their work. This is not unreasonable, and Labor should continue to turn the screws as politics shift, as well as structural demographics causing labor demand to exceed supply for at least the next decade.
[1] https://wamu.org/story/23/09/13/sky-high-ceo-pay-is-in-focus... ("Sky-high CEO pay is in focus as workers everywhere are demanding higher wages")
[2] https://www.epi.org/blog/uaw-automakers-negotiations/ ("UAW-automakers negotiations pit falling wages against skyrocketing CEO pay")
[3] https://www.cnbc.com/2023/09/15/biden-says-record-profits-sh... ("Biden says record profits should ensure record contracts as UAW strikes Ford, GM and Stellantis plants")
[4] https://i.ibb.co/r7TsFtY/qd18hourfcob1.webp