BOSSES EARN YOUR MONTHLY WAGE IN JUST ONE HOUR!
New research has revealed that the bosses of many top companies earn more in an HOUR than many of their young employees earn in a MONTH. The average executive earns £1,406 per hour – while the average chief executive earns even more: £1,979 per hour. And yes, we checked several times – that really is per HOUR.
Graduate Fog has made the shocking discovery after number-crunching the latest stats from Incomes Data Services, which show that the average executive pay at many FTSE 100 companies (including Tesco, Vodafone, fashion house Burberry and media company Pearson) has jumped by almost half in the last year – and is now £2.7m per year. This works out as:
£225,000 per month
£56,250 per week
£11,250 per day
£1,406.25 per hour
For chief executives (CEOs), the average salary is even bigger: £3.8 per year. This works out as:
£316,666 per month
£79,166 per week
£15,833 per day
£1,979 per hour
Meanwhile, workers (aged 21 and over) earning the national minimum wage will earn just £11,673 per year. That’s:
£972.80 per month
£243.20 per week
£48.64 per day
£6.08 per hour
Last week, we wrote about the management expert who criticised employers for making unreasonable demands of their junior workers – expecting them to have several months (or even year) of experience before they are considered eligible to apply for even the most junior permanent jobs, which often pay a very small wage (close to the NMW).
And, as part of our campaign to name-and-shame the cheapskate companies who refuse to pay their interns a fair wage, we have exposed a number of highly profitable companies for failing to pay their junior staff a fair wage, including:
- Tesco for trying to hire 145 shelf-stacker interns paying just £43 per week
- Topshop for paying their hard-working interns just £3.50 per day
- Reed for recruiting for an “intern receptionist” and “intern executive assistant” paying just £92.50 per week
- Urban Outfitters for recruiting for a nine-month “planning and allocation” internship paying travel expenses only
- Harrods for advertising a two-month “HR internship” paying travel expenses only
- and the luxury concierge company Quintessentially for hiring interns to work for three months, paying travel expenses only.
Haven’t heard about our Pay Your Interns campaign?
We believe these new figures expose the shocking double standard that many big companies have towards evaluating the “worth” of the work of their senior bosses compared with that of their junior employees. Of course, we totally understand that interns and junior admin staff should be paid a lot less than the chief executive. But we believe that this imbalance has now become grotesque.
Time and time again, we hear of interns – and graduates in poorly-paid junior roles – being told by their managers at HUGE companies that there is simply “no budget” to pay them a higher wage for their work.
But it is a lie that these companies don’t have the money to pay their junior staff properly. The truth is simple: the bosses are stealing all the wages from their employees – while telling them there isn’t enough cash in the pot to pay them. The executives at these huge companies are continuing to shaft their young employees for one simple reason: because they can. But how much longer will young people let them get away with it for?
*Are executives stealing from their young staff?
Is it fair that interns are told their work isn’t worth the National Minimum Wage (£6.08 per hour), when some of their bosses are earning nearly £2,000 per hour for theirs?
Don’t forget to follow @GraduateFog on Twitter!