Who is the ‘most fairly paid’ CEO in America—and what does that even mean?
Sep 13, 2023
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Morgan Clendaniel explains the exponential increase in CEO pay and its role in income inequality. Michelle Khare shares her experiences of trying various jobs and the importance of challenge and failure for personal growth. They discuss the need for better management training in corporate America.
CEO pay disparities contribute to income inequality and can demoralize employees.
Finding passion and joy in one's job is crucial, and companies need to address limited upward growth opportunities for non-managerial roles.
Deep dives
Podcast Episode Summary
This podcast episode delves into the topic of CEO pay and the drastic disparities between CEO compensation and worker salaries. The episode highlights a special report by Fast Company on CEO fair pay. The report reveals shocking findings such as CEOs making hundreds or thousands of times more than their employees. Examples of extreme ratios are mentioned, including Tim Cook of Apple earning over 1,000 times the median pay of Apple employees. The episode explores the role of stock grants and the misaligned incentives they can create, as well as the historical increase in CEO pay over the years. The impact of these numbers on employee morale and the rising trend of organizing campaigns and shareholder dissent is also discussed.
The Novelty of Different Jobs
In a separate conversation, Michelle Carre discusses her YouTube channel 'Challenge Accepted,' where she tries out different jobs to discover novel experiences even in everyday work. She explains how finding passion and joy in one's job is crucial, whether through physical changes in the work environment or by injecting personal passions into the workplace. Carre emphasizes the importance of stepping outside comfort zones, challenging preconceived notions, and finding communities that bring out the best in individuals. She also acknowledges the difficulty of transitioning from being an employee to a manager and the need for companies to address the issue of limited upward growth opportunities for non-managerial roles.
The Privilege of Being a YouTube Creator
Michelle Carre reflects on the privilege of being a full-time YouTube creator and the joy it brings her to work with a team she loves and have creative agency over her content. She discusses the value of creating a work-life balance, following personal values, and the benefits of having a manager who understands the job firsthand. Carre emphasizes the importance of finding an authentic work environment where joy is maintained and daily tasks are approached with passion. She shares her challenges and successes in building her own production team and creating a supportive work culture.
Potty Training and Unique Keeping Tabs
As a lighthearted segment at the end of the episode, the hosts discuss topics unrelated to CEO pay. These include personal anecdotes about potty training and the challenges of parenting. They also touch on unrelated subjects like Aaron Rodgers' injury and the viral music video by Jungle, which incorporates interactive elements. The segment showcases the hosts' personal experiences and interests outside the main theme of the podcast episode.
So many CEOs make waaaay more than their workers. To use just one famous example, Apple CEO Tim Cook made more than $99 million in 2022. That’s 1,117 times the company’s median worker pay of $84,000 a year. ‘Fast Company’ deputy digital editor Morgan Clendaniel explains why CEO pay has increased exponentially over the years and discusses how that plays a significant role in overall income inequality.
Want to find novelty in your desk job? Michelle Khare discusses trying out all kinds of different jobs on her YouTube channel’s ‘Challenge Accepted,’ which just won Show of the Year at this year’s Streamy Awards. Having gone to Butler Academy, clown school, and worked as a runway model, Michelle says she’s learned that challenge and failure can still lead to personal growth. Another takeaway: The best managers are those who have done the job firsthand: Management training is ‘something we collectively need to address across corporate America.’
And check out the music video of ‘Back on 74’ by Jungle: https://www.youtube.com/watch?v=q3lX2p_Uy9I
For more info on Fast Company’s CEO Fair Pay Report, check out: https://www.fastcompany.com/90946788/out-of-control-ceo-pay-why-its-a-problem?partner=rss&utm_source=rss&utm_medium=feed&utm_campaign=rss+fastcompany&utm_content=rss
FAST COMPANY INNOVATION IS NEXT WEEK! LAST CHANCE TO BUY TICKETS: https://events.fastcompany.com/innovationfestival23
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