Did you hear the news? The CEO of Honda is retiring? They say he’s leaving on his own accord. 😂
In reality, though, the joke is on us. That hypothetical CEO probably left with millions in his pockets because 2022 was a banner year for CEOs everywhere. But what about the rest of us?
Here’s Five Fast Facts …… :
- 💰 Raking in the cash - That 17% pay hike for CEOs means their median income is now $14.5 million. That’s a lot of tacos. (Or yachts.)
- 🙋⁉️ Tell me why, tell me why - After a brief recession in 2020, stock prices had a pretty sweet rebound this year, and because CEOs are paid on results, they reap the rewards.
- 🤦 But what about us? Sure, we regular folk also had a better year than the last few. Pay in the private sector went up about 4% – too bad a 7% inflation rate is eating most of our extra cash.
- 📝 Paper trail - Back on the bright side, while $14 million seems absurdly ridiculous, in reality, that number is only “on paper.” This is because stock options need to be included when reporting CEO compensation packages even though this money is often not seen for years, sometimes never.
- 👀 We all see this - You might not be able to get a CEO position but maybe it's time to think about asking for a raise or changing jobs. Research shows that newly hired workers are earning salaries 7% higher than those who didn’t just start at the same company.
🔥Bottom line: Bosses and CEOs are always going to earn a lot of money as long as their companies are cashing-in, too. Everyone just wants their piece of the pie!
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