The nationwide movement to increase restaurant and retail worker’s wages has been the source of debate recently. While boosting hourly rates to around $10 an hour would allow the workers to live more comfortably relative to cost of living, the CEOs of these top companies earn millions per year, causing wage gap outrage and raised awareness of Florida Employment Practices Liability.
USA Today examined the top 13 of the country’s prominent restaurant and retail companies and found that the CEOs earn an average of $5,859 an hour. Although these figures are based on an assumed 40 hour work week, CEOs typically work more hours than the in-house restaurant workers. However, the divide is still evident.
The steadily increasing salary of the lowest paid industry’s CEOs has been an issue for decades while other employment policies have failed to shift parallel to the economy. For example, according to the Economic Policy Institute, worker’s compensation grew 10.2 percent between 1978 and 2013 while the average CEO salary increased 937 percent.
Historically, the divide between CEOs and average workers has not always been this cavernous. In 1965, it was 20 to 1, and by 1978 it was 30 to 1. What’s more, in 1995 the gap increased 123 to 1. However, the essential job functions and responsibilities of CEOs can be daunting, and therefore awarded higher compensation. The highest earning CEOs of these chains are as follows:
1. Chipotle co-CEO Montgomery Moran: $13,489 an hour
2. Chipotle co-CEO Steven Ells: $13,471 an hour
3. Starbucks CEO Howard Schultz: $10,285 an hour
4. Dunkin’ Brands CEO Nigel Travis: $4,889 an hour
5. Yum! Brands CEO David Novak: $4,795 an hour
As the wage gap debate continues to unfold, Newman Crane is here to protect your business against any risk exposures you might endure. As this type of dispute is relative to any industry, we offer a variety of coverages to ensure every aspect of your business is secured. To learn more about our business lines, contact our specialists today at (407) 859-3691.