this post was submitted on 18 Jun 2024
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Yeah golden parachutes are such a joke in this society that likes to pretend to be a meritocracy.
Though on that note, I'd love to see a law that limits golden parachutes to the lowest paid position in the company. Hell, I'd be ok with that being scaled to full time. Not because disgraced executives deserve even that much but because it would give some incentive to increase pay rates across the company. I've also long thought that executive compensation should also be limited by some multiple of the lowest pay. And yeah, I'd include stock options and grants in that (for both employee and executive compensation).
Agreed. The whole idea of these huge payouts could be eliminated and replaced with what exists for everyone else - severance pay. Calculated off a regulated minimum formula, based primarily on how long the person served the company.
I also agree with you that the top and bottom salaries should have a correlation. The C suite making the salary of a shelf stocker in one day should not happen. I think I could accept that the top gets somewhere around 10 or 20 times higher salary. Even 100x would be an improvement to the way it is now.
Like you point out, between stock options and whatever else, an executive salary could be a few hundred thousand, even if their total compensation is tens of millions. In fantasy land it would be nice if, once a company grows to a certain point, say a billion dollars in value, if it were required to convert to an employee owned cooperative entity.
It's a shame things are the way they are. Maybe one day we won't have politicians that can be bought. That's a different discussion altogether.