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Forum Post: Real Life Example of Corporate Greed

Posted 12 years ago on Nov. 18, 2011, 3:44 p.m. EST by thebottomline (11)
This content is user submitted and not an official statement

I work for a fortune 500 company. In the last 5 years net "profit" has increased by $10,000 per employee or about $4 billion dollars overall. Yet I bring home about $1000 less a year because even though I'm a top performer my piddly raises haven't kept up with the company increase in employee health insurance costs I pay. So what is the company doing with all that money? Buying back billions in stock to support the stock options of the execs. They're easily one of the most profitable companies in the world yet refuse to recognize the hard work of the employee. It's not like they can't afford to give a decent raise. They just chose not to.



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[-] 2 points by screwtheman (122) 12 years ago

Then quit and stop complaining. Or better yet. Take your money and make a business that people would want to invest in, become successful and hand out raises as you see fit.

[-] 1 points by thebottomline (11) 12 years ago

Hmmm. For some reason I have no money. Let's see why. Before I worked for this company I had 17 years with another fortune 500. Worked 50-60 hour weeks improving the business and was rewarded with promotions and raises until 2001. Then the new CEO said to all us non-execs there would be no more raises, no more pension, no more profit sharing, no more 401k contributions, and by 2006 had laid off 50,000 while pushing the stock to new highs. Took my layoff to my current company to see more of the same. I've had a total of 3.7% in raises since 2001 while overall income has dropped 25%. All this while raising a family of 5 plus housing my retired mother. But the companies I worked for said that they would pay for performance. Hogwash!

[-] 1 points by screwtheman (122) 12 years ago

That's nice. But until its your company that you start with your money, you don't get to decide how employees are compensated. You are the one that decided to stay with these companies.

[-] 1 points by thebottomline (11) 12 years ago

Hey. I'm just pointing out why there is a 99% and why they don't like wall street. Corporate greed is out of control. You think I just got unlucky and picked the only 2 companies hosing their employees? My friends talk. It's just as bad in their world. When you freeze the wages you slowly remove discretionary income. When you remove discretionary income you slow business growth. When you slow business growth then the greedy corporate execs have no choice but to lay more employees off so they can collect their bonuses. Now there are more unemployed and fewer jobs. And the few jobs offered are at less pay because the corporation knows they have you by the shorts. All because of greed.


[-] 1 points by GirlFriday (17435) 12 years ago

Excellent post.

[-] 1 points by AdamForChange (9) 12 years ago

It's so easy for people to say "if you don't like it...leave," but really, how many of us are in similar companies? What's the point of leaving one to go to another with the same roadblocks?

Sure, I do want to start a business someday, where I would have control of compensations and benefits and so on. And I hope @thebottomline does too, however, to everyone who says "just leave," have you ever just left a job you didn't like without another in hand with five kids and a mother at home?

We aren't really as mobile as we like to think, esp if there are 200 people competing for any job he may leave for.

[-] 2 points by thebottomline (11) 12 years ago

That's my dream. Start a business of my own. Just wish I had known 30 years ago that someone would rip apart "hard work". That there would be a glass ceiling for wages at 40 years old. that someone could come in and take it all away. Believe you me. I've told my kids if at all possible to take risks now that don't include working for corporate America. Do it now while you're young and have no responsibilities. Avoid the man.

[-] 1 points by notentitled (125) 12 years ago

Make sure you have another one first. That's what I did.

[-] 1 points by Nevada1 (5843) 12 years ago

Hi thebottomline, Good post that defines a problem. Best Regards, Nevada