Karma is a removed!
He still “earned” 753x more than the median Target salary. Crushing, I am sure. How will he ever survive?
meanwhile costco traffic doubled :)
I’m not sure that there’s any aspect about this news that’s truly “uplifting”.
Not even the slightest uplifting.
Stock holders and owners are probably dictating these changes. Not the CEO alone.
It’s not uplifting. Almost nothing in this c is.
It’s mostly “here’s some bad stuff happening to someone I don’t like” so it’s a bunch of schadenfreude.
It’s a stretch, but you could say it’s uplifting that other retail CEOs can see this and learn from it
It was dictated when his pay package was approved by the board. Since they haven’t shitcanned him they must not be too disappointed or not willing to pay for his exit package.
oh no. anyway.
Target’s CEO pay ratio now stands at 753 to 1, with median employee pay at $27,090.
Just to put $10 million a year into better perspective: that is ~ $833,000 per month or ~$208,000 each Week! for one year
To break it even further down: that’s $5200/hr or almost $87/min – over $1/sec to be CEO there
Can you imagine how many rounds of interviews he had to go through to get the job? 🤪
With CEO’s it’s generally the company that seeks them out. He likely wasn’t interviewed so much as courted.
Cornell, who has led the Minneapolis-based retail chain since 2014, received $9.9 million in total compensation for 2024, an 87% drop from his 2020 peak of $77.5 million.
What the actual fuck? Why are humans being paid $10m A YEAR, let alone over $75m?!
I love breaking down these huge salaries into 2 week chunks because I think it brings the disparity into perspective more for people since most of us get paid 2x a month.
For $75 million that is a twice a week paycheck (I know CEOs don’t get paid this way) of $3,125,000!
That’s the total of 1000 employees 2 week paychecks if they all made ~ $40 an hour
$75,000,000 ÷ 26 = $2,884,614
$2.8 million every 2 weeks, not $3.125 million twice a week.
The reality is bad enough without exaggeration.
They tried to do twice a month and got their wires crossed.
That is exactly what I did. I’m not a maths person. So maybe me trying to do math in a internet comment section wasn’t the best decision.
Twice a week would be 700k
wait, where in the world is it common to get paid twice a month? we got rid of that in like the 70s…
Honestly I get paid once a month but I know some of my friends have 2 paydays a month so it’s still out there in the wild
i have only ever heard of one place that paid biweekly, and that was a completely analog firm run by some religious nut. they stopped doing it in like 2002 and everyone who worked there complained.
Conversely, I have never worked anywhere that paid bimonthly and only ever at places that paid biweekly, although a friend of mine did some years ago so… looks like there’s different payment schedules in different places—astounding.
I will say every single place i’ve worked has not paid enough to live in the modern era so at least that seems to be a consistent through-line.
My last job paid 1st and 15th . And the company i own now does the same.
I find budgeting much simpler than with a bi-weekly paycheck.
I get paid every 2 weeks, so slightly more often than twice a month. The twice a year “extra” paychecks go straight into savings because they’re not part of my monthly budget. It’s a government job in the USA.
US based here. My wife gets paid on the 15th and last day of the month (28,29,30, or 31st). So she could have anywhere from 9-12 working days each check. I am paid every other week.
strange. as far as i understand it we got rid of it because more frequent paychecks can make people subconsciously less likely to put money into savings, sort of how like living next to a supermarket makes some people cook less. it’s not a law, but the unions pushed for it until it became the standard.
Hint: if it’s a thing that unions push for, don’t be surprised if it doesn’t exist in the U.S.
It’s not a coincidence at all, this place absolutely hates empowered workers.
For a second I was like “what month ends on the 29th???”
And then I realized you were being so specific as to include leap years one day.
I’ve never had a job that paid semimonthly, but almost every job I’ve ever had was bi-weekly.
wait, what does semimonthly mean? like, not every month?
The English language is scuffed; due to misunderstandings we end up with seemingly opposite words now being used interchangeably to mean the same thing:
- flammable and inflammable, now both usually mean something can be set alight.
- biannual and semiannual, both mean twice a year and once every two years - which is even more confusing.
It’s at the point where if you can’t derive the intended definition from context, you need to ask for clarification! 🤦🏻♂️
In this context, I’m pretty sure the commenter was referring to twice-a-month payment. Here in Australia we would call that fortnightly (once every two weeks), where we end up with a scenario where twice a year we end up with 3 payments (for a total of 26 a year). This tends to be more common for hourly wages roles.
It’s been a hot minute since I was paid like that, as corporate salaried positions now tend to be monthly - in order to keep things simple for the HR and Finance teams, and honestly helps people like me to learn/maintain better fiscal responsibility and budgeting.
biannual and semiannual, both mean twice a year and once every two years - which is even more confusing.
No! Bad! Do not encourage this! Like biweekly, biannually is every two years.
I’m not encouraging it, it’s actually one of my biggest pet peeves!
I can understand why given how rarely they’re used, people get confused between semi-annual and biannual - especially since things happening every ~6 months is a more common occurrence than every ~24.
In a world where possible/impossible is simple to understand, why is flammable/inflammable confusing!?
Don’t even get me started on “literally” - I want to bang my head against my desk every time I hear it misused.
why then separate it from biweekly?
JasonDJ did a good job at explaining the what, the why would be down to cost-cutting. There are fixed costs associated with putting out payroll (beyond man hours required, there are processing fees etc.); so opting for 2/month instead of fortnightly saves you ~10% in fixed costs.
Biweekly is fortnightly. Every two weeks. I.e. Every other Thursday.
Semi-monthly would be twice a month, i.e. the 1st and the 15th.
26 biweekly paychecks in a year…24 semimonthly paychecks in a year.
“Flammable” was invented specifically to avoid confusion with “inflammable.”
I had a job that paid 2x/month 20 years ago. I think the one before that did the same, but… That was a long time ago and I’m not sure if I remember
Who is “we”?
most of europe i assumed, but now that i’ve said it i realise i have no data.
We get paid daily
What it must be like to be able to retire after your onboarding seminar.
When you put it that way, that’s fucking insane. $2 million in retirement plus having my house paid off has always been my retirement goal. Granted, by the time I reach that goal, inflation and the cost of living will probably make that not enough.
Still, to think this asshat makes that in less than 2 weeks is fucking ridiculous. Like why even work at that point? I realize “work” for a CEO is mostly golfing and expensive dinners, but still…
Really painted a target on his back, didn’t he?
I see what you did there…
Still not enough. As someone who frequently shopped at Target, I doubt I’ll ever go back.
Walmart has better deals.
I don’t take people seriously if they complain about not having enough while shopping at places like target.
Shop at a local hardware or grocery store. Even if it’s a fucking chain grocery store, you’re doing more for your community than shoveling money into walmart.
If you don’t care what happens to your community, you have no right to complain about how shit your community is.
Walmart employs members of the community. They bear some of the responsibility for why our community is so prosperous.
If local stores care so much about the community, they can offer us better prices than the chains. Otherwise they’re just using “buy local” as an excuse to rip people off and enrich themselves.
Edit: It’s sad how clueless you people are, but it reinforces why I don’t take the vast majority of you people seriously.
Keep paying more while thinking you’re somehow getting a better deal.
Walmart employs members of the community.
Seriously? Sure they hire workers but they pay them so poorly that huge numbers of them qualify for food benefits from the government and medicaid. When you shop at Walmart, you pay them twice. Once at the register, and once in your payroll taxes which go to their employees. Meanwhile, the family that owns the company have a net worth of $432.4 BILLION dollars! Fuck Walmart and the companies like them!
In 2020, the Government Accountability Office (GAO), at the behest of Senator Bernie Sanders, studied who was using federal assistance programs and where they worked. The GAO found millions of full-time workers were stuck relying on federal medical and food programs to make ends meet.
According to the office, 70 percent of Supplemental Nutrition Assistance Program (SNAP) and Medicaid users in their study were full-time workers, with 90 percent of them in the private sector. A significant number of them worked in restaurants and department or grocery stores.
Surprise, surprise — Walmart ranked among the top four employers whose workers relied on Medicaid and SNAP. As Eli Rosenberg broke down in the Washington Post, in nine states alone, Walmart had 14,500 employees on SNAP and 10,350 on Medicaid. Other top offenders included McDonalds, Dollar Tree, Amazon, Burger King, and FedEx.
Edit to add: Prosperous? When Walmart moves in locals suffer.
A study published in 2008 in the Journal of Urban Economics examined about 3,000 Walmart store openings nationally and found that each store caused a net decline of about 150 jobs (as competing retailers downsized and closed) and lowered total wages paid to retail workers.
A 2012 analysis conducted by Puget Sound Sage, a nonprofit public policy organization that looks at regional economic issues, found that each new Walmart store decreases a local community’s economic output over 20 years by an estimated $13 million. The research also discovered that each Walmart store costs the community an additional $14 million in lost wages over the next 20 years. Although the Puget Sound Sage study was conducted years ago, research continues to reveal how Walmart affects the economy when it comes to town. For example, Walmart’s lower wage offerings have contributed to a decline in average retail wages in communities where the company is located. This exacerbates income inequality and economic disparity in those areas.
Check the user’s moderation history. They’re just a troll. Report, block and move on. Your reply was great, I hope at least other people get something from it.
What makes you think a local grocery store will pay its employees more than walmart?
First, because in my personal experience, locally owned businesses pay and treat their employees better than corporate run places that focus only on profit for the owners and shareholders. Second, they couldn’t (legally) pay them less than Walmart does.
Not only does Walmart have an enormous number of employees on government assistance, they have training classes for their employees to help them apply.
Also, a lot of the people they hire, are people who worked for, and even OWNED, small local businesses that they have run out of business. Same goes for ALL big box retailers like Lowes and Home Depot.
If local stores care so much about the community, they can offer us better prices than the chains
Nah see, this is still dodging accountability.
It’s not about if the STORES care about the community, it’s YOU. You decide if you want to pay more so the community prospers. It’s ridiculous to expect smaller stores to be able to compete with large corporations, but it’s also ridiculous to expect “someone will take care of it.” Nah bro. It’s on YOU to decide if you’re investing in your town, your county or your state or if you prefer low prices but also rotting wages and none of the things you want around you.
“I’m just doing what everyone is doing to survive.”
Yah and you’re all here in “survival mode” because you picked the faster, cheaper option. It’s not too late to turn it around. Maybe you will spend $5 bucks on a new toilet gasket instead of $4.50. Maybe you have to spend $1.90 on each cucumber instead of $1.25. Yes it adds up, but that money is staying in your immediate area. Your local walmart doesn’t cut checks from your local credit union, that comes from a corporate account that never touches your area. Repeat this all over the country, every day, every month, every year, and you have massive amounts of YOUR money being shipped out of town and out of country.
It’s not too late to turn it around.
Unfortunately, it is. It’s nice to think that everybody can do their part to bring back the locally-owned places and sense of community, but you’re not going to convince people living paycheck-to-paycheck who are going to always make a beeline for the cheapest prices. The only time a Wal-mart dies is when the town builds a bigger, new Wal-mart or the town itself dies altogether.
Yeah, typical useful idiot thinking it’s up to the customer instead of the business owners to foot the bill for these problems.
If local stores care so much about the community, they can offer us better prices than the chains. Otherwise they’re just using “buy local” as an excuse to rip people off and enrich themselves.
Yah, I wish more people would rise up against all these small businesses who are ripping off the common working man! It’s about time we put an end to these small-business fat-cats and get that wealth back in the hands of giant oligarchs and offshore tax havens where it belongs! I don’t want my money in my community! Next thing you know, the lazy assholes in our neighborhoods are going to expect better schools and road repairs!
If there’s one common theme EVERYONE knows, it’s how greedy these small businesses are. If they REALLY cared about their communities they would offer their wares for free and then sacrifice themselves on the altar of Shug’Blahamut and let their blood fertilize the soil so corporations can feast from the endless bounty!
Don’t bother replying this is where I block you and forget I ever wasted time reading any of this obvious bait and nonsense. Make a new account and try again when you start shaving and get a job.
If local stores care so much about the community, they can offer us better prices than the chains.
Way to completely ignore the argument.
Neat! Hope he loses even more!
misleading title at best
Target’s CEO pay ratio now stands at 753 to 1, with median employee pay at $27,090.
I found the problem!
So every single day this guy makes TWO YEARS of wages for his median worker. Every year on the job, he makes over a DOZEN LIFETIMES of wages for the median worker at his company.
Seeing the hundreds-to-one ratio shows that there’s a big difference, sure, but mapping that to the time comparison really puts it into perspective. Kind of like how a million seconds is 11 days and a billion seconds is 31 god damned years.
It’s never going to be a surprise that the head of a company gets paid more than the other employees, but let’s not pretend that their ridiculous compensation is “what I earned” versus “what I could get away with.”
But someone will tell me that Us v. Rich people isn’t the only battle that matters. Literally everything gets easier to face if we just eliminate the battle we have with rich people.
Yeesh, you’re exactly right that this is the right way to think about it and thank you for pointing it out that way. Absolutely disgusting, I can’t believe we all allow this. I’m pretty fuckin good at math and those timescales and numbers are just not intuitive, I’m always surprised with figures like these, even though I’ve seen em before. If people knew, really knew this stuff, I have to believe it would change.
Anyone “earning” like this while the people (and their families) propping up these fiefdoms sacrifice and struggle the way they’re forced to - anyone doing so is de facto amoral. I’d go so far as to say deserving immediate death, no further evidence needed.
But maybe that’s the 4 beers my old ass had tonight making me feel spicy, lol.
Oh no! His salary was slashed 50% to only $9M?!?!? How does the poor dear survive?
Most of us survive on less than 1% of that. Yay! We’re One Percenters!
Oof
Target’s CEO pay ratio now stands at 753 to 1
That oughta teach him!
The only bit of the title I can fully get behind is this:
Target CEO.
Target CEO 🎯🎯Greedy pricks like this should live in fear.
Would be nice if he lost it all
Ay, old Chico is my jam. Haven’t had it in a minute. I just looked it up and Total wine and more has it. I might have to make a journey to go get it. Haven’t had it since I lived in the city of trees.
