this post was submitted on 07 Dec 2024
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This isn't a useful metric as it's obviously bad for retail and service industries, and good for tech simply because of their business models. The median wages are really high when you outsource most of your labor and your actual "employees" are a handful of high level engineers. Spectrum for insurance is scummy but you can't just hire people in China to do service calls or upkeep infrastructure, ya know?
Also it doesn't include ownership. 1:1 with AirBnb is misleading for instance as it's probably mostly their execs on the team and their compensation is in stake at the company. Their business model also counts everyone as contractors, so there's that too.
Even in "traditional" Industries it's iffy.
If you outsource all your cleaning personnel, who have low paying jobs, you decrease the multiplier, even though nothing actually changed for the better.
Not to mention that the people doing most of the real labour to get e.g. clothes made and into shops work in sweatshops in poor countries and earn a tiny fraction of these salaries