this post was submitted on 14 Jan 2024
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Antiwork
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A community for those who want to end work, are curious about ending work, want to get the most out of a work-free life, want more information on anti-work ideas and want personal help with their own jobs/work-related struggles.
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An $11,000 wage increase is ~$5/hr for a full time employee.
Starting pay at Startbucks is around $15/hr. They're famously stingy with full-time though, so in reality it is quite a bit more than a 25% increase.
Honestly, I was expecting to find some glaring error in the logic on this but I don't really see it.
The glaring error is this screenshot is listing an income figure that is comparable to the 2022 total revenues in the 2022 fiscal report.
https://www.macrotrends.net/stocks/charts/SBUX/starbucks/ebitda
It looks like Starbucks 2023 EBITDA was $7.3 Billion and the net income was $4.1 Billion.
The post makes a good point, but uses garbage data. Why do they do this? Although an $11,000 raise would elliminate the actual net earnings figure.
There it is. I kept finding investor reports claiming the same 25 bil number as the net profit, but that's just goofy if their actual bottom-line was under 5.
And that $11,000 figure is now about 6x too big. Meaning we're talking about a less than a dollar raise. Not to even mention ebida is STILL more than bottom-line profits.
From their press release website, $36 biliion consolidated net revenue reported at a 16% profit margin for fiscal year 2023 leaves $5.76 billion after every expense has been deducted.
With equal distribution, that actually makes a $12,500 raise for 400,000 employees
First, that assumes the company makes no profit at all. Not a sustainable way to keep a company in business. If they go out of business, 400,000 people lose their jobs and a whole lot of them lose their health insurance. Starbucks is pretty well known for being generous with their benefits.
Second, wages are typically only about 2/3 or even less of the total compensation, and don't account for the employer's share of payroll taxes.
So figure that you think Starbucks should make half their current profits and give the other half to their employees. That puts it at $6250 per employee, which would likely translate to about $4000/ year before the employees' portion of taxes, or about a $2/hour raise. Which would be great for employees making maybe $30k/year, but is not exactly going to vault them into the middle class.
Incredibly frustrating.
Should we form an eat the rich union, obviously.
Is sharing garbage data on social media the way to get there, no! Real data (like on wealth concentration) is offensive enough!
Alright this is sounding too much like a meeting, I better get back to my actual job
It appears they've done ~$670MM of stock buybacks this year as well (after a ton of press coverage last year saying they were stopping stock buybacks), which would have been net income.
I did the math, too, and came to the same conclusion.
I'll just be over here eating cake, like a good sans-culottes