Apple Retail Employees Getting Smaller Raises of Approximately 4% in 2023

[LedRush]

The term is fiduciary duty. In the 80’s under Reagan the Supreme Court interpreted this to be the primary function of issuing a Corporate Charter.

It was stealthy, nobody noticed, but that was when things officially changed in America.

This is simply not true. The concept has existed in common law since the Middle Ages, and has existed in the US since its inception. Of course the boundaries changed, for example the adoption of the Prudent Man Rule in the 1950s, ERISA in the 1970s, and the rise of litigation and regulation in the 80s and 90s. Pinning the current structure on one court decision is ignorant and misleading.

 

[GfPQqmcRKUvP]

You can explain football to me, while I question why we’re not playing basketball instead. Bestowing the virtues of football means nothing if we *need* to play basketball.

Just having reasoning for something, doesn’t mean that thing should be done or allowed in the first place. Those mechanics, as understood to be price manipulation, were illegal before 1982, no?

This is an extremely weird way to support your argument that stock buybacks are stock manipulation. They aren’t and I explained why they aren’t logically and mechanically. The previous interpretation was plainly wrong and has since been corrected. The fact that you keep arguing that something that was illegal in the past means it definitely should be illegal now is pretty ridiculous. Gay marriage used to be illegal. If I were to say it should be illegal now because that’s how it was for most of United States history would you think that would be a compelling argument?

Tell me, in your own words why you think buybacks constitute stock market manipulation. Would also love to know how dividends constitute stock market manipulation as well since buyback are just tax efficient dividends.

 

[seek3r]

Nice try. That also speaks to Apple's superior management practices in hiring practices. And also in determining compensation and raises as a function of many dynamic variables including the state of the economy and competitive market pressures at any point in time. I do realize folks like you will go out of their way to justify minimizing the fact that Apple is one of the best managed and most successful tech companies in the world.

I didnt say it wasnt, but the comparison I was replying to which basically boiled down to “be happy you have a job at all unlike these companies cratering” is patently absurd and wrong

Apple avoided the overhiring, which speaks well to their read of the room during the pandemic and their general cororate culture.

Doesnt mean that 4% raises this year arent terrible raises.

Doesnt mean that “you should be thankful to have a job” is a good argument against better raises

 

[BeatCrazy]

What is this law that requires for-profit companies to prioritize their financial health? I've never heard of such a law.

It is a law, and it’s called fiduciary duty. A CEO and/or board can be sued by shareholders for not maximizing shareholder value.

Wealth Planning & Family Office Attorneys

Our attorneys take a true team approach, investing time to understand each client's concerns and wealth planning objectives.

hessverdon.com

 

[TonyC28]

I guess they could always go find another retail job paying in the $22-$30 per hour range with a $2k stock bonus. I assume these jobs are fairly easy to find these days. Sucks to be Apple losing those workers.

 

[seek3r]

It is a law, and it’s called fiduciary duty. A CEO and/or board can be sued by shareholders for not maximizing shareholder value.

Wealth Planning & Family Office Attorneys

Our attorneys take a true team approach, investing time to understand each client's concerns and wealth planning objectives.

hessverdon.com

Basically why twitter’s board was forced to force musk to buy twitter

That said it’d be pretty hard to spin “we gave our employees 7-9%% raises instead of 4% so they could weather inflation better and actually get a bit of a raise” as a violation of fiduciary duty. Happier well paid employees also tend to be more productive and retainable, an investment in the business

 

[seek3r]

I guess they could always go find another retail job paying in the $22-$30 per hour range with a $2k stock bonus. I assume these jobs are fairly easy to find these days. Sucks to be Apple losing those workers.

*Min* wage in NYC is 15/hr, retail positions that pay in Apple’s range arent that uncommon, which is why Apple’s been having more turnover in urban areas lately. Not everywhere is whatever super cheap place you live - and cost of living has skyrocketed lately in case you havent noticed

 

[BeatCrazy]

Basically why twitter’s board was forced to force musk to buy twitter

That said it’d be pretty hard to spin “we gave our employees 7-9%% raises instead of 4% so they could weather inflation better and actually get a bit of a raise” as a violation of fiduciary duty. Happier well paid employees also tend to be more productive and retainable, an investment in the business

You’re right that giving a bigger raise wouldn’t be grounds for a breach. I’m just pointing out that Apple leadership (like all big companies) has a huge financial balancing act , and that raise is where they landed. I think Microsoft recently froze all wages and bonuses, so there’s plenty of room along the spectrum.

 

[budfoot]

Best economy ever!!!

 

[deeddawg]

I had a significant promotion recently and only got an 8% raise. I have a comfortable salary but am in academia so let's just say the pay isn't wonderful considering how much education it took to get here -- yes, I realize I made poor life choices.

I’ve worked in academia and I’ve worked in the corporate world. There’s pros and cons to each. You’ve only made a “poor” choice if you’re not where you want to be.

 

[Red Oak]

I'm guessing the $22-$30 per hour is more than the average of the folks on this site

 

[xpxp2002]

I’ve worked in academia and I’ve worked in the corporate world. There’s pros and cons to each. You’ve only made a “poor” choice if you’re not where you want to be.

Same. I ended up in the private sector, but I’d take academia and its traditionally lower pay any day of the week, given the opportunity, for the better quality of life.

 

[FreakinEurekan]

Exactly what I said. 15+85. Last time I checked that’s not “hundreds”.

He’s been CEO for 12 years. It is “hundreds.”

 

[Prof.]

I got a 10% raise last year, too, to combat inflation and mass exodus of staff. This year I’ll get 2-3%.

This is pretty standard, in my opinion.

 

[Dark_Omen]

Make them work for commission... Many of their retail employees would struggle because they don't seem like the type that can sell, but rather, just pretend to be happy and joyful.

 

[Prof.]

Make them work for commission... Many of their retail employees would struggle because they don't seem like the type that can sell, but rather, just pretend to be happy and joyful.

I’ve worked commission before. I was terrible at it.

Now I work in healthcare. 🤣

 

[Darren.h]

slow Mac sales too next year I bet judging from the mediocre performance of the 3nm chip in the iPhone 15

Bad news for the M3 M3 Pro and M3 Max.

Just buy an M2 model Mac Studio cause I bet they are gonna raise the prices on all M3 Macs.

They gotta pay for these raises and the more expensive cost of 3nm.

 

[TonyC28]

*Min* wage in NYC is 15/hr, retail positions that pay in Apple’s range arent that uncommon, which is why Apple’s been having more turnover in urban areas lately. Not everywhere is whatever super cheap place you live - and cost of living has skyrocketed lately in case you havent noticed

If it's really not that uncommon (I'm not arguing that it is), the market will allow these workers to go somewhere else for a more competitive wage.

 

[bgillander]

slow Mac sales too next year I bet judging from the mediocre performance of the 3nm chip in the iPhone 15

Bad news for the M3 M3 Pro and M3 Max.

Just buy an M2 model Mac Studio cause I bet they are gonna raise the prices on all M3 Macs.

They gotta pay for these raises and the more expensive cost of 3nm.

I thought the iPhone 15 didn’t have 3nm.

 

[TSE]

They should shut up and be grateful for working within the best company mankind has ever created.

 

[CloneBB]

I haven’t got a raise the last three years.


i also retired 3 years ago….

 

[NT1440]

They should shut up and be grateful for working within the best company mankind has ever created.

Retail is retail. The sheer number of people they have to deal with each day must be exhausting, no matter how stylish the store itself may be.

 

[kerr]

Must be nice that a 4% annual pay rise is considered bad

 

[spcopsmac21]

lol some AppleCare senior advisors /T2 who are internal corp make less than 18 an hour.

Apple has the budgeting to provide higher base wages to.

You can bet Tim and the executives are getting a bonus this year. Unionize Apple, at every level. They are profitable enough to even afford living wages to the slaves who mine their cobalt.

 

[spcopsmac21]

Must be nice that a 4% annual pay rise is considered bad

When it doesn’t match inflation is absolutely bad.