布鲁金斯学会-利润和流行病：随着股东财富的飙升，工人们被甩在了后面（英）-2022.4-77页_6mb

Summary of "Profits and the pandemic: As shareholder wealth soared, workers were left behind"

Core Content

This report evaluates the financial performance and treatment of frontline workers during the pandemic by analyzing 22 of the largest and most influential American companies. These companies, which employ over 7 million workers in the U.S., were chosen for their size, profitability, and industry leadership. The report assesses whether these companies honored their 2019 pledge to embrace a more inclusive model of capitalism by fairly compensating workers and sharing financial gains equitably.

Key Findings

1. Wages Still Fall Short of a Living Wage

• Despite pledges to pay workers "fairly," most companies failed to do so.
• Only 7 out of 22 companies paid at least half of their workers a living wage, with Costco being the only one close to meeting that standard.
• The average $2%$ to $5%$ wage increase over nearly two years was insufficient, especially given high inflation and a low starting point for wages.
• The average 22-month wage increase was not significantly different from industry-wide trends.

2. Shareholders Gained Massive Wealth, While Workers Received Minimal Benefits

• Shareholders gained $1.5 trillion in wealth during the first 22 months of the pandemic, which was three times more than the previous 22 months.
• Workers at these companies earned only $27 billion in additional pay, which is just 2% of shareholder gains.
• 70% of the shareholder wealth gain went to the richest 5% of Americans, while only 1% went to the bottom half of families, likely including most frontline workers.
• CEO compensation rose significantly, even during periods of financial loss, with 2020 CEO compensation totaling nearly $500 million.

3. Workers Bore the Brunt of Financial Losses

• During the pandemic, workers experienced the majority of financial losses through layoffs, furloughs, and reduced hours.
• In contrast, shareholders largely avoided losses and often recovered or increased wealth quickly.
• Nearly half of the hard-hit companies implemented compensation rules that protected CEO pay, even as companies underperformed.

4. Corporate Decisions Exacerbated Inequality

• Companies prioritized shareholder returns over worker compensation, spending five times more on dividends and stock buybacks than on additional worker pay.
• Stock buybacks could have raised the median worker pay by 40% if redirected.
• Companies suppressed unionization, with only 4 out of 22 having union density over 50%.
• Two companies used aggressive tactics to block union drives during the pandemic.

Company Performance During the Pandemic

Winning Companies

• 12 out of 22 companies were categorized as "winners," with 75% posting their most profitable years on record in 2020.
• These companies saw an average stock price increase of 65% and total adjusted profit of $180.2 billion over the first seven pandemic quarters.
• They invested in temporary or permanent pay increases and benefited from favorable conditions such as digital infrastructure, government stimulus, and consumer behavior shifts.

Mixed-Performing Companies

• 4 out of 22 companies had a mixed performance, with early losses followed by full recovery.
• These companies suspended stock buybacks early in the pandemic and restarted them by Q3 2021.
• Three of the four had their best net income in company history by Q3 2021.
• Their stock prices rose by an average of 52%, and they furloughed or laid off a significant number of workers.

Struggling Companies

• 6 out of 22 companies experienced significant losses, particularly in 2020.
• These companies operated in hard-hit industries such as leisure, hospitality, and entertainment.
• Total revenue dropped by 11%, and profits fell by 61%.
• Over 329,000 workers were furloughed, and over 39,000 were laid off.
• Despite losses, stock prices for most companies rose, and shareholder wealth increased.

Policy Recommendations

To address the persistent inequality, the report suggests four key reforms:

1. Labor law reforms to strengthen worker protections and rights.
2. Minimum wage laws to ensure fair compensation.
3. Worker representation in corporate governance to give workers a voice in decision-making.
4. Pay transparency to ensure equitable distribution of financial gains.

Conclusion

The pandemic tested the commitment of these 22 companies to stakeholder capitalism, but the results were largely disappointing. While shareholder wealth surged, workers remained at the bottom of the economic hierarchy. The system still favors shareholders, and meaningful change is unlikely to come from within corporations. External policy reforms are necessary to create a more equitable model of capitalism.