this post was submitted on 14 Jan 2024
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Antiwork

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Date Created: June 21, 2023

This community supports labor, with an aspiration for it to cease to be required to live our lives. Members of this community 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/or want personal help with their own jobs/work-related struggles.

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[–] admiralteal@kbin.social 30 points 1 year ago* (last edited 1 year ago) (1 children)

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.

[–] Fermion@mander.xyz 14 points 1 year ago* (last edited 1 year ago) (1 children)

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.

[–] admiralteal@kbin.social 7 points 1 year ago* (last edited 1 year ago) (1 children)

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.

[–] Goldmage263@sh.itjust.works 0 points 1 year ago (1 children)

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.

[–] Goldmage263@sh.itjust.works 2 points 1 year ago (1 children)

With equal distribution, that actually makes a $12,500 raise for 400,000 employees

[–] yacht_boy@lemmy.world 2 points 1 year ago

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.

[–] doctorcrimson@lemmy.today 8 points 1 year ago

The company that owns Huggies Diapers managed to reduce costs of production multiple years in a row while raising prices for consumers at the same time.

[–] PatFussy@lemm.ee 4 points 1 year ago* (last edited 1 year ago) (2 children)

Revenue does not mean gross profit. Gross profit does not mean net earnings. The numbers this person posted is the money the conpany gets before any operation costs. This means this is how much the product sold regardless of how much it costs to produce, package, ship, r&d, worker cost, etc. This meme has to stop its poisoning your brains

[–] Jaytreeman@kbin.social 3 points 1 year ago

These numbers are gross profit. A quick search would verify this for yourself.
You seem to misunderstand what gross profit is because you decided to make a weird word salad.
Gross profit is the profit a business makes after subtracting all the costs that are related to manufacturing and selling its products or services.
So the numbers are relevant. It's not worker wages that are the driving inflation. It's not government handouts driving inflation. It's corporate profits that are driving inflation

[–] lledrtx@lemmy.world 2 points 1 year ago

What do you mean? It says they are profits right in the picture. Maybe read the thing properly before you condescendingly explain what revenue and profits mean?

[–] fastandcurious@lemmy.world 3 points 1 year ago (1 children)
[–] jettrscga@lemmy.world 10 points 1 year ago* (last edited 1 year ago) (1 children)

Convincing people they need to buy basically the exact same shit yearly.

And fighting a lot of lawsuits involving their planned obsolescence and monopoly so they can keep it that way.

[–] fastandcurious@lemmy.world 2 points 1 year ago (1 children)

I find it kinda ironic that apple users upgrade every year, cause iPhones can last forever, that’s the very reason I use it, my cousins 11 pro is still going very strong, and I plan to use mine atleast until I break it or Apple ends support

[–] jaykay@lemmy.zip 2 points 1 year ago

I wonder how many people actually buy an iPhone every year

[–] Mango@lemmy.world 3 points 1 year ago (1 children)

All together it's $528.773 billion! That's $66 for each and every single person on the planet!

What even the fuck.

Aka one family meal at Culver's.

[–] DarkGamer@kbin.social 3 points 1 year ago (2 children)

Yeah, this inflationary period shows that it has to do with profit-seeking and not monetary supply. We made the money printers go BRRRRR for a very long time with almost no inflation, then suddenly COVID and supply chain hiccups gave corporations an excuse to transfer more of society's wealth to themselves by raising prices and not lowering them again afterwards.

[–] FlashMobOfOne@lemmy.world 0 points 1 year ago (1 children)

Can't expect change when all we elect are wealthy people who care more about their stock portfolios than their constituents.

[–] kemsat@lemmy.world 0 points 1 year ago (1 children)

Yup. It’s pure insanity that most of Congress is made up of lawyers & businesspeople.

[–] rabiddolphin@lemmy.world -1 points 1 year ago (2 children)

Who should it be made of? Fry cooks and fork lift drivers?

It should be made up of everyone. I don't see any reason fry cooks and fork lift drivers shouldn't be there, they definitely deserve representation.

If you're convinced those people are all too stupid or lazy for the job, then maybe you could at least get on board with engineers, doctors, scientific researchers, artists, farmers, teachers, etc. Anyone who works hard at whatever their chosen profession is should have a shot. But our current system selects for low ethical standards, improv skills, and self-preservation instincts rather than real achievement.

[–] Fox@pawb.social -1 points 1 year ago* (last edited 1 year ago)

Inflation quadrupled from 2020 to 2021 and then almost doubled again from 2021 to 2022.

It's not (just) because they're greedy that they don't lower them back down, it's because they'd go out of business. One 2024 dollar was 83 cents in 2019, that's way more than the net profit margin for most retail.

Greed is a constant, they're not any more greedy now than they were before covid.

[–] Worthess@discuss.online 1 points 3 months ago

Tax the rich, is too poor, TAX the UBER WEALTHLY, AND THEIR TWX SHELTERS...

[–] fidodo@lemmy.world 1 points 1 year ago

B-b-but I was told that paying employees more would cause inflation!

[–] i3c8XHV@aussie.zone 0 points 1 year ago (1 children)

Why is this list not sorted? Am I the only one confused by this?

[–] Asafum@feddit.nl 2 points 1 year ago

It is sorted, it's a list of "gigantic asshole companies" they just all tied for first.

:P

[–] Neon@lemmy.world 0 points 1 year ago (2 children)
  1. a Bonus, not a raise. If it was a Raise, it'd be per Month and you'd have to multiply it by 12 again, making it 53bn, more than double the Profit
  2. these 400k ignore a lot of people working in franchises that would go empty-handed

Anyone trying to portray anything as a simple Issue is lying to you. Don't fall for it.

[–] myliltoehurts@lemm.ee 1 points 1 year ago

A raise can be yearly as well (it's how I'd interpret it by default in Europe). The only thing it implies is that they'd have to be paid that next year as well, which also seems far from realistic considering the cost of it is ~20% of current profits. (Plus it'd be tax exempt as an expense, so probably even less of profits)

On point 2, the only source I've found is https://fourweekmba.com/starbucks-company-operated-employees/, implying the 400k includes franchised employees and 248k "company employees", so it seems like it's included.

Uh, no, they said raise. Nothing about this post mentions bonus, nor does it make any more sense to say "bonus" instead of "raise". Why would a raise mean monthly? Pretty sure every Starbucks is a franchise. How would that change a structured raise plan?

[–] Blackmist@lemmy.world 0 points 1 year ago (1 children)

Surely Starbucks have more employees than that? Are they all franchised or something?

[–] FlightyPenguin@lemmy.world 0 points 1 year ago (1 children)

If it's 400,000 employees, that means at least one in every thousand Americans works for the company.

[–] Blackmist@lemmy.world 1 points 1 year ago

There is a world outside the USA.

[–] kajdav@lemmy.world 0 points 1 year ago (1 children)

This is garbage data. Learn the difference between revenue, gross profit, and net profit.

[–] Goldmage263@sh.itjust.works 0 points 1 year ago* (last edited 1 year ago) (1 children)

Ok. $36 biliion consolidated net revenue reported at a 16% profit margin for fiscal year 2023 still leaves $5.76 billion in money that went somewhere after everyone was paid, taxes were ~~avoided~~ paid and all approved expenses were handled.

Edit: adding source https://investor.starbucks.com/press-releases/financial-releases/press-release-details/2023/Starbucks-Reports-Q4-and-Full-Year-Fiscal-2023-Results/default.aspx

[–] Tbird83ii@lemmy.dbzer0.com 1 points 1 year ago

WILL SOMEBODY PLEASE THINK OF THE SHAREHOLDERS???? HOW CAN THEY SURVIVE WITHOUT THEIR (checks Starbucks earnings sheet) $4B IN NET EARNINGS!?!?

[–] Aux@lemmy.world 0 points 1 year ago (1 children)

Record amounts of lemmings have no clue about economics, lol.

[–] ZOSTED@sh.itjust.works 0 points 1 year ago (1 children)

What do you mean by this, by the way? Dead thread now so no stakes, but still interested in how your take is different, because I haven't heard this opposition from anyone before.

[–] Aux@lemmy.world 1 points 1 year ago
  1. Most companies have "record profits" while having the same profit margins as before. That doesn't mean they're greedy or whatever, that means people are buying more shit than ever.
  2. Many companies had a few tough years before yet no one was posting about record loses.
  3. These profits are going into YOUR pocket at the end of the day. Because one way or another YOU are the investor. You should be happy when companies are doing good.