![]() ![]() Wall Street is battling to determine the future of work from home headquarters in New York, U.S., on Thursday, July 22, 2021. Office workers walk near the Goldman Sachs Group Inc. Gaining an anti-union reputation poses a financial risk to investors. Reputation is one of Starbucks’ greatest assets, said Kron. They’re recognizing that in the United States, the landscape is tilted heavily in favor of management and that the playing field is not even. ![]() Wall Street isn’t suddenly “waking up and putting union stickers all over themselves,” said Kron. That change could increase the company’s operating expenses this year by $203 million, according to Morgan Stanley, or just about 0.05% of the total in 2021. The Amazon Labor Union has said it wants to raise wages to a minimum of $29 an hour, up from an average hourly starting pay of $18. In 2021, another group of investors that held more than $20 billion in Amazon shares urged the company to let investors work to organize “without fear of reprisal, intimidation, or harassment.” ![]() They want the company to adopt a global policy of neutrality toward attempts by its workers to organize, and to work with employees who vote to unionize to reach “fair and timely” contracts. Trillium is leading a coalition of more than 75 investors representing at least $1.2 billion in Starbucks stock. “Workers need to have a voice and, and I think that’s a big part of where the recent focus on worker organizing has come from,” he said. Managing people effectively has become increasingly important, said Jonas Kron, chief advocacy officer at Trillium Asset Management. ![]() It drives prosperity and creates a more competitive landscape for talent, pushing companies to create better, more innovative environments for their employees - actions that will help them achieve greater profits for their shareholders.” In his annual letter to investors, BlackRock CEO Larry Fink wrote that “workers demanding more from their employers is an essential feature of effective capitalism. Now, they’re looking closely at the S, for social, when deciding where to put their money. Howard Schultz suspends Starbucks' share buyback programįorward-thinking investors have long considered the E, for environment, in ESG when evaluating a company’s future viability. The low rates of unionization come at a time when 68% of Americans approve of labor unions, the highest level since 1965, according to Gallup.įormer chairman and CEO of Starbucks, and United States 2020 presidential candidate Howard Schultz visits Fox & Friends at Fox News Channel Studios on Apin New York City. In 1983, about 20% of employees belonged to a union by 2021 that number had dropped to just over 10%, according to data from the United States Bureau of Labor Statistics. These efforts have paid off for corporations. This adversarial ideology is deeply rooted in the ideology of management.”Ī recent Economic Policy Institute analysis found that private-sector employers spend nearly $340 million per year hiring advisers to prevent employees from organizing. “There is a belief that management has private property rights to control what occurs in the workplace, and that unions are an outside third party. “Since the 1980s, management’s perspective was that unions are the devil,” said Harry Katz, professor of collective bargaining at Cornell University’s School of Industrial & Labor Relations. That has left some institutional investors questioning whether unions are as bad for shareholders as corporate executives claim they are. And a tightening labor market has emphasized the importance of low attrition rates and high employee satisfaction. Now, employees are stepping up their efforts to unionize, most prominently at Amazon and Starbucks. Wall Street and private businesses have funneled millions of dollars into anti-union tactics and lobbying, and they’ve gotten what they wanted: Union membership has been on a steady decline in the United States for the past four decades. ![]()
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