CEOs Say People in These Jobs Will Never Get Raises Again
You can learn a lot by listening to America’s CEOs talk — especially when they don’t have a politician standing next to them. In these moments of candor, they get to say what they really mean, like how much they love the GOP tax plan.
The reason is simple: They got a 40% tax cut for their company and shareholders without having to pay employees more. Now that the tax cuts are out of the daily headlines, CEOs are again speaking their minds freely.
In May 2018, Coca-Cola’s Florida CEO Troy Taylor said what economists warned us about: Pay raises are a thing of the past. When questioned about pay hikes, Taylor was clear. “It’s just not going to happen,” he said at the Dallas Fed. “Absolutely not in my business.” The CEO of AT&T quickly agreed.
Unfortunately for millions of Americans, they don’t have many options outside of what business leaders now call dead-end jobs. Here are eight jobs CEOs say will never be getting raises again.
- Salary: $33,000
Coke’s CEO spoke about the sort of employee that bottled beverages for about $16 per hour in his company. Eventually (and sooner than we might think), machines will handle all of these functions.
So, even armed with billions more in cash following the GOP version of tax reform, bottlers and similar jobs at Coca-Cola won’t ever go higher than about $33,000.
Next: Millions of Americans will have to settle for the current wage at this job.
- Salary: $21,000
You can hardly earn less than a cashier makes in America, and more than 3.5 million put time in on this job every day. Unfortunately, they’ll have to make $10.50 or so an hour for the foreseeable future.
Only people in states with laws guaranteeing higher minimum wages will do better. But even in these places, expect that salary to be the ceiling.
Next: This type of warehouse job will not see better earnings anytime soon.
3. Stock clerk
- Salary: $24,000
Stock clerks check shipments, unpack boxes, and generally handle low-skill duties around a warehouse. CEOs aren’t going to be investing in this type of work in the future.
Therefore, workers in this line will have to think hard about their prospects in the coming years. As corporations turn to robots more, the stock clerks and packers of the workforce will be out of a job.
Next: As long as this job lasts, it won’t be a target for a raise.
- Salary: $45,000
In 2017, Trump had truck drivers at the White House, and he even pretended to be one for a few minutes. But he doesn’t seem to grasp what his tax plan will do to people who depend on this line of work.
Instead of giving drivers a bonus, CEOs are more likely to green-light investment in autonomous vehicles. Soon enough, they won’t need any humans to move materials from place to place.
Next: AT&T’s CFO was explicit about this job hitting a wall.
5. Customer service
- Salary: $38,000
Call center employees saw more outsourcing than just about any other profession this century. Now that many of those jobs are gone, those who are left won’t get higher wages.
In fact, AT&T CFO John Stephens said about 20% of the company’s employees worked in call centers, and he “didn’t need than many.” Instead of a wage hike, these workers might be looking at layoffs like the 4,000 AT&T made right after the tax cuts passed.
Next: Auto workers have seen thousands of job sent overseas since Trump took office, and more will come.
6. Auto glass installer
- Salary: $37,000
We’ve seen General Motors CEO Mary Barra in the White House on several occasions lobbying Trump, and clearly the automaker has gotten what it wanted. The tax cuts passed, its business has been unaffected, and yet the company’s continued to send jobs overseas in a record wave of offshoring.
In fact, GM led all American companies in jobs offshored during the first year of the Trump administration. Jobs like auto glass installer are part of the group that won’t be getting raises, if they last at all.
Next: This job won’t be around forever, and wages will stagnate until it disappears.
7. Cable installation
- Salary: $32,000
With so many Americans liberating themselves from traditional cable packages, installation jobs are dwindling across the country. While they last, they’ll be the type of work not seeing any pay hike.
AT&T’s CFO also alluded to this job’s lack of potential in his May comments at the Dallas Fed. Consumers can hop between streaming packages without needing an installation, and that leaves the traditional cable guy out of a future.
Next: They’re not offering people raises to sell you things over the phone.
- Salary: $24,500
It’s not a popular profession, and telemarketer is among the least profitable jobs as well at a median income of $24,500. Phone sales are barely registering anymore.
As a result, you can be certain CEOs won’t be offering higher salaries and any other incentive to keep employees in this job. It’s the type of work that will be gone by 2030.
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