Joined: 06 Jan 2008
Posts: 1810
Location: It's NewDepotGuy - Using Acid to open Polli's special safe!
| Posted: Tue Apr 08, 2008 2:00 am Post subject: Why does Macy's pay associates so little? | |
|
Read this article I found about Lundgren!
14.4 Million, a 2 million dollar loss from last year! HMPH! Macy's CEO Terry Lundgren took a $2.5 million cut in his cash payout in 2007, having collected no bonus in a year when profit and sales both declined. But he did get a bump in salary and almost $700,000 in additional stock incentives for a total compensation of $14.4 million. That compares with a pay package of $16.3 million for Lundgren in 2006, when the acquisition of May Department Stores Co. by Cincinnati-based Macy's (NYSE: M) was in full swing. For 2007, Lundgren collected a higher salary of $1.5 million, reflecting a new employment agreement, plus $291,000 in other compensation, such as $96,000 for aircraft use by him and his family, $87,000 for auto use and $86,000 for company merchandise discounts and related tax gross-ups, according to the company's proxy report filed with the Securities and Exchange Commission. In addition, Macy's compensation committee awarded Lundgren $12.6 million in stock compensation - $3.3 million through the award of 75,000 shares of restricted stock, and the remaining $9.3 million through the grant of 634,000 stock options. The estimated $9.3 million value is based on the fair value of the shares on their grant date. Macy's 2007 profit fell by 10 percent over the year before, to $893 million, or $1.97 a share, from $995 million, or $1.81 a share, in 2006. Revenue slipped 3 percent to $26.3 billion from $27 billion in 2006. The company in March said it would reorganize its regional operations and cut 2,300 jobs. To determine Lundgren's bonus award, the compensation committee selected a series of measures: earnings before interest and taxes, sales and cash flow. The committee "believes that rewarding the executives for strong performance measured by the combination of these three measures will support the business plan and give executives a strong incentive to focus on the business in a balanced way," Macy's proxy stated. But after reviewing performance data in March, the committee determined that Macy's performance fell below the "threshold" level for each performance measure. "Consequently, none of the named executives received an annual bonus for fiscal 2007." Also in March 2007, Macy's entered into a new employment agreement with Lundgren with an expiration date of February 2011. In this agreement, Lundgren's base salary rose to $1.5 million from $1.4 million. He also was granted additional options to purchase 500,000 shares at an exercise price of $44.67 per share, plus 75,000 shares of time-based restricted stock, which will fully vest in February 2011. Last edited by friendofmacy on Tue Apr 08, 2008 2:10 am; edited 1 time in total |
|
Joined: 06 Jan 2008
Posts: 1957
Location: A Place Where No Thongs Are Not Allowed
| Posted: Tue Apr 08, 2008 2:01 am Post subject: | |
| Oh FOM, can't you post it for us? You know I'm lazy! | |
Joined: 06 Jan 2008
Posts: 1810
Location: It's NewDepotGuy - Using Acid to open Polli's special safe!
| Posted: Tue Apr 08, 2008 2:09 am Post subject: | |
Sure, I even forgot to leave the link. I will edit the post.. 
|
|
Joined: 06 Jan 2008
Posts: 1957
Location: A Place Where No Thongs Are Not Allowed
| Posted: Tue Apr 08, 2008 3:26 am Post subject: | |
|
Thanks FOM. I thought that you were going to say HMPH!
I did HEAR that bonuses for OPS and SM's have been cut out! Oh, that is just too bad....I guess understaffing the store and keeping us out of supplies was all in vain after all! |
|
Joined: 06 Jan 2008
Posts: 1810
Location: It's NewDepotGuy - Using Acid to open Polli's special safe!
| Posted: Tue Apr 08, 2008 3:27 am Post subject: | |
I feel so sorry for him, he lost 2 million this year! How horrible! 
|
|
Joined: 06 Jan 2008
Posts: 1957
Location: A Place Where No Thongs Are Not Allowed
| Posted: Tue Apr 08, 2008 3:31 am Post subject: | |
| I know. I always hate it when I loose 2 million dollars. It ruins my year and makes me want to pay people what they are worth, hire more people, and buy decent merchandise. But that's just what happens to ME when I loose 2 mil. It's different for everyone. | |
Joined: 06 Jan 2008
Posts: 1810
Location: It's NewDepotGuy - Using Acid to open Polli's special safe!
| Posted: Tue Apr 08, 2008 3:33 am Post subject: | |
I sit in my Bentley and cry when I lose 2 million 
|
|
Joined: 14 Jan 2008
Posts: 730
| Posted: Tue Apr 08, 2008 5:26 am Post subject: | |
|
hee. good one maycylady.
yeh, i feel his pain. 
|
|
Joined: 03 Jan 2008
Posts: 1217
Location: ole wrap stand
| Posted: Tue Apr 08, 2008 5:43 pm Post subject: | |
|
I laugh at this one associate she thought macys capped pay at 15.00 dollars per hour..Damn too bad this was at work..because I know I would laugh wicked with my margarita in my hand..PAST ME another one "hic"
|
|
Joined: 14 Jan 2008
Posts: 730
| Posted: Tue Apr 08, 2008 10:21 pm Post subject: | |
| the cap on pay is less than $15 at my store. | |
Joined: 06 Jan 2008
Posts: 1810
Location: It's NewDepotGuy - Using Acid to open Polli's special safe!
| Posted: Tue Apr 08, 2008 10:23 pm Post subject: | |
| $15? Wow! | |
Joined: 06 Jan 2008
Posts: 1957
Location: A Place Where No Thongs Are Not Allowed
| Posted: Tue Apr 08, 2008 11:15 pm Post subject: | |
| My SM told me years ago, when I asked for a raise, that I have "reached the ceiling" for the pay of a sales associate. I don't know what the cap is, but I still get a raise every year, if thats what you want to call it. | |
Joined: 06 Jan 2008
Posts: 1810
Location: It's NewDepotGuy - Using Acid to open Polli's special safe!
| Posted: Wed Apr 09, 2008 12:08 am Post subject: | |
|
From the manager prospective that is formal "BS" for,
I am to cheap to pay you a dime more |
|
Joined: 07 Jan 2008
Posts: 247
| Posted: Wed Apr 09, 2008 12:17 am Post subject: | |
|
it depends on the store and what level of sales associate you are. there is level 1 and level 2. it depends on the area.
we have associates that make $22-$25 dollars an hour. of course, they have been there many years. i know of an associate that works in furniture that made 87,000 dollars last year. also, starting rate depends on your store location and then you are placed in a category for starting rates. i have seen people come into our store start at $11.00-$12.00 an hour when our starting rate is more that $4-$5 less than that. it all depends how much they want you and which department you are being hired for at the store. if you are hired as an OCA, the is no negotiating of rate. Last edited by MLBeast on Wed Apr 09, 2008 12:26 am; edited 1 time in total |
|
Joined: 06 Jan 2008
Posts: 1810
Location: It's NewDepotGuy - Using Acid to open Polli's special safe!
| Posted: Wed Apr 09, 2008 12:20 am Post subject: | |
|
Interesting.....
Appliance sales are the same way at Lowe's. They make spiffs. If your in a high market level A store, $120,000 would not be unobtainable. |
|
Joined: 06 Jan 2008
Posts: 1957
Location: A Place Where No Thongs Are Not Allowed
| Posted: Wed Apr 09, 2008 1:06 am Post subject: | |
|
MLBeast, what is a level 1 and level 2 associate? There are many associates in my store that make well over $20.00/hr. They have been there the longest, and of course, are the ones always on the chopping block.
In my store, they now hire whoever will take min. wage. The areas that used to pay more don't anymore. HR has a take it or leave it attitude, there is very little negotiating. I don't feel sorry for anyone starting out low, though, b/c I started at the bottom and worked my way up. The only problem is that you get what you pay for, and what Macy's is paying is for teenagers that don't have expenses. |
|
Joined: 06 Jan 2008
Posts: 1810
Location: It's NewDepotGuy - Using Acid to open Polli's special safe!
| Posted: Wed Apr 09, 2008 1:15 am Post subject: | |
|
I Don't ever have a problem at my local Macy's.
Macy's ~ The Mall at Green Hills ~ Brentwood Tennessee BUT Brentwood is a very ritzy area and VERY expensive!!!!! I guess they hire extra associates to run the store for that very reason. The mall is home to the only local Tiffany, Louis Vuitton, Apple, and Cheesecake Factory. |
|
Joined: 03 Jan 2008
Posts: 1217
Location: ole wrap stand
| Posted: Wed Apr 09, 2008 2:29 am Post subject: | |
hmmm..my mall is the top in my area..we have the cheesecake, apple, coach, Pf chang, etc..I could go on..You know they werent too happy about Macys coming in..Upscale you know..lol.. 
|
|
Joined: 06 Jan 2008
Posts: 1810
Location: It's NewDepotGuy - Using Acid to open Polli's special safe!
| Posted: Wed Apr 09, 2008 3:28 am Post subject: | |
|
Here in Nashville Macy's was a step up from Hecht's. Hecht's was nice, don't get me wrong, but Macy's brought in a bunch of major brands that Hecht's didn't have.
The mall was disappointed though because they though that the Hecht's would shut down and Bloomingdale's would come in. Instead they did the typical Macy's conversion. |
|
Joined: 19 Feb 2008
Posts: 289
| Posted: Wed Apr 09, 2008 3:29 am Post subject: | |||
When I started I asked for 75 cents more and they gave it to me. I only been here about a year & half(1 1/2) and I make $9.45 now plus I am expecting a raise in May, and I should make over $10 in May. Not bad right, for a college student. And I been here a short time. P.S. Macys gave me my company match and put in my Pension last week. The Match and pension added up to about $130 for both. And I start putting money in my 401K in Oct. 2007 |
|||
Joined: 06 Jan 2008
Posts: 1810
Location: It's NewDepotGuy - Using Acid to open Polli's special safe!
| Posted: Wed Apr 09, 2008 3:34 am Post subject: | |
| Money, is it not hard to live on that in the area that you live in? That seems low for that city. | |
Joined: 06 Jan 2008
Posts: 1810
Location: It's NewDepotGuy - Using Acid to open Polli's special safe!
| Posted: Wed Apr 09, 2008 3:35 am Post subject: | |
| Oh, and how is school Money? | |
Joined: 07 Jan 2008
Posts: 247
| Posted: Wed Apr 09, 2008 3:49 am Post subject: | |
|
that is low and the starting rate is very low for living in manhattan and the 5 sourrounding bourghs.
i assume he lives at home since he is a student. he could not pay rent on that salary! money, i would be truly surprised if you go over $10. you might get close...but over $10....no way! |
|
Joined: 19 Feb 2008
Posts: 289
| Posted: Wed Apr 09, 2008 3:53 am Post subject: | |||
School is going well. $10 is good for me because I live with my Mom. Most jobs in my area starts at Min. wage. Min.wage in New York is now $7.15. It used to be $5.15 per how and that was hard to live on. Over the past 3 or 4 years they raised it from $5.15 to 7.15 by raising it little by little over 3 years. Raising Min. wage don't help anybody. It just means everything else will go up faster. and the city collects more on income tax. Business has to lay people off and work there employees even hard. Less people more pay. When I worked for Burger King as a Manager I couldn't get a raise because they have to give who ever made $5.15 a raise, and we had to lay people off, and cut labor, and the budget. When I left BK I have been working for them for 6 years and only making $8.00 per hour as the Manager. That was kinda high because all the other managers was making $7.25-$7.75 per hour. When I left BK the owner sold the place about 6 months before I quit. He relocated to a different state where Min. wage is still $5.15. When Min. wage goes up so does Transit, carfare, food, rent, ETC. You never win. The only winner is the goverment because you have to pay more taxes because you make more money. |
|||
Joined: 06 Jan 2008
Posts: 1810
Location: It's NewDepotGuy - Using Acid to open Polli's special safe!
| Posted: Wed Apr 09, 2008 3:53 am Post subject: | |
|
I thought so! Especially for Manhattan. I live in rural Tennessee and $10 wouldn't make it for most people here. I couldn't imagine living in Manhattan on that.
Money I started at almost that as a Head Cashier for The Home Depot. I would have never made ends meet. My parents have helped me through school, but now I am moving away and will be making a nice salary (and still worry about making ends meet) in rural Georgia. |
|