Median pay ratio up again in 2023
Fifty of Ohio’s largest employers paid their CEOs a median of 308 times as much as their typical employees last year, according to Policy Matters Ohio’s analysis of filings with the Securities and Exchange Commission. At the median these CEOs — heads of publicly traded corporations with large numbers of employees in Ohio — received raises of 19.95% last year, accounting for inflation. They let their employees fall behind inflation, with the typical worker losing about $250 of spending power compared to 2022, a decrease of 0.45%.
“While CEOs enjoy the fruits of their employees’ labor, many workers can hardly afford the basics,” said Policy Matters researcher and report author Heather Smith. “This is part of a broader, long-term trend of increasingly dramatic income inequality.” The report also found that Ohio’s 50 largest corporate employers paid their median CEO $14.9 million, and their median employee just $54,857.
“It doesn’t have to be this way. With public policy that supports strong unions and workforce-wide solidarity, everyday Ohioans can take home more of the profits they generate,” Smith said. “A legislature that stands with the people will support these efforts with stronger union protections, a better minimum wage, and at the very least a requirement for employers to provide pay stubs.”