CEO pay has been blasted for increasing risk to the economy, being out of proportion to ordinary wages and being unrelated to actual company performance. And, according to a new study, a high salary may actually make your company's CEO meaner. (Hat tip to Harvard Business Review)
In the study's white paper, "When Executives Rake in Millions: Meanness in Organizations,"professors from Harvard, Rice and the University of Utah argue that rising income inequality between executives and ordinary workers results in "power asymmetries in the workplace such that top executives come to view lower level workers as dispensable objects not worthy of human dignity."
Econ Times: CEO layoff leaders also led in pay in '09
The HIll: CEOS earn big salaries amid large layoffs
The heads of firms that laid off the most workers during the recession earned nearly $12 million a year on average, 42 percent more than other chief executives at S&P 500 firms in 2009, according to a report released Wednesday.
CEO's of the 50 firms that laid off the most workers earned a combined $598 million in 2009, according to the 17th annual executive compensation survey produced by the left-leaning Institute for Policy Studies, a Washington think tank.
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