A Day in the Life of a California Fast-Food Manager Who Makes $174,000 a Year
wsj.com
wsj.com
10+ hour days every day, and it's possible that 40%-50% of her income comes from performance based bonuses, which means never stopping. Sounds like a drag to me. It's good for her if she enjoys the pace, though.
I would love some sort of bonus for a job well done.
More work being the "bonus" for good work is not really a reward.
The profiled manager's base pay: $85,000
Monthly bonus for hitting financial targets: $5,000 - $7,500
> her pay can reach $174,000 annually
This article is an absolute fluff piece aiming to tip a nodded hat at the industry as a whole - for maintaining the industry at its status quo.
Unfortunately, the restaurant industry has changed dramatically since 2020 (pandemic initiated). Cost, immutable variables between staff and guests, and likely most fundamentally - an industry unfit for a single entity to operate on his/her/there own.
Socio-economically the industry has suffered far more than other industries and continues to. Add in the decade long push in comfortability (delivery) and the break in social activities due to the pandemic, and the third space is no longer a safe, meal-sharing, getaway.
Dine-in, sit-down restaurants are going to continue to struggle until they regain their 'third space' appeal. In the meantime you can continue to purchase low-quality food, put up with terrible service, and pay extravagant pricing for delivery.
As for wages - the only reason this person has a comparable wage to an entry-level technical programmer is because Cane's is as large and funded as it is - combined with the current 'big boys' competition in the industry. Culver's, In'N'Out, Raising Cane's, and several others from large groups are the only competing brands at the moment in large retail spaces.
And as is usually the case this hails from California where pay scale outweigh most of the country save for the hot spots everyone knows.
This is targeted at the industry as a whole - it's not a reflection of the industry at all at it's current status.
Then the conversation moves on to how to build better models that integrate a more complicate understanding of the world we live in and our effects on it. This is why the Carbon Tax is/was such an interesting concept. It’s an attempt to enhance the financial system with the ability to price in climate change.
Fundamentally, Economics is about make good decisions about how to allocate scarce resources. Certainly the Lords of Finance have taken it to some pathological places, but prices and markets remain extremely powerful tools.
One great example of this is how Feeding America created a market to allocate foodstuffs among food banks:
https://www.npr.org/sections/money/2019/09/11/565736836/epis...
If externalities were important to the economists, after many decades, there would be a high sense of urgency to model the most important processes and assimilating them into the theory, but after many decades all the work has been put into how to eat the pale blue dot and turn it into money, an abstract concept that won't be useful when the worldwide famines start.
To my limited understanding, Friedman's approach to workers was we should make it so competitors can spring up, as your best job security and working conditions and salaries come from the existence of other companies. And additionally that when companies do well, their customers (also most non-management workers for most companies) get better and/or cheaper products, as people are customers of other businesses as well as employees of their own company.
Jack Welch - executives are valuable.
Milton Friedman - regular staff benefit from competition (in their own industry to keep wages high, and elsewhere to keep products cheaper/higher quality); owners are important because you made an agreement with them when you took their money; executives exist, but are not particularly valuable.
Hey hey, think about the poor executive. Toil and grind until they lay you off. That 3rd yacht isn't going to buy itself.
Any random event can sink a company, and the CEO will be blamed for not foreseeing and preparing for it. Good times can carry your company along even if their policies suck. Bad times can kill a great company with great leadership. Which means bad CEOs can sometimes go for years without the feedback they need to get better, and great CEOs will never get the recognition they deserve.
Some measures of good leadership are concrete and measurable, but lots are very abstract and only manifest over years and decades. So if a CEO does a great job at these, the profits might only show up for their successor, or even their successor.
I'd only do that job for a ton of money.