Victoria's Secret workers win wage battle
Employees at New York's Herald Square flagship store get raises of $1 to $2 an hour, but they still face erratic schedules.
Workers at Victoria's Secret flagship store in New York City's Herald Square just added $1 to $2 an hour to their paychecks, CNNMoney reports, after they asked parent company Limited Brands (LTD) for higher pay and launched a petition on Change.org.
The workers demanded more money, steadier schedules and more opportunity to advance within the company.
It's an incomplete victory. The official company line is that the raises were the result of its annual employee satisfaction survey. Scheduling is still an issue, as labor site In These Times says the Herald Square workers still face shifts that change wildly from week to week.
But even the Victoria's Secret workers' pay raises offer hope to workers petitioning companies such as Wal-Mart (WMT) and McDonald's (MCD) to pay more and striking against fast-food outlets in favor of a $15-an-hour minimum wage. It's already a win for the Retail Action Project, which is affiliated with the Retail, Wholesale and Department Store Union and teamed up with the Victoria's Secret workers on its Just Hours wage and scheduling campaign.
Though wages are inching up only in tiny niches of the retail and restaurant industries, those advances bode well for a growing number of U.S. workers. The U.S. economy has recovered roughly 6 million of the nearly 9 million jobs lost during the recession. However, The National Employment Law Project says nearly 60% of all jobs lost during the downturn paid middle-income wages or better, but roughly 65% of the regained jobs are low wage.
In the current economy, even a college degree is no guarantee of avoiding low-wage work. More than 280,000 college graduates earn minimum wage. The Center For College Affordability and Productivity reported that nearly half of the college graduates from the class of 2010 are working in jobs that don't require a bachelor's degree. A full 38% have taken gigs that don't even require a high school education. According to The Associated Press, that has dropped the median wage for college graduates significantly since 2000 -- just as those same graduates are getting crushed by record-high tuition and debt.
By fight do you mean standing in line in front of their job screaming "gimme, gimme, gimme"?
I worked in fast food for 9 years, started when I was 17. By 18 I was a shift leader, by 19 I was a assistant store manager, and by 21 was running a restaurant. I had great wages, benefits, matching 401k and stock options. Took that career and now work a steady 9-5 and am compensated for my training and ability to PROVIDE VALUE to my company.
Now all these people want to just insist they deserve more? Give me a break! As someone who did the job and FOUGHT for more I can tell you a huge majority of these people are not worth it. There is room for advancement and you have to FIGHT for it.
It seems the public is finally rooting for the underdogs of society.....it's workers.
That's what happens when you keep destroying the middle class. The newly enlarged lower class will vote against the desires of the wealthy and will support reforms to challenge the entrenched wealthy's agenda.
If the wealthy shuts off the ability of the lower classes to rise and achieve the "American Dream," they will work against the wealthy's goals. Americans aren't willing to live like their third world brethren without a fight.
I always get a "raise" from Victoria's Secret.. when I see a lady Im with intimately wearing their products.
Recent college graduates have to compete with high school graduates because they didn't learn a damn thing in college.The marketplace figured this out a long time ago so they are right where they belong. What re you going to do with "black studies" or :" Hispanic studies" degree?" Nothing,that's what. I see major"black studies" on an application,I immediately think,this person is trying to finish high school not expand his knowledge base! I wouldn't hire him!
In reality, large Corporations that under pay their employees are only hurting themselves in the long run. Products sit on store shelves only to be put in clearance sales or are shipped to closeout stores like Big Lots. Consumer income is an element within supply and demand.
A fast food worker and retail clerk does not deserve to make as much as a college graduate, sorry. If you want to make $20 and hour, you should have to suffer through four years of college. I was in college working on my 4 year degree AND working retail part-time. The problem is that everyone feels so entitled anymore. People think "I'm me, so I'm special and deserve more." Bunch of crap.
Business owners will only see more business and more income by increasing the pay of all employees across the board. Consumers need disposable income to spend. They cant be a consumer without it.
Wages have not kept pace with inflation, and that is negatively affecting the economy as a whole.
Copyright © 2013 Microsoft. All rights reserved.
Fundamental company data and historical chart data provided by Morningstar Inc. Real-time index quotes and delayed quotes supplied by Morningstar Inc. Quotes delayed by up to 15 minutes, except where indicated otherwise. Fund summary, fund performance and dividend data provided by Morningstar Inc. Analyst recommendations provided by Zacks Investment Research. StockScouter data provided by Verus Analytics. IPO data provided by Hoover's Inc. Index membership data provided by Morningstar Inc.
[BRIEFING.COM] The major averages remain mixed with the Nasdaq (+0.1%) holding a modest gain while the Dow Jones Industrial Average (-0.5%) lags. Meanwhile, the S&P 500 holds a more modest loss of 0.2% as seven of ten sectors hover in the red.
Of the seven decliners, defensive sectors display the most notable losses with consumer staples and health care trading lower by 0.9% and 0.4%, respectively.
Over on the cyclical side, technology (-0.3%) is the biggest laggard while ... More
More Market News
The company is looking at futuristic ways of providing information to users. Chip implants are a long ways off, however.