Link please. I like to check the facts if possible (like how much higher than the other China-Mart clones? Two cents or two dollars?). Until I find out otherwise, I'm going to assume the number you heard on CNBC is the average pay for hourly wage employees and almost everyone at China-Mart is hourly. It doesn't matter if you've worked there 30 years; if you're not management, you're hourly without a bonus.
i dont have a link because it was on air but i do know this. i have a relative that is a department manager at walmart and he makes low 40s.
Wal-Mart is in response to half a century of bullshit in American retail. There is so much excess in retail today and Wal-Mart will help flush the shit down the toilet.
There's a world of difference between going out of business and being put out of business. Common stock is the worst model for the employees precisely because it's the best model for investors. Privately owned companies that distribute excess profits directly to their employees is the best model for the employees because it locks out the investors. I have no problem with foreign manufacturers building plants here to sell the output of those plants here. I have a big problem with U.S. manufacturers that make their products abroad for sale here.
After a quick check, the fed minimum wage is $7.25. Washington's minimum wage is $8.55, Cali is $8.00, San Fran is almost $10.00, Oregon is $8.40, Mass is $8.00 and Vermont is $8.06. China-Mart doesn't like to release this type of info for obvious reasons but their CLAIM is in the $9 range for ALL hourly employees, including tenured employees and union employees (I still couldn't find anything about their better pay than Target and Kmart claim). That sounds an awful lot like minimum wage for almost every NEW job created. Maybe I'm wrong; I don't do their books. I get the impression that some people on this forum want to argue China-Mart and the Chinese goods retailing business has some high paying jobs to offer this economy. For every $40K management position, how many managers are getting paid $28k and how many minimum wage employees are they managing? http://wakeupwalmart.com/facts/ http://www.ufcw.org/press_room/fact_sheets_and_backgrounder/walmart/wages.cfm http://www.payscale.com/research/US/Employer=Wal-Mart_Stores,_Inc/Hourly_Rate http://en.wikipedia.org/wiki/List_of_U.S.A._minimum_wages http://books.google.com/books?id=oq...X&oi=book_result&ct=result&resnum=10#PPP15,M1 http://www.organicconsumers.org/articles/article_9033.cfm http://warnwalmart.org/fileadmin/walmart/warn/newtownflyer-_jobs.doc
I appreciate the links, however most of the links that you provide would be a tad biased especially the UFCW link. According to this link from 2004 hourly workers average $9.98. http://www.pbs.org/wgbh/pages/frontline/shows/walmart/secrets/stats.html How does WMT get and retain employees if the working conditions are so bad and the pay so little? Also, what would be a fair price to pay? Let the market decide what to pay, they must not need to pay more with the roughly 1.2 million or so employees.
Don't get me wrong. The market should decide**. My point was that the jobs created are of such low quality they offer very little to this fragile economy or even a strong economy. **Unless, of course, the business is a monopoly which China-Mart damn near is by virtue of shear size and the ability to undercut all competition and push them out of business, especially in rural areas. But for now, let the market decide but try to keep the public informed. America's most powerful company's business model isn't necessarily good for America, and I'm not even talking about wages. The whole Chinese retail model and the trade imbalance is what has me concerned most.
Here again.....the WMT story is one that really questions the validity of globalization as a viable concept.... The key point being the sharing of wealth.... The highest valuation tool is common stock.....The cheapest financing tool is common stock....The best reward for dedicated employees and protection from foreign manufacturing is common stock.... Earnings cannot be equally distributed because this would take away from valuation....Also outside non -employee parties are welcomed in the game because of their support for reward performance through higher valuations and performance.... Common stock is indeed the possible equilabrator....but it has yet been properly utilized.... Also the exchanges have been biased to corp/govt fascism in the US....There needs to be a stand alone venue for name transfer which would be based on the Direct Edge or BATS model which are quickly taking market share from the older name transfer venues which have proven themselves to be less efficient.... The day needs to come that labor does not worry too much about foreign competition because they too have a piece of the action.... Common stock is the key to globalization being a success.... No one can deny enjoying the lower prices that WMT has to offer.... And if China buys BA when the dollar craters....no one can deny liking far less expensive airline tickets either.... Common stock will better shape globalization....
here is the story. at 5:40 the show the wage scale. wages before benifits. median hourly rate: kmart 7.43 target 7.49 walmart 9.01 costco 15.00 http://www.cnbc.com/id/15840232?video=1142098065&play=1