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Executive compensation at the 100 largest low-wage US employers has climbed sharply in recent years, widening the gap with typical worker pay and creating challenges for HR leaders tasked with managing talent, retention, and morale.
The latest “Executive Excess” report from the Institute for Policy Studies (IPS) examines six years of pay trends at household names such as Starbucks, Walmart, Home Depot, and Amazon.
Pay soaring, wages stagnating
Between 2019 and 2024, average CEO pay at those firms jumped 34.7%, while the median worker’s pay grew just 16.3%, failing to match the 22.6% rise in inflation during the same period. Executives at those companies now collect an average $17.2million, compared with $35,570 for the typical employee. At 22 firms, median wages actually fell.
The CEO-to-worker pay ratio rose 12.9% over the period, from 560:1 to 632:1 - double the S&P 500 average. Starbucks recorded the widest gap last year, with CEO Brian Niccol earning $95.8 million against a $14,674 median worker wage, a 6,666:1 ratio.
The report also highlighted $644billion in stock buybacks between 2019 and 2024 across the group. More than half spent more on buybacks than on long-term capital investments. Lowe’s led the way, channeling $46.6billion into buybacks, equivalent to $28,456 annually per employee if redistributed over six years.
Worker impacts and legislative push
Starbucks boosted median worker pay by only 4.2% in real terms during the six years while spending $18.2 billion on buybacks. At Ulta Beauty, median pay dropped 46% to $11,078 as part-time work grew, while CEO pay jumped 45%, lifting the pay ratio to 1,130:1.
A March 2025 Compensation Advisory Partners review of 50 large public firms found that median revenue and earnings growth stalled, yet executive bonuses surged, at an average 280% increase.
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The IPS report calls for policy reforms including higher corporate taxes for extreme pay gaps, stricter rules on stock buybacks, and linking pay ratios to eligibility for federal contracts. Survey data shows 80% of likely voters back such measures.
Drew Hambly, investment director at CalPERS, warned at an SEC roundtable: “I want corporate boards to think more about the bottom 50% of people who work for them. Because when I go into a business, I’m probably interacting with a lower-wage worker. And if you’re going to drive value over time, that’s the face of your company.”
