Two-thirds of U.S. adults say companies are doing a “poor” job of minimizing the pay disparity between CEOs and average employees, according to a recent survey by Bentley University and Gallup.
The survey, conducted from April 29 to May 6, 2024, reveals that only 9% of Americans believe companies are doing a “good” job in addressing pay gaps, with just 4% rating their efforts as “excellent.” The findings have remained consistent since the survey began tracking public opinion on this issue in 2022.
Opinions on corporate performance in this area are fairly consistent across different age, race/ethnicity, and income groups. However, there are notable differences along political lines: 81% of Democrats, 64% of independents, and 47% of Republicans rate companies’ efforts as poor.
The survey’s findings come in the wake of a 2023 Equilar/Associated Press study that reported a 12.6% increase in the median pay package for CEOs, reaching $16.3 million. This rise significantly outpaces the 4.1% pay increase for private-sector workers in the same year.
Additionally, the survey shows that more than half of U.S. adults consider it “extremely important” for companies to avoid major pay gaps between CEOs and employees. Another 27% believe it is “somewhat important,” highlighting the broad concern over income inequality. Once again, political affiliations influence opinions, with 74% of Democrats, 55% of independents, and 32% of Republicans viewing this issue as extremely important.
These insights are part of the broader 2024 Bentley-Gallup Business in Society Report, set to be released in September. The report underscores the ongoing concern among Americans regarding income inequality and corporate responsibility in addressing pay disparities.
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