Dive Brief:

• Median CEO pay at S&P 500 companies rose 7% last year, while median worker pay for workers at those companies rose only 3%, according to data analyzed by Equilar for The Associated Press. Top executive pay increased to a median $12 million, taking into account salary, stock and other compensation.
• Pay disparities between workers and CEOs have grown since 2017, the AP noted. The study examined pay data for 340 executives at S&P 500 companies who have served at least two full consecutive fiscal years in their roles. The AP reported that median worker pay for big companies in the S&P 500 was highest at Celgene, Alphabet, Vertex Pharmaceutical, Facebook, Incyte, Broadcom, Netflix, Phillips 66, Verisign and Host Hotels & Resorts.
• Of the 340 CEOs in the study, 19 were women. Female CEOs in the study had higher median pay in 2018 ($12.7 million) than their male counterparts ($11.2 million).

Dive Insight:

Wages for U.S. workers grew 3.8% during the past year, increasing the average wage by $1.04 to $28.40 an hour, according to the ADP Research Institute Workforce Vitality Report (WVR) released in April.

Workers in manufacturing, representing 10% of the workforce, experienced 3.9% wage growth and a $29.55 average hourly wage. Wage and trade, which represents 22% of the workforce, saw 4.9% wage growth and a $25.27 average hourly wage. Western workers (4.2% and a $30.50 average hourly wage) and large businesses (4.9% and a $29.51 average hourly wage) also contributed to the growth.

But while wages are up, purchasing power appears down. When taking inflation into account, wages have actually fallen 1.3% since the end of 2017, according to a PayScale report release in January. The report said blue-collar workers were hit particularly hard.

Employers looking to attract workers without busting the budget are paying attention to the perks and benefits that employees and job seekers say they want. Often appearing on the list of desirable offerings are flexible work schedules, paid family leave, career development opportunities and, perhaps most notably, meaningful work.