Serious amount spent on ads not to mention employee time making powerpoints and consultant fees to fight engine 1. Money would have been better spent on employees.
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(72,000 employees)(0.6 Americans/employee)($173,000/employee)(0.07 $match/$)($1M/$1E6) = $523M
The only fuzziness is on whether that median salary is Americans only or the whole company, and what the actual percentage of people taking the match is. I sure as he-l am not making that much money, so I doubt the median salary is higher than $173K in the US. And I know a depressing number of new hires don’t take advantage of the match.
That math below is kind of suspect.
Layoffs cost $200m and Engine1 35m. So about 4% of your 401k match went to these activities. Fun thought, huh?
@gmo is correct. 401K match savings is barely $500M; we spent at least $35M, probably more and not including all the staff time supporting this proxy battle.
@rms - Not even close on the match savings
Per 2020 SEC10K, about 72K employees, 60% of which are in the US. Median pay per CEO compensation disclosures were $173K last year. Assuming every single American got the match (they didn’t) that results in a maximum savings for the company of $523 million. A drop in the bucket compared to our dividend. And considering how youth heavy we are I imagine we have a non-normal distribution of salaries, and plethora of kids fresh out of college not taking the match, maybe making our savings closer to $400 million if I had to guess
Rofl, not even in the ballpark of the money saved from 401k match (i.e. BILLIONS)
That is nothing compared to the millions wasted on useless board members