I saw this post on Instagram the other day:
Originally posted here: Litquidity (@litquidity) • Instagram photos and videos
That's a pretty interesting perspective.
Immediately after I saw that I grabbed a calculator and did some math.
So it goes like this:
A year has about 52 weeks. In most companies in the US, you get 2 weeks of vacation. So you're left with 50 weeks of full-time work.
One week normally has about 40 working hours. On a regular job, we should expect a person to work for 50 weeks in one year which equates to 2000 hours.
Now back to the post, McDonald's has decided to pay their employees $21/hr. This hourly rate seems to be pretty small compared to an investment banker's annual salary of $100k.
But we forget the fact that... 100k salary comes with working 91 hours a week. In that line of work, it doesn't seem to be out of the ordinary if you have talked to some folks who worked in it. It's one of those jobs where they really overwork their employees, with a promise of a good salary of course.
Imagine fresh out of school you're promised a 100k salary! Looks good on paper, right? But did you know you will be working for about 90 hours a week? 91 hours may be a stretch here (or maybe not)…I need to do more research to find out if people in these kinda industries are working that much. …Actually I did, and a quick Google search shows that hours ranging from 70 to 90 a week is not unusual at all.
Roughly these people can work about 15 hours a day for six days a week.
Now back to the meat of my blog, what's their time really worth? Is an investment banker time worth more than a McDonald's employee that we just saw on the post?
McDonald's employee earns $21/hr.
An Investment banker earns 100k / (91hrs * 50weeks). That's 100k a year divided by the total number of working hours in a year.
So 100,000 divided by 4550 is $21.98/hr.
That's crazy if you think about it.
Maybe a McDonald's employee won't be working 91hrs weeks. But what his/her time is worth is almost the same as that of an investment banker.
I think these are questions we need to be asking ourselves. What is my time really worth?
If you liked this post, you may also like this one: Do you know your worth?