Top business news: Tech salaries, Conde Nast video, clean energy – Business Insider
Hello everyone! Welcome to this weekly roundup of Business Insider stories from executive editor Matt Turner. Please subscribe to Business Insider here to get this newsletter in your inbox every Sunday.
Tech companies splash out huge sums of cash to attract top talent, as Rob Price reported this week.
How much exactly? From his story:
Compensation overall remains a closely guarded secret, with firms refusing to disclose their rates as employees take to forums and anonymous social networks to compare pay packets.
But there’s one organization that knows exactly how much tech workers are getting paid: the US government.
When American companies file paperwork for visas on behalf of current or prospective foreign workers, they’re required to say how much compensation the workers are being offered. And every year, the Office of Foreign Labor Certification discloses this salary data in an enormous, enlightening dataset.
Rob worked with Skye Gould and William Edwards to analyze this data to see how 13 key companies, including Amazon, Apple, Facebook, Google, Microsoft, and Netflix, pay their staff.
To be sure, there are caveats. For example, the data relates to the 2019 fiscal year. A lot has changed since then. The data only reveals what companies pay foreign workers in roles for which they have hired immigrant workers. And the database also does not appear to include equity grants. Still, as Rob reports, the data is a powerful tool. From his story:
If you’re applying for a certain job, how much should you ask for? If you transfer internally, how might that affect your pay? Are you being underpaid compared with your coworkers?
I want to highlight three stories from the past week that build on previous reporting on Condé Nast, GMMB, and CrossFit.
Rachel Premack talked to 13 current and former employees of Condé Nast Entertainment, the famed publisher’s video-production entity, about the process through which videos are pitched and produced. From her story:
Sources said this vetting process, which measures the various parts of a pitch against historical data, consistently rejected video pitches that would feature people of color and topics about nonwhite communities.
Sean Czarnecki talked to 26 current and former employees of GMMB, 15 of whom identify as people of color. From his story:
While the firm touts its progressive work, these employees say the agency relegated employees of color to administrative work like office chores, failed to promote them equally, and tokenized them to win new business.
Lastly, Katie Warren and Gabby Landsverk reported:
CrossFit founder Greg Glassman stepped down from his role as CEO on June 9 after one of his tweets was met with widespread backlash. Business Insider has obtained a 50-minute audio clip in which two people — a male and a female — can be heard talking. The woman has identified herself to Business Insider as Lisa Lugo, a former CrossFit employee. Three sources allege the male voice in the video is Glassman’s.
In the clip, the man can be heard saying to Lugo, “It’s enough for me to slit your f—–g throat.”
Before I go, I want to highlight a couple of online events we have coming up. From finance editor Michelle Abrego:
One-click checkout startup Fast raised its $20 million Series A from investors including Index Ventures and buzzy fintech Stripe in May as it looks to take on Apple Pay to solve pain-points around password management and online checkout.
Join Business Insider reporter Shannen Balogh on Tuesday, July 14 at 1:30 p.m when she will speak with Domm Holland, Fast’s cofounder and CEO, and Jan Hammer, general partner at Index Venture. They’ll discuss how Holland came up with the idea for Fast, how to build a pitch deck, and what it takes to win over investors.
You can also join Business Insider on July 8 at 12 p.m. ET for “Planning for the Future in Uncertain Times,” a free digital event and part of the Master Your Money series. Presented by Fidelity, it will explore components of a strong financial plan and how to adjust it given recent events.