Pantagraph today lists our sf exec comp. wow. Are we really a mutual?
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Very disheartening to see how much Tipscord makes while our employee culture which used to be an integral part of State Farm has gone to heck.
We had employees who didn't want to retire, now everyone can't wait to get out of there. Too bad Rust didn't try to stay on the Board.
Hail caeser! We should all give thanks and tithe to him.
People say "but he worked hard to get there, so he earned it" as if the CEOs aren't handpicked and brought up through the ranks because of their connections. Tipsy is, what, the third family to be CEO in 100 years? You don't hit all those promotions as quickly as he did if the people at the top didn't preselect you for it.
Let's not forget his son got promoted straight from manager to AVP while a bunch of other qualified people in finance got structured out or demoted. You know he's next in line to take the reins when daddy retires
One thing that people often don't see is money today is not a reflection of a person's values, ethics, and morals. A person's true net worth lies in their heart not a bank account. My question: Are you a "good neighbor" when you make 20 million a year while your neighbor loses a job you cut? Are you a "good neighbor" when you sit on so much wealth while your neighborhood crumbles. Are you a good neighbor while the streets of Chicago are full of crime and violence? Nah! To me, that 20 million isn't worth it.
First, get the facts. Read the Pantagraph article on MT executive compensation and click on the link showing all CSuite leader compensation packages since 2018.
All State Farm employees should be asking their senior leadership... Why has senior executive compensation gone up 300% and some 600% in just three years when the average employee merit increase averaged 2.5-3%?
Employees should share equally in the success of the organization with over $125B in net worth.
This disconnect in business is why workers need to demand more for their hard work.
@OP I agree that it is very disgusting to see. Just wanted to clarify that mutual isn't equivalent to non-profit. Unfortunately, SF is a company that is owned by its policyholders who have no say in the actual day-to-day business and expenses of the company that the partly own. If a group of PHs disagreed with the way SF does business, they will likely receive the same response as employees: If you don't like the way SF does business then take your business elsewhere approach.
mt's base increased 36% since 2018.
add to that his "bonus".....seems like there's a conflict of interest in there somewhere.
was told at the last review there wasn't money in the budget for much more than the change i got.
@- 1rvl-the Gainsco numbers are not even included in SF results yet. Deal closed in December of 2020. And when they do they will be minuscule-300 million total premium vs Mutual at close to 60 Billion! You are not very bright as your post illustrates.
According to docs provided on pantagraph. His base received a merit of 23% and the Exec over hr jumped eevn more. Those are merit -not the bonus built on some track record.
Well numbers are up, granted for the first time in company history, SF had to buy another company to pad policies to stay on top (gainsco)
This is the issue with metrics, you play the metric game long enough you lose sight of reality, and something small like policies increasing because you buy them from another company becomes acceptable.
Why Wyatt! My hypocrisy only goes so far!
After forcing every department to go through transition by retiring and demoting employees for the good of the bottom line. We see a 20M salary. Wow…
Yet another example of CEO worship run amok. The American business world treats these people like deities. I could understand this kind of compensation for someone who risked their financial life to create a company and take it big, but that's not the case here.
We have certai ly lost our way. I would think Adlai Rust would be very disappointed as a mutual wss about not profiting at mutual owners expense.
99% of customers could give a rats ask what the ceo makes as long as they perceive they have a good price and decent service. Speaking of service you may want to check out the JD Powers service review in June or US News survey in July SF is at the top or near the top in claims, price and shopping experience-far above the average number you erroneously threw out (nice try on the fake news.)
@mdla
production- 98% of the production came thru the agent channel.
profit - you could have gotten a Intro to Business student to make a profit last year. Every PC insurer made a ton of money due to significantly less claims during quarantines and shutdowns
capital growth - the investment dept has historically done very well annually. Hats off to them
, expense reduction - and yet every department is understaffed. Hold times and chat wait times are significant.
and customer satisfaction. - have you seen the JD Powers ratings? the company is average. Satisfaction with the the digital app? Commercials?
Is that meritorious of a $10,000,000 increase? Optics will not look good for customers, irrespective of whether he deserved it.
It's all about me.
Should be an interesting convention next year.
Dear bemused-you might want to expand your recon to include production, profit, capital growth, expense reduction and customer satisfaction.
Apple Ceo Tim Cook made 14million last year. considering the results of the employee and agency surveys i am a little bemused by this compensation.
Perhaps if you possessed my unparalleled intellect and unrivaled work ethic you too could earn over 20 mil. But you prefer to whine and moan here all day. I feel sorry for you. Get back to work, now!
$20 million per. He has a lapdog Board and no pesky shareholders, or really anyone, to answer to. Time to add a new wing to the lake house mansion.
Not to add salt to the wound, but while you guys in claims are overworked, understaffed, having pi---d off customers, Yi made $1,700,000 last year. And tippy got a 10 million increase. MT made $55,000 every day in 2020 on average.
Let them eat cake.
Take away the bonus numbers and look at the salary increases of base pay. Mid to high double digit merit while the rest of org was on a 1-3% merit. Disgusting.
Its upsetting the disparity in pay between those who produce in our core business area, versus what upper management makes.
This is a mutual company not a wall street financial company....
Heck, even the coders and programmers who work tirelessly day in and day out to remove the need of claim handlers makes double what a CA makes.
That is so upsetting.
I almost finished a degree in art appreciation and don't make anywhere near that.