https://www.bizjournals.com/portland/news/2024/09/10/nike-employment-decline-2024.html
4 replies (most recent on top)
One number you're not going to see is how many employees weren't laid off who actively quit. I am really curious about that number.
Remember when the city of Beaverton gave Nike all those incentives to build on campus in return for a commitment to hire a whole bunch of people about ten years ago. If we're down to 2016 levels, we're almost back down below that. I guess winning isn't for everyone.
How the fu-k did JD get an initial salary of $54 million that was over 3x MP? Who the fu-k thought that was a good idea? And even today, after years of disastrous results, JD is still getting paid $30 million, still nearly 3x what MP was making. Fu--ing insanity. I can’t wait for this a--hole to get fired.
The Business Journal this week published a list of the largest footwear and apparel companies in Oregon and Southwest Washington.
A dive into data from the Oregon Employment Department showed that manufacturing jobs in the industry statewide fell by 11% over the last 10 years.
That prompted me to take a deeper look into what's happening at Nike, by far the biggest player in the industry. Nike has had a rough year with shareholders recently gathering to air concerns over its historic stock price drop and potential strategic missteps.
About six weeks ago, Nike released its 2024 annual report and proxy statement revealing the latest details about its workforce and CEO to median worker pay ratio.
This gives us a window into the extent of the layoffs, estimated at 2% of its global workforce, announced in February. As of May 31, 2024, the company reported "approximately 10,700 employees engaged in management, research, design, development, marketing, finance and other administrative functions" at its 400-acre Beaverton campus of more than 40 buildings. That's 6.1% fewer headquarters employees than it reported in 2023, and the fewest it's employed there since 2016 when the estimate was the same.
Globally, it reported 79,400 employees at the end of May, a 5.1% drop from last year. And the share of Oregon headquarters employees out of the total workforce — 13.5% — fell to its lowest level in at least the last decade, quite possibly since the company began operating.
Compensation camparison
Meanwhile, CEO John Donahoe's total compensation fell 11% to $29.2 million in Nike's 2024 fiscal year, while median employee compensation rose 14.3% to $38,462. This helped push the reported CEO pay ratio down to 759 to 1, the lowest it has been in his tenure. The $54.5 million compensation Donahoe received in his first year as CEO in 2020 elevated this ratio to a whopping 1,935 to 1, after it had been as low as 379 to 1 under former CEO Mark Parker in 2018.