Millions of people have lost jobs in the first half of 2020 due to the COVID-19 pandemic. And the outlook is grim for the remainder of this year. Barring a few sectors such as healthcare and technology, employees in other sectors are unlikely to see a pay hike this year. Here we take a look at the top 10 companies with the highest median employee pay per year.
The ranking is dominated by healthcare and technology sectors, where knowledge workers are in high demand. Companies offer competitive compensation and exciting perks and benefits to attract top talent. If you have the right qualifications and skill set, you can command six-figure salaries.
The ranking is based on data from AFL-CIO and Bloomberg Pay Index. Publicly-listed companies are required to disclose their employee pay and the pay ratio between the CEO and median employee. The median employee pay reflects how the companies are investing in their workforce.
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Some companies pay their CEOs hundreds of times more than a median employee. According to Equilar, the median CEO pay ratio at the top 100 largest companies by revenue was 252:1 in 2019. It means a company’s CEO earns 252 times more than their median worker.
These are the companies with the highest median employee pay.
10- Phillips 66, $196,407
The Houston, Texas-based energy giant is the only non-tech, non-pharma company on the list. Phillips 66 was born in 2012 when ConocoPhillips spun off its downstream and midstream assets into a separate entity. Phillips 66 has 14,400 employees.
9- NetApp, Inc., $198,620
The median employee pay at NetApp is $198,620. Founded in 1992, NetApp is a cloud computing and data management company. It has about 10,500 employees worldwide. While many technology companies have seen their stock prices skyrocket this year, NetApp is down around 30% year-to-date.
8- Nektar Therapeutics, $198,865
San Francisco-based Nektar Therapeutics is a biopharmaceutical company. Nektar uses its PEGylation and advanced polymer conjugate technologies to modify chemical structures and develop new drug candidates. It develops drug candidates in immunology, oncology, and other therapeutic areas.
7- Netflix, Inc., $202,335
Netflix has seen explosive growth amid the coronavirus pandemic. The stay-at-home orders have helped the video streaming service attract millions of new subscribers worldwide. Netflix’s median employee pay is among the highest at $202,335. The California company has about 8,600 employees.
6- Broadcom Inc., $202,915
Formerly known as Avago Technologies, Broadcom is involved in designing, developing, and marketing semiconductor and infrastructure software products. The company has about 15,000 employees, mostly in the US. It was one of the best performing stocks of the past decade.
5- Alexion Pharmaceuticals, Inc., $223,882
The median employee pay at Alexion Pharmaceuticals is a staggering $223,882. The Boston-based biopharmaceutical company has about 2,700 employees. Alexion’s Solaris is one of the world’s most expensive prescription drugs. It is used to treat paroxysmal nocturnal hemoglobinuria (PNH) and atypical hemolytic uremic syndrome (aHUS).
4- Incyte Corporation, $228,006
Headquartered in Alapocas, Delaware, Incyte was named the Top Employer in 2018 by Science magazine. The pharma company has only about 1,500 employees, who draw a ridiculously high median salary. Incyte’s Jakafi drug is used to treat the intermediate or high-risk myelofibrosis and polycythemia vera (PCV). Earlier this year, it signed an agreement with Morphosys to develop and commercialize the tafasitamab drug.
3- Facebook, Inc., $228,651
Facebook is one of the world’s most powerful technology companies. It attracts top talent from all over the world. Despite doling out fat paychecks, Facebook has angered its employees in recent years. Mark Zuckerberg has decided not to fact-check political ads on the platform. The service is flooded with hateful and racist content. And advertisers are stopping their ad campaigns on Facebook.
2- Vertex Pharmaceuticals, $232,178
Boston-based Vertex Pharmaceuticals makes specific drugs for rare disorders such as cystic fibrosis. The pharma giant has the second highest median employee pay at $232,178. It has about 3,000 employees. Last year, Vertex purchased Semma Therapeutics in a $950 million deal. Semma Therapeutics makes a tiny, implantable device that can hold millions of replacement beta cells.
1- Celgene Corporation, $263,237
Celgene offers the highest median employee pay at $263,237 per year. It develops drugs for autoimmune diseases, cancer, allergies, and inflammatory disorders. Celgene is also one of the world’s most valuable pharma brands. Recently, Bristol-Myers Squibb purchased it in a $74 billion deal.