Recently, we discussed the rise of unions, with a major victory occurring on Staten Island regarding Amazon workers where they voted to unionize for the first time in company history. The same has happened with Starbucks and Verizon, and we are now seeing a trend where larger, well-known companies are starting to unionize while the nation is seeing a decline in membership as this is a time where the worker holds a lot of power in the economy.
To the surprise of many, workers at an Apple store in Atlanta have filed to hold a union election, and another store in New York is planning to file too. Apple is known to be a good place to work, but employees are pushing for further benefits such as higher pay and larger 401(k) plans, with stock options also in the mix according to the organizers. The workers have aligned with the Communication Workers of America, which is interesting as they represent the Verizon workers too. Apple released a statement touting their workers’ benefits, including the 20-dollar minimum wage and the overall compensation. This isn’t necessarily the same situation as Amazon because Amazon is heavily reliant on its hourly pay workforce with nearly a million employees in the warehouses. Apple, on the other hand, relies on its online sales with the stores holding a more aesthetic vibe that hooks people into the brand, which means they are only in need of 65,000 workers instead. According to tech investor Gene Munster from Loup, marketing will be at stake for Apple in the public eye, and we’ll see if this ends up affecting the stock price.
I am not a financial advisor and my comments should never be taken as financial advice. Investments come with risk, so always do your research and analysis beforehand.