Taylor Swift is not only a master at writing songs — she could also teach employers a thing or two about writing checks. The star might be one of the best bosses in America, at least when it comes down to giving out bonuses.
A recent Financial Times article that rounded up doom-and-gloom headlines about the lackluster bonuses bankers are expecting this year noted that Swift likely paid out bigger bonuses to workers on her Eras Tour.
“Some [bankers] are in for a rude awakening, as their bonuses will pale by comparison with those doled out by Taylor Swift to her crew (then again, her roadies have had a much better performance year and don’t have the luxury of hybrid working),” Craig Coben wrote for FT.
A bit of context here: While high-powered banking execs usually earn Christmas bonuses of one to two times their base pay, this year’s economy means that those holiday checks might be greatly reduced, by 30%-50%. Several years of staff cuts, slow deal flow and weak revenue generation, along with the collapse of the debt financing market and a volatile stock market, made this a tough year for big banking companies, FT reports.
Back in July, Swift rewarded all her hard-working truck drivers — about 50 of them — with a bonus of $100,000 each. Those drivers have the massive task of transporting her “Eras” stage materials across the U.S., so Swift wanted to give them a lavish thank you.
Being a truck driver for Swift might have earned you a bigger bonus than being a Wall Street banker in 2023, but this isn’t the usual way bonuses go for either profession.
“The typical amount is $5,000 to $10,000 each. So this large amount is unbelievable,” the founder of the Shomotion trucking company, Michael Scherkenbach, told CNN. “Taylor insisted on writing a handwritten note to each driver and [added] a wax seal on the envelope with her monogram.”
In addition to her bonuses to her truck drivers, Swift also handed out generous checks to the rest of her Eras Tour crew, including the dancers, technicians, caterers and more. She paid out a total of around $55 million in bonuses.
Even the Federal Reserve stood up and took note of Swift’s impact on the economy. In the Federal Reserve’s Beige Book (a comprehensive survey of America’s economic trends), the financial researchers noted a large influx of hotel stays associated with Swift’s Eras Tour stops. Some reports say that Swift, along with Beyoncé’s tour and the “Barbie” movie, may have boosted the economy enough in 2023 to keep the U.S. out of recession.
Let’s hope other employers in America are paying attention to Swift’s generosity. And remember, when it comes to that much-anticipated Christmas bonus, no one wants to be enrolled in the Jelly of the Month Club!
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