Forget about broad-based pay hikes, AT&T and other executives say

Very few Americans have enjoyed steadily rising pay beyond inflation over the last couple of decades, a shift from prior years in which the working and middle classes enjoyed broad-based wage gains as the economy expanded. Now, executives of big US companies suggest that the days of most people getting a pay raise are over, and that they also plan to reduce their work forces further. John Stephens, chief financial officer at AT&T, said 20% of the company's employees are call-center workers. He said he doesn't need that many. In addition, he added, "I don't need that many guys to install coaxial cables." Because of the changes coming, AT&T is pushing employees to take nano-degree programs to prepare them for other jobs — either at AT&T or elsewhere.