Yes, upper mgt needed the money for their raise. As an ex little business owner my philosophy was that I would give the employees a raise equal to what I would get.
In the world of corporations, it looks like greedy, especially union employees and greedy mgt get all the profit and the stock holders, owners, get nothing or a pittance.
In the words of Obama, which he doesn't live by, is, "Be Fair".
Maybe you better start living in the real world if you seriously talk "... especially union employees " If there was no union to get their share where do you think the money would go? I can assure you it wouldn't go to stockholders instead! Probably end up in bonuses for the upper management.