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Thread: Remember the Seattle CEO Who Raised All Salaries to $70K?

  1. #1

    Remember the Seattle CEO Who Raised All Salaries to $70K?

    Seattle CEO who set firm's minimum wage to $70G says he has hit hard times

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    The Seattle CEO who reaped a publicity bonanza when he boosted the salaries of his employees to a minimum of $70,000 a year says he has fallen on hard times.

    Dan Price, 31, tells the New York Times that things have gotten so bad he’s been forced to rent out his house.

    Only three months ago Price was generating headlines—and accusations of being a socialist -- when he announced the new salary minimum for all 120 employees at his Gravity Payments credit card processing firm. Price said he was doing it, and slashing his $1 million pay package to pay for it, to address the wealth gap.

    “I’m working as hard as I ever worked to make it work,” he told the Times in a video that shows him sitting on a plastic bucket in the garage of his house. “I’m renting out my house right now to try and make ends meet myself.”

    The Times article said Price’s decision ended up costing him a few customers and two of his “most valued” employees, who quit after newer employees ended up with bigger salary hikes than older ones.

    “He gave raises to people who have the least skills and are the least equipped to do the job, and the ones who were taking on the most didn’t get much of a bump,” Gravity financial manager Maisey McMaster, 26, told the paper.

    She said when she talked to Price about it, he treated her as if she was being selfish and only thinking about herself...

    http://www.foxnews.com/us/2015/08/01...ake-ends-meet/

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    FresnoJoe (08-09-2015)

  3. #2
    Super Moderator Quest's Avatar
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    People by nature work on reward basis. When the firm I work for hired a kid with little experience and as it turned out a major attitude and laziness.. I confronted my manager for the first time ever and basically said, 'I have been loyal and worked hard..never said no to new work especially during the down economy, took pay cut graciously along with all my coworkers to help the firm reserve job for coworkers, and the firm hires this kid with limited experience and far less responsibility making more than me?!!' This socialist system will not work because it removes the primary incentive of most workers...not just income but a sense of value and accomplishment that is rewarded with compensation..take that away and there is no motivation to step up to new challenges. And Yes, I received an apology and a pay increase...but something changed..

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    FresnoJoe (08-09-2015)

  5. #3
    he wanted to do something good..

    but, it was, clearly, not well thought out.

    He's paying a price, a big one.

    I hope he's able to figure a way to work it out.

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    FresnoJoe (08-09-2015), njtom (08-02-2015)

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    Senior Member MarieAnne's Avatar
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    Seattle s a very liberal city that elected a socialist to City council. They made a mandatory $15 an hr. Minimum wage that is killing small business among other things . The mayor is a gay who has married his partner. Just saying this to show it is very near socialism it is so far left.
    Not a good atmosphere.
    MarieAnne...Head Smilie Catcher


    Zephaniah 3:17

    The Lord your God is with you, the Mighty Warrior who saves. He will take great delight in you; in his love he will no longer rebuke you, but will rejoice over you with singing."

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    FresnoJoe (08-09-2015)

  9. #5
    I said it before, he is a bad manager. I chuckled at him losing his older employees. I wonder if he gets it now.

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    FresnoJoe (08-09-2015)

  11. #6
    Interesting chart on minimum wages around the world, converted to US dollars. Australia in the lead at: $16.88.



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    FresnoJoe (08-09-2015)

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    Senior Member Romans828's Avatar
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    Interesting ...Especially Mexico's minimum wage compared to the U.S.

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    FresnoJoe (08-09-2015)

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    Senior Member Colonel's Avatar
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    Norway and many other countries don't have a minimum wage (and probably don't need one) but you can find jobs here that pay less than Australia's minimum wage.

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    FresnoJoe (08-09-2015)

  17. #9
    Quote Originally Posted by njtom View Post
    Interesting chart on minimum wages around the world, converted to US dollars. Australia in the lead at: $16.88.


    Yep, its very interesting...started a thread on it:

    http://livingfaithforum.com/forum/sh...ound-the-World

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    FresnoJoe (08-09-2015)

  19. #10
    Quote Originally Posted by Romans828 View Post
    Interesting ...Especially Mexico's minimum wage compared to the U.S.
    [cough][cough] NAFTA [cough][cough]

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    FresnoJoe (08-09-2015)

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