Thread: US CEO Cuts Own Pay, Ups Employees’ to $70K a Year

The founder of a credit card payments company in the western U.S. city of Seattle is taking a huge pay-cut in order to give every one of his employees a big raise.

Dan Price, owner of Gravity Payments, told his employees this week that he is slashing his own $1 million per year salary to $70,000. He will use that money and company profits so every employee would earn a base salary of $70,000, to be phased in over three years.

He says the cost of living is rising rapidly in Seattle and the salaries should increase with it. The company currently pays an average of $48,000 a year to its 120 employees. Seventy of them will see a wage increase under this plan and 30 of them will see their salaries double.

Price's announcement at a company meeting brought wild applause from his employees, with some saying it would enable them to start a family sooner, buy a home or pay off credit card debts or student loans.

Earlier this month, Seattle's minimum wage law went into effect, which will eventually raise base hourly pay to $15. It's phased in more quickly for big companies. Large businesses and national chains had to raise their minimum wage to at least $11 an hour when the law took effect April 1, while smaller businesses now must pay at least $10 per hour.

Washington state already has the nation's highest minimum wage at $9.47 an hour.

US CEO Cuts Own Pay, Ups Employees? to $70K a Year

Cheers to that guy.

^ or all his employees will leave and go and work for Google?

Was he the only one earning more than $70,000 a year?

There are companies that pay for quality and stable employees and believe it's cheaper than having idiot employees and constant turnover.
Costco and Sam's Club (owned by Walmart) are both major membership discount retailers in the USA with opposite practices on employee compensation.

4/17/2013 @ 10:49AM 296,893 views
Walmart Pays Workers Poorly And Sinks While Costco Pays Workers Well And Sails-Proof That You Get What You Pay For


Walmart Pays Workers Poorly And Sinks While Costco Pays Workers Well And Sails-Proof That You Get What You Pay For - Forbes

Remarkable. Absolutely remarkable.

Booners will be along in a minute to call him a "socialist" or some such tosh.

Ridiculous idea.

All he's doing is enslaving his employees; because once they get a totally undeserved Salary of these proportions they simply cannot leave - whatever the provocation - to a job paying a more reasonable, lower, Salary reflecting their true abilities.

Patrick

^ what a load of bollocks.

Good on the guy, should be many more doing the same.

Originally Posted by Patrick

Ridiculous idea.

All he's doing is enslaving his employees; because once they get a totally undeserved Salary of these proportions they simply cannot leave - whatever the provocation - to a job paying a more reasonable, lower, Salary reflecting their true abilities.

Patrick

Absolutely the most ridiculous thing ever posted on TD, and that's saying something.

Originally Posted by Koojo

Originally Posted by Patrick

Ridiculous idea.

All he's doing is enslaving his employees; because once they get a totally undeserved Salary of these proportions they simply cannot leave - whatever the provocation - to a job paying a more reasonable, lower, Salary reflecting their true abilities.

Patrick

Absolutely the most ridiculous thing ever posted on TD, and that's saying something.

Looks like the Fucking Idiots are in season early this year.

Originally Posted by Horatio Hornblower

^ what a load of bollocks.

Originally Posted by harrybarracuda

Looks like the Fucking Idiots are in season early this year.

Originally Posted by Koojo

Absolutely the most ridiculous thing ever posted on TD, and that's saying something.

somehow I don't think you really read the post

Originally Posted by Koojo

He's concerned

no he is not - he is taking the piss

you have been reading booners too much

Originally Posted by baldrick

Originally Posted by Koojo

He's concerned

no he is not - he is taking the piss

you have been reading booners too much

Really Baldrick?

I think it reads more that he's just being an arse.