This is topic CEO Hikes Minimum Wage To $70K, Capitalist Tragicomedy Ensues in forum Off-Topic Post, Non Stock Talk at Allstocks.com's Bulletin Board.


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Posted by Relentless. on :
 
Remember the idiot who raised the minimum wage at his company to $70K???

Well it turns out the consequences were not exactly what he expected.

This is a good lesson for all the idiot bleeding heart liberals that will go very much unnoticed by them and the main stream media.


"Dan is the CEO of Seattle-based credit card payments processing firm Gravity Payments, and three months ago, he did a funny thing.

After talking with a friend who confessed to having difficulties making student loan payments and rent each month on an annual salary of $40,000, Dan decided to set a $70,000 per year pay floor at Gravity.

Dan was not, The New York Times says, looking to insert himself into "the current political clamor over low wages or the growing gap between rich and poor." All he wanted to do was improve the lives of the 120 or so people who worked for him and after reviewing some literature on the subject, he decided that $70,000 was the level at which workers start to experience "an enormous difference in [their] emotional well-being.""


http://www.zerohedge.com/news/2015-08-02/ceo-hikes-minimum-wage-70k-capitalist-t ragicomedy-ensues

Well now the company is losing or has lost some of the most valuable employees... Has lost much of it's business relationships.. and in all liklehood will be gone very shortly...

[Were Down] [Were Down] [Were Down] [Were Down]
 
Posted by Relentless. on :
 
From the link above:

"
Two of Mr. Price’s most valued employees quit, spurred in part by their view that it was unfair to double the pay of some new hires while the longest-serving staff members got small or no raises. Some friends and associates in Seattle’s close-knit entrepreneurial network were also piqued that Mr. Price’s action made them look stingy in front of their own employees.

Maisey McMaster was also one of the believers. Now 26, she joined the company five years ago and worked her way up to financial manager, putting in long hours that left little time for her husband and extended family. "There’s a special culture," where people "work hard and play hard," she said. "I love everyone there."

She helped calculate whether the firm could afford to gradually raise everyone’s salary to $70,000 over a three-year period, and was initially swept up in the excitement. But the more she thought about it, the more the details gnawed at her.

"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," she said. To her, a fairer proposal would have been to give smaller increases with the opportunity to earn a future raise with more experience.
"
 
Posted by CashCowMoo on :
 
rays utopia just came crashing down
 
Posted by glassman on :
 
i find it interesting that people can afford to quit a job in todays job climate. I'd say there's only few places in the country where people can even do that.
The only thing that makes any sense is if they were able to get a job that pays better elsewhere. If they quit and got a better job, then this really has nothing to do with that.
if they quit and didn't get a better job, then they are going to have troubles for the rest of their careers with that on their resume.
70 grand in Seattle ain't that much money. Seattle is not the most expensive place to live, but it is pretty high.
 
Posted by raybond on :
 
I have made my point over and over on this board for an increase in the minimum wage and I still will. I saw this article about 2 days ago and I dismissed it as a hoax. Nobody in the progressive movement has ever suggested such a ridiculous thing as you post. And remember this was a businessman that that did this financial improvement and caused his own demise. Some businessman.

Again pay your $7.00 an hour and have the tax payer pay all the medical,food and housing subsidies it takes for these people to live. The minimum wage will go up weather you like it or not you meaning yellow conservatives afraid to go into the business world without the support of the country and sucking up our tax revenue and paying your employee's wages for you.
 
Posted by Relentless. on :
 
lol.. Only Ray would assume the above story was a hoax.

Crap it's so logical it can't be real!
 


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