CEO who cut his own salary to give out raises extends $70K minimum salary to new employees

[OfTheCross]

The CEO who in 2015 cut his own salary to increase his company’s minimum salary to $70,000 extended the same minimum to new employees in another office.

Price flew to the new building and surprised his new employees, saying each would earn an additional $10,000 with plans to raise them to the $70,000 minimum of his other employees by 2024, the network reports.

“This morning we cut the ribbon on the new @GravityPymts Boise office AND announced that all of our employees here will start earning our $70k min salary,” Price tweeted Tuesday. “I’m so grateful to work with this amazing team and to be able to compensate them for the value they bring to our community.”

thehill

Boss of the Year amiright 

[InHeavenThereIsNoBeer]

Worked so well last time.

Moron.

[Wingnut]

Trolling 

CEO Who Raised Pay To 70K Couldn’t Defy Gravity

He was hailed as the country’s best boss. Dan Price, the 31-year-old founder of Seattle-based Gravity Payments, received flattering news coverage this year after he announced his company would raise its minimum wage to $70,000 per year.

Three months later, the party’s over, and Price is fighting an economic hangover better known as the law of unintended consequences.

The New York Times reported this past weekend on the fallout from Price’s announcement. On the plus side for the company, dozens of progressive-minded businesses became clients following the big announcement of the $70,000 minimum wage.

But to accommodate this new business — which won’t boost the company’s bottom line for a year or more — Price had to hire 12 employees at the newly inflated wage rate.

https://www.epionline.org/oped/ceo-who-raised-pay-to-70k-couldnt-defy-gravity/