Smash Boy Report post Posted April 15, 2015 What do you think? http://www.motherjones.com/mixed-media/201...um-salary-70000 Inspired by research suggesting that the emotional well-being of many of his employees could be improved by a raise, the owner of a Seattle credit card payment processing company has just announced that he will boost their minimum salary to $70,000. The New York Times reports Gravity Payments founder Dan Price will slash his own $1 million salary to $70,000 and use a majority of the company's forecasted $2.2 million profits this year to help pay for the bold move. Many of the workers affected by the raise include sales and customer service representatives. Of the company's 120 employees, 30 will see their salaries almost double. "The market rate for me as a CEO compared to a regular person is ridiculous, it's absurd," Price told the Times. "As much as I'm a capitalist, there is nothing in the market that is making me do it." In the rest of the country, the wage gap between top executives and well, everyone else, is staggering: In 2014, Wall Street bonuses alone amounted to nearly double the combined income of all Americans working full-time minimum-wage jobs. Publicity stunt or not, Price's plan is a unique story about one CEO's effort to directly address income inequality and create liveable wages for his workers. If successful, we can only hope this turns into a Times trend piece. Quote Share this post Link to post Share on other sites More sharing options...
RedGTS Report post Posted April 15, 2015 Meh. Pay his workers double what the market commands, or pay himself and contribute the money to charity, who cares? It's his company and he can do what he wants with it. Pretty much meaningless outside the context of a very closely held private company. Quote Share this post Link to post Share on other sites More sharing options...
emanon Report post Posted April 15, 2015 I'm sure he makes his $$ in other ways, but it's a nice gesture if the employees deserve it. Jeff Bezos (of Amazon.com fame) has only ever paid himself $81k annually, and never taken on additional stock as payment since the IPO. From what I recall nobody at amazon has a salary over $175k/annual. But they are paid performance bonus' quite handsomely in company stock. Not all CEO's are out to loot the place for every last penny they can. Quote Share this post Link to post Share on other sites More sharing options...
kinnsella Report post Posted April 15, 2015 I'm sure he makes his $$ in other ways, but it's a nice gesture if the employees deserve it. Jeff Bezos (of Amazon.com fame) has only ever paid himself $81k annually, and never taken on additional stock as payment since the IPO. From what I recall nobody at amazon has a salary over $175k/annual. But they are paid performance bonus' quite handsomely in company stock. Not all CEO's are out to loot the place for every last penny they can. Trust me....Bezos didn't do it on $81k a year. He has 50,000 acres in Texas and a $20 million house in LA and probably a lot more assets too that I am not aware of. CEO's get paid what the market will bear. In my company, I prefer stability and empowering my managers and staff, that's why I pay them more than market. They make more than their peers and I expect more from them in return. Allows me to run a tight ship with a smaller staff. Win/win. Quote Share this post Link to post Share on other sites More sharing options...
sonnythebull Report post Posted April 15, 2015 Sure take 70 k salary and $930,000 in dividends Quote Share this post Link to post Share on other sites More sharing options...
emanon Report post Posted April 15, 2015 Trust me....Bezos didn't do it on $81k a year. He has 50,000 acres in Texas and a $20 million house in LA and probably a lot more assets too that I am not aware of. Obviously the ability to sell of $200m worth of stock last year and not have it make a dent in your holdings skewes things a bit, but it comes with the $35B net worth. In their 10K it lists corporate officers salaries and his at $81k, obviously it's an insignificant figure, but he's not doling out eight figure checks either. Quote Share this post Link to post Share on other sites More sharing options...
kinnsella Report post Posted April 15, 2015 Obviously the ability to sell of $200m worth of stock last year and not have it make a dent in your holdings skewes things a bit, but it comes with the $35B net worth. In their 10K it lists corporate officers salaries and his at $81k, obviously it's an insignificant figure, but he's not doling out eight figure checks either. He has had those properties a long time. $81k salary when you have billions of stock in same co.? It's a meaningless statement. He is getting paid - well. Quote Share this post Link to post Share on other sites More sharing options...
Assman Report post Posted April 15, 2015 He has had those properties a long time. $81k salary when you have billions of stock in same co.? It's a meaningless statement. He is getting paid - well. Like Steve Job's $1 CEO salary Quote Share this post Link to post Share on other sites More sharing options...
kinnsella Report post Posted April 15, 2015 Like Steve Job's $1 CEO salary Yeah...he did pretty well for himself. Pity he didn't live long enough to pick up that $100m+ yacht. Quote Share this post Link to post Share on other sites More sharing options...
ATL_ Report post Posted April 16, 2015 What a media ploy. Dividends are a good thing. Quote Share this post Link to post Share on other sites More sharing options...
Fortis Report post Posted April 16, 2015 I wouldn't want the headaches and responsibilities of a CEO if I had the wages of the average employee who enjoys a lot less stress, responsibilities and headaches, pay should equal the value you bring in, he might be crap at his job and not worth the $1mil salary he was getting. Quote Share this post Link to post Share on other sites More sharing options...
emanon Report post Posted April 16, 2015 I wouldn't want the headaches and responsibilities of a CEO if I had the wages of the average employee who enjoys a lot less stress, responsibilities and headaches, pay should equal the value you bring in, he might be crap at his job and not worth the $1mil salary he was getting. He owns the place, so I guess his performance isn't entirely relevant if he hires well, a skill in and of itself. Quote Share this post Link to post Share on other sites More sharing options...
Fortis Report post Posted April 16, 2015 He owns the place, so I guess his performance isn't entirely relevant if he hires well, a skill in and of itself. Aha, different story LOL, sorry I haven't read the story I thought he was employed and decided to give away his wages, if he owns the place he ain't no Robin Hood Quote Share this post Link to post Share on other sites More sharing options...
rampante Report post Posted April 16, 2015 Another phony liberal. He was O.K. with paying his people peanuts until some advisor thought up this scam to gain him some publicity. Quote Share this post Link to post Share on other sites More sharing options...
Destructo Report post Posted April 17, 2015 Another phony liberal. He was O.K. with paying his people peanuts until some advisor thought up this scam to gain him some publicity. Ding ding ding! Quote Share this post Link to post Share on other sites More sharing options...
BLK85 Report post Posted April 23, 2015 What a media ploy. Dividends are a good thing. http://money.cnn.com/2015/04/20/news/compa...oney_topstories Yup. Flooded with new business requests. Quote Share this post Link to post Share on other sites More sharing options...
porter Report post Posted April 23, 2015 Publicity stunt. Additionally, even if he was taking the entire 2.2M net as draw, 2.2M/annum dwindles down quickly once you pay out taxes and other shit. And who knows how long the ride will last, it's wise to take the strong years with grace because the economy turns quickly and can hurt you badly. Quote Share this post Link to post Share on other sites More sharing options...
porter Report post Posted August 2, 2015 Big fcuking surprise. 3 months later he is renting his house out to make ends meet. Socialism rules whee!!! http://metro.co.uk/2015/08/02/remember-the...rouble-5323343/ http://www.nytimes.com/2015/08/02/business...oared.html?_r=1 http://www.youngcons.com/ceo-raises-salari...make-ends-meet/ Quote Share this post Link to post Share on other sites More sharing options...
Assman Report post Posted August 2, 2015 I'm very glad he did it. It is a working example of why that system fails. Quote Share this post Link to post Share on other sites More sharing options...
Fortis Report post Posted August 2, 2015 Is there a socialist country which would be interested in an exchange program where we could send all those dickheads who think communism works?? If you are a communist country and interested open up a gofundme account because I'd pay money for that! Quote Share this post Link to post Share on other sites More sharing options...
WheelsRCool Report post Posted August 3, 2015 Pay everyone the same salary, no matter what it is, and the people who work harder and/or have more valuable skills will want to be paid more and resent not being so. Pay everyone $2 million a year and Sally in upper management who works 60+ hour weeks will resent that Bob the janitor pulling a 9 to 5 and clocking out at the end of the day without having to take any work home or be on call and so forth will resent being paid the same, and want to be paid more. Quote Share this post Link to post Share on other sites More sharing options...
Fortis Report post Posted August 3, 2015 Sally isn't that stupid, how is the janitor supposed to take work home? Quote Share this post Link to post Share on other sites More sharing options...
WheelsRCool Report post Posted August 3, 2015 Sally isn't that stupid, how is the janitor supposed to take work home? I think you are misunderstanding my post, as that is precisely my point. Sally will resent that the janitor, who doesn't have to do things like take work home, gets paid the same as she. Quote Share this post Link to post Share on other sites More sharing options...
Griza Report post Posted August 3, 2015 I think you are misunderstanding my post, as that is precisely my point. Sally will resent that the janitor, who doesn't have to do things like take work home, gets paid the same as she. Fortis was being facetious Quote Share this post Link to post Share on other sites More sharing options...
WheelsRCool Report post Posted August 3, 2015 Fortis was being facetious Oh. Quote Share this post Link to post Share on other sites More sharing options...
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