Seattle Capitalist Raises Every Employee's Income to $70,000

[georgephillip]

And CEO/Owner, Dan Price, did it by cutting his own 1% pay scale:

"Employees at a Seattle company are still trying to wrap their minds around the news their boss just delivered. Some of them are getting a raise, a huge one.

"'You might be making $35,000 a year right now but everyone in here will definitely be making $70,000 a year and I'm super excited about that,' Dan Price, CEO of Gravity Payments, in Ballard, told his employees during a recent gathering.

"The announcement caught everyone off-guard.

" Could it be true?

"$70,000 is the new minimum wage in this office?"

Apparently, it is; however, the redistribution will occur "over the next few years, giving the company time to adjust its bottom line, and employees a chance to catch their breath."

http://www.usatoday.com/story/news/.../seattle-company-70000-minimum-wage/25810099/

 

[georgephillip]

"Price is taking a big pay cut to make the raises possible, but says it's worth it to make his employees happy and build loyalty.

"'I think this is just what everyone deserves,' he told employees.

"In a growing city where the cost of living is only increasing, some competitive companies are no longer waiting for employees to ask for extra benefits, like a raise.

"'I think you almost have to be proactive and take care of your employees,' said Matt Ehrlichman, CEO of Porch, a company in Eastlake that developed an app to help people find reliable home improvement services."

Seattle CEO to pay employees 70 000 minimum wage

Richard Wolff commented on Mr. Price's sacrifice claiming Price was reducing his $million income and will also work for $70,000 a year once the redistribution takes place.

 

[danielpalos]

Where is the Right to complain about everyone earning equally.

 

[whitehall]

Let's see, apparently "gravity payments" has little equity itself and depends on confiscatory credit card interest rates from people who can't afford credit card interest. It would be more benevolent if "gravity payments" lowered interest rates for everyone. The so-called big raise right now is just fiction. It's a nice publicity stunt and allegedly will be "phased in" during the "next few years" if "gravity payments survives that long.

 

[georgephillip]

Where is the Right to complain about everyone earning equally.

According to Professor Wolff's account, the CEO is willing to work for the same income as every one of his employees. If this is true, it might start a useful conversation about the voluntary redistribution of US income inequality.

 

[georgephillip]

Let's see, apparently "gravity payments" has little equity itself and depends on confiscatory credit card interest rates from people who can't afford credit card interest. It would be more benevolent if "gravity payments" lowered interest rates for everyone. The so-called big raise right now is just fiction. It's a nice publicity stunt and allegedly will be "phased in" during the "next few years" if "gravity payments survives that long.

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[Anathema]

I wouldn't work for or with his company in any way. Thankfully they're on the west coast so my chances of ever dealing with them. At $75K a year he's definitely going g to be overpaying large amounts of his staff.

 

[HereWeGoAgain]

Where is the Right to complain about everyone earning equally.

Here's The thing. The average pay before he went insane was 38k.
What do you want bet he had zero min wage workers.

 

[SuperDemocrat]

And CEO/Owner, Dan Price, did it by cutting his own 1% pay scale:

"Employees at a Seattle company are still trying to wrap their minds around the news their boss just delivered. Some of them are getting a raise, a huge one.

"'You might be making $35,000 a year right now but everyone in here will definitely be making $70,000 a year and I'm super excited about that,' Dan Price, CEO of Gravity Payments, in Ballard, told his employees during a recent gathering.

"The announcement caught everyone off-guard.

" Could it be true?

"$70,000 is the new minimum wage in this office?"

Apparently, it is; however, the redistribution will occur "over the next few years, giving the company time to adjust its bottom line, and employees a chance to catch their breath."

Seattle CEO to pay employees 70 000 minimum wage

I totally agree that companies are simply being cheap when they don't pay people enough. good for this man.

 

[georgephillip]

I wouldn't work for or with his company in any way. Thankfully they're on the west coast so my chances of ever dealing with them. At $75K a year he's definitely going g to be overpaying large amounts of his staff.

Another way of looking at that is to say at $75K a year he will have an abundance of highly motivated workers willing to invest their time and money in bettering their skill levels.

 

[Anathema]

Another way of looking at that is to say at $75K a year he will have an abundance of highly motivated workers willing to invest their time and money in bettering their skill levels.

Not at all. He's GIVING them that salary for their current job requirements. There's no need to do more..... their insane CEO already gave it to them.

 

[georgephillip]

totally agree that companies are simply being cheap when they don't pay people enough. good for this man.

If this story is accurate, I agree; we need many more capitalists like Dan Price. I suppose it is a little early to know what Price's motives actually are.

 

[georgephillip]

Not at all. He's GIVING them that salary for their current job requirements

He's not GIVING them anything.
They are currently WORKING for their current salaries.
It's not unreasonable to believe some employees will use some of their extra income to enhance their educational levels, thereby increasing their future earning potential WHEREVER they choose to work.

 

[Stephanie]

I wouldn't work for or with his company in any way. Thankfully they're on the west coast so my chances of ever dealing with them. At $75K a year he's definitely going g to be overpaying large amounts of his staff.

Another way of looking at that is to say at $75K a year he will have an abundance of highly motivated workers willing to invest their time and money in bettering their skill levels.

yeah sure. Look what they pay these politicians. and most of them are idiots

This is some stunt. So why don't you open a business and follow in his foot steps

 

[SuperDemocrat]

totally agree that companies are simply being cheap when they don't pay people enough. good for this man.

If this story is accurate, I agree; we need many more capitalists like Dan Price. I suppose it is a little early to know what Price's motives actually are.

I suspect that other businesses would have to match it and are pissedcat this guy. I also he will start attracting high quality employees.

 

[Anathema]

He's not GIVING them anything.They are currently WORKING for their current salaries.

It's not unreasonable to believe some employees will use some of their extra income to enhance their educational levels, thereby increasing their future earning potential WHEREVER they choose to work.

They're working for their current salaries. To double them means he's GIVING them 100% more money without any expectations of increased production or responsibility.

Anyone who took that money and did as you suggest is an idiot. If someone was willing to double my salary without increased responsibilities that's pure profit.

 

[PaintMyHouse]

And CEO/Owner, Dan Price, did it by cutting his own 1% pay scale:

"Employees at a Seattle company are still trying to wrap their minds around the news their boss just delivered. Some of them are getting a raise, a huge one.

"'You might be making $35,000 a year right now but everyone in here will definitely be making $70,000 a year and I'm super excited about that,' Dan Price, CEO of Gravity Payments, in Ballard, told his employees during a recent gathering.

"The announcement caught everyone off-guard.

" Could it be true?

"$70,000 is the new minimum wage in this office?"

Apparently, it is; however, the redistribution will occur "over the next few years, giving the company time to adjust its bottom line, and employees a chance to catch their breath."

Seattle CEO to pay employees 70 000 minimum wage

Not a good capitalist but I like him.

 

[Stephanie]

He's not GIVING them anything.They are currently WORKING for their current salaries.

It's not unreasonable to believe some employees will use some of their extra income to enhance their educational levels, thereby increasing their future earning potential WHEREVER they choose to work.

They're working for their current salaries. To double them means he's GIVING them 100% more money without any expectations of increased production or responsibility.

Anyone who took that money and did as you suggest is an idiot. If someone was willing to double my salary without increased responsibilities that's pure profit.

It's Gerogie, He can't get enough from a company in his mind. Yet won't go out and get a loan, scope out property, start a business with his OWN blood, sweat and tears so he could brag about paying his employees, hell he can pay them $100 and hour IF HE WANTED..... He want others to do it.

 

[Anathema]

Not a good capitalist but I like him.

You like him BECAUSE he's not a good Capitalist. The same reason I hate him.

 

[danielpalos]

And CEO/Owner, Dan Price, did it by cutting his own 1% pay scale:

"Employees at a Seattle company are still trying to wrap their minds around the news their boss just delivered. Some of them are getting a raise, a huge one.

"'You might be making $35,000 a year right now but everyone in here will definitely be making $70,000 a year and I'm super excited about that,' Dan Price, CEO of Gravity Payments, in Ballard, told his employees during a recent gathering.

"The announcement caught everyone off-guard.

" Could it be true?

"$70,000 is the new minimum wage in this office?"

Apparently, it is; however, the redistribution will occur "over the next few years, giving the company time to adjust its bottom line, and employees a chance to catch their breath."

Seattle CEO to pay employees 70 000 minimum wage

Not a good capitalist but I like him.

nothing like making fun of the right regarding equality