Gravity Payments CEO Dan Price Raises
Minimum Wage
Capitalist World's Sore Spot
US CEOs earn 331 Times as much as
Average workers
US CEOs earn 331 Times as much as
Average workers
774 Times as much as Minimum Wage
workers
774 Times as much as Minimum Wage
workers
US Government's Efforts
2010 – US Congress directed SEC to
require public companies to provide
information on ratio of CEO pay to average
employee wages.
Mandate put on hold after corporate
executives strongly opposed it.
Finally approved in August, 2015.
Gravity CEO Dan Price's Solution To Pay
Inequality?
Raises minimum wage of all employees to
$70,000/year
“...The idea to almost double the minimum
pay of my employees started after a friend
shared how hard it is to pay rent and
student loans and make ends meet on a
$40,000 annual salary...” Dan Price, CEO.
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Skeptics branded Mr. Price as Socialist.
Divided opinions among staff and clients.
Partial Employee Support
Mixed Emotions In Higher Ranked Staff
Some clients unhappy since they expect to
suffer higher charges or poor customer
service.
Some remain loyal, while others who share
same vision as Price also signing on with
Gravity Payments.
Business Sacrifices
To enforce this raise, Dan Price reduced
his salary from roughly $1 million to
$70,000.
Personal Sacrifices
Dan Price now leasing his house to make
ends meet.
He's now being
sued by his brother,
Lucas Price, on
charges of ignoring
the latter's rights as
minority
shareholder before
making this
decision.
Other Side Of The Coin
Some claim extent of pay gap problem to
be exaggerated.
Even if only 0.8% of Americans earn
Minimum wage according to statistics,
CEOs still earn 331 times more than
Average workers.
So, are you with Mr. Price? Or are you part
of the other side of the coin?