CEO who set firm's minimum wage at $70,000 hits hard times

[zeroo]

A CEO from Seattle has been forced to rent out his home after his business suffered when he raised the minimum wage to $70,000.
Dan Price, 31, made headlines in the US three months ago when he made the decision to increase the salaries of all 120 staff members at his Gravity Payments credit card processing firm.
However, the move, which included Mr Price taking a pay cut, has not ended well, with two employees resigning and several customers walking away as well as part of a backlash against the payrises.
“I’m working as hard as I ever worked to make it work,” he told the New York Times.
“I’m renting out my house right now to try and make ends meet myself.”
Mr Price lost two of his "most valued" employees when they became angry that lower-skilled workers were being paid a similar salary. Some customers left the company because they thought that raising the minimum wage was a political move that could also end up costing them more.
“There’s no perfect way to do this and no way to handle complex workplace issues that doesn’t have any downsides or trade-offs,” Mr Price said.

 

[JohnTan]

A CEO from Seattle has been forced to rent out his home after his business suffered when he raised the minimum wage to $70,000.
Dan Price, 31, made headlines in the US three months ago when he made the decision to increase the salaries of all 120 staff members at his Gravity Payments credit card processing firm.
However, the move, which included Mr Price taking a pay cut, has not ended well, with two employees resigning and several customers walking away as well as part of a backlash against the payrises.
“I’m working as hard as I ever worked to make it work,” he told the New York Times.
“I’m renting out my house right now to try and make ends meet myself.”
Mr Price lost two of his "most valued" employees when they became angry that lower-skilled workers were being paid a similar salary. Some customers left the company because they thought that raising the minimum wage was a political move that could also end up costing them more.
“There’s no perfect way to do this and no way to handle complex workplace issues that doesn’t have any downsides or trade-offs,” Mr Price said.

Stupid boss now learns that in the real world, you need income inequality. Paying undeserving morons a high salary will only infuriate and drive away the more productive employees since there is far less incentives to succeed. PAP got it right when they said 'No!' to minimum wage.

 

[Hans168]

A CEO from Seattle has been forced to rent out his home after his business suffered when he raised the minimum wage to $70,000.
Dan Price, 31, made headlines in the US three months ago when he made the decision to increase the salaries of all 120 staff members at his Gravity Payments credit card processing firm.
However, the move, which included Mr Price taking a pay cut, has not ended well, with two employees resigning and several customers walking away as well as part of a backlash against the payrises.
“I’m working as hard as I ever worked to make it work,” he told the New York Times.
“I’m renting out my house right now to try and make ends meet myself.”
Mr Price lost two of his "most valued" employees when they became angry that lower-skilled workers were being paid a similar salary. Some customers left the company because they thought that raising the minimum wage was a political move that could also end up costing them more.
“There’s no perfect way to do this and no way to handle complex workplace issues that doesn’t have any downsides or trade-offs,” Mr Price said.

nO wonder LHL dare not set min wage...........

 

[frenchbriefs]

This idiot got it all wrong,has history taught him nothing?in order for communism to work,u need a economic engine that works,develop that engine first by embracing capitalism first.make sure ur business is profitable.then embrace socialism by taxing all employees 40%,then redistributing wealth to the lower paid employees thru welfare and tax credits(gst credit),finally impose communism by raising taxes to 90%.but remember ur economic engine comes first,it must be healthy,ur business must be profitable otherwise u end up with nothing and theres nothing to tax and nothing to distribute.capitalism is the precursor to socialism,socialism is the precursor to communism.