CEO Raises Minimum Wages and Causes Staff to Quit
Salary raises has forced CEO to rent out his own accommodation
Ingredients
- Dan Price, CEO of Gravity Payments
- Employees’ rights and happiness
Facts
- Dan Price announced that every employee will be paid a minimum of US$ 70,000 back in April
- Price went through some financially difficult times after the announcement and has rented out his own place to make ends meet at some point
To cut it short
Dan Price recently gained a lot of press and publicity when he raised the minimum salary for his employees to US$ 70,000, a move that he imagined was supposed to improve employee satisfaction and make his organisation progress.
However, a lot of his older and established work force have quit because incompetent junior staff are being paid the massive minimum wage without having to earn it.
Additionally, the increase in payrolls has hit Price hard and has caused him to rent out his own home.
Price might have to retake his economics courses as he found out the hard way that in socialism, everyone loses.
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