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from the sydney-morning-herald-wrong-again dept.
The Center for American Progress reports
In April, Dan Price, CEO of the credit card payment processor Gravity Payments, announced that he will eventually raise minimum pay for all employees to at least $70,000 a year.
[...]Six months later, the financial results are starting to come in: Price told Inc. Magazine that revenue is now growing at double the rate before the raises began and profits have also doubled since then.
On top of that, while it lost a few customers in the kerfuffle, the company's customer retention rate rose from 91 to 95 percent, and only two employees quit. Two weeks after he made the initial announcement, the company was flooded with 4,500 resumes and new customer inquiries jumped from 30 a month to 2,000 a month.
Previous: Gravity Payments: CEO Takes Cut and Makes $70k/year New Minimum Salary
All Staff Pay Raise Backfires on Credit Card Processing Firm
(Score: 5, Interesting) by RedBear on Tuesday October 27 2015, @11:16PM
I have found it very amusing, ever since this was first announced, how angry it makes so many [conservatives/capitalists] that someone would dare to just voluntarily start paying all his employees an excellent wage, as if this is some sort of crime against capitalism or will result in widespread economic disaster. I noted from the previous article that most of the "kerfuffle" was from clients pulling out their accounts because they believed this would result in higher fees. Clearly, it hasn't. And still, only two employees quit, which was the same number as the previous article stated a couple of months ago. Obviously those two employees were way too attached to the false idea that your pay level in this country has anything to do what you've actually accomplished or how long you've been around or how much you "deserve" to be paid relative to someone else, and they just couldn't let it go. In my direct observation that idea is complete nonsense and has been for a long time.
I look forward to seeing how well this company does in years to come, and wonder how quickly other companies will start to jump on this "voluntary economic socialism" bandwagon. A lot of folks in this country are super tired of trying to make a living on wages that have been nearly flat for almost 40 years while the guys at the top have received massive pay raises every single year during the same 40 years. It's interesting that the acknowledgement of how silly the situation has become is finally coming from some of the people at the top.
Meanwhile, in Iceland, CEO salaries are still capped at 4x the base wage, and they get along just fine.
¯\_ʕ◔.◔ʔ_/¯ LOL. I dunno. I'm just a bear.
... Peace out. Got bear stuff to do. 彡ʕ⌐■.■ʔ
(Score: 4, Insightful) by Tork on Wednesday October 28 2015, @01:13AM
Who's really leading that parade? Job creators, indeed.
🏳️🌈 Proud Ally 🏳️🌈
(Score: 2) by ikanreed on Wednesday October 28 2015, @02:57AM
Well, yeah, actually they do.
They can't afford to use wide-audience targetting advertisements, but they use the things that actually represent the power larger groups have.
They start petitions to companies. And companies often notice if there is a group of die hard fans for one of their discontinued product. They tend to reinstate it at a higher price, which satisfies those die hard fans and makes it economically viable.
Only example I can think of is that kraft or general mills or someone reinstated a popular cake frosting.
(Score: 2) by Tork on Wednesday October 28 2015, @03:33AM
🏳️🌈 Proud Ally 🏳️🌈
(Score: 0) by Anonymous Coward on Wednesday October 28 2015, @05:16AM
Only example I can think of is [...] cake frosting
In Maine, they became unhinged when Nabisco quit making Crown Pilot Crackers. [google.com]
It's part of a traditional chowder recipe.
-- gewg_