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"Is anyone else freaking out right now? I'm kind of freaking out." said Dan Price, the CEO of Seattle-based Gravity Payments, as he announced that the new minimum salary for current employees will be raised to $70,000 a year. Price is taking a pay cut from $1 million to $70,000 and spending an appreciable amount of the company's profit to raise annual salaries from the current average of $48,000.
From the article:
The United States has one of the world's largest pay gaps, with chief executives earning nearly 300 times what the average worker makes, according to some economists' estimates. That is much higher than the 20-to-1 ratio recommended by Gilded Age magnates like J. Pierpont Morgan and the 20th century management visionary Peter Drucker.
[...] Under a financial overhaul passed by Congress in 2010, the Securities and Exchange Commission was supposed to require all publicly held companies to disclose the ratio of C.E.O. pay to the median pay of all other employees, but it has so far failed to put it in effect. Corporate executives have vigorously opposed the idea, complaining it would be cumbersome and costly to implement.
[...] The happiness research behind Mr. Price's announcement on Monday came from Angus Deaton and Daniel Kahneman, a Nobel Prize-winning psychologist. They found that what they called emotional well-being — defined as "the emotional quality of an individual's everyday experience, the frequency and intensity of experiences of joy, stress, sadness, anger, and affection that make one's life pleasant or unpleasant" — rises with income, but only to a point. And that point turns out to be about $75,000 a year.
(Score: 0) by Anonymous Coward on Friday April 17 2015, @09:31AM
Sounds Potentially Energic!
(Score: 2) by maxwell demon on Friday April 17 2015, @05:21PM
That's heavy. But their salary payments certainly are attractive.
The Tao of math: The numbers you can count are not the real numbers.
(Score: 2) by Fluffeh on Saturday April 18 2015, @06:47AM
certainly are attractive
Gravity can be seen as an attractive "pull" but the other way to look at it as once described by a very interesting professor was that rather than looking at a large body as exerting a "pull" it is more intuitive to look at that large body as blocking all the repelling force in the universe that is pushing everything apart. The more mass the object has, the greater the ability to block this omni-directional push exerted by the universe.
(Score: 3, Interesting) by maxwell demon on Saturday April 18 2015, @07:26AM
Of course, according to Einstein it is neither; all objects are just following a straight path in the curved spacetime (unless forced away from that path by another force, like the force the floor exerts on you). The large body just bends the spacetime so the straight path in spacetime doesn't result in a straight path in space.
The Tao of math: The numbers you can count are not the real numbers.