CEO raises minimum wage to $70000, takes $70000 wage himself until profits are met.

Siro

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Franklin disapproves of such populist ********.
 

Harambe

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SOCIALIST! UUUUUUUUUUUUUUURRRRRRRRRRRGGGGGGGGGGGGGHHHHHHHHHHH!



*FLIPS TABLE*
 

b_line

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I think this is great. When I came to the company that I manage now, I increased minimum pay almost 100%. (I also increased workload by a ton, but I kind of gloss over that...)
 

Siro

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I think this is great. When I came to the company that I manage now, I increased minimum pay almost 100%. (I also increased workload by a ton, but I kind of gloss over that...)
You're not running a charity. You wanted better productivity, so you increased wages. I wish all companies operated that way.
 

Maktub

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More qualified applicants will apply for the jobs and the current type of employee that works there now, instead of having a $40k job, will be out of a job.
 

Siro

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More qualified applicants will apply for the jobs and the current type of employee that works there now, instead of having a $40k job, will be out of a job.
I don't know. Current employees have the most relevant experience, which is one of the main qualifications employers look at. It also costs a lot of money to hire someone new. There is also the question of bad publicity for someone who's clearly looking for good publicity. It isn't as simple as that.

Also, is that an Arabic name?
 

Carbon13

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Planet money had a cool episode about ceo pay. Sort of along the lines of this article except the ceo refused to take less pay lol
 

b_line

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You're not running a charity. You wanted better productivity, so you increased wages. I wish all companies operated that way.
Yep. I think this guy in the video views it this way as well. He cited a study that said around $70,000 a year alleviates a lot of the other stresses of life. He must see it in a light of better paid employees are better motivated.

That's also a good point about the current employees having the most relevant experience. I am sure a lot of his employees are certainly more qualified than they were prior to starting work at his firm. Also, his business is one that has a huge market. They can grow a ton jist by adding more sales force and not a lot of infrastructure. I have been getting bids from processing companies for my business, and i went with the one with the best service. I bet this business has great customer service, because they are all paid well.
 

RandyForRubio

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And it's important to note that this is just his salary taken from the companies profits. He's most likely still getting a nice return on his shares in the company, and what ever investments he's making. Simply put, $70k is the minimum he'll be making this year. Still cool of him, hopefully he can continue to do this without cutting his number of employees.
 

b_line

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And it's important to note that this is just his salary taken from the companies profits. He's most likely still getting a nice return on his shares in the company, and what ever investments he's making. Simply put, $70k is the minimum he'll be making this year. Still cool of him, hopefully he can continue to do this without cutting his number of employees.
I was thinking of this too. If this makes his company super profitable because of increased productivity, he stands to make a ton of money, and likely will even if revenue remains the same.
 

LogGrad98

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I don't know. Current employees have the most relevant experience, which is one of the main qualifications employers look at. It also costs a lot of money to hire someone new. There is also the question of bad publicity for someone who's clearly looking for good publicity. It isn't as simple as that.

Also, is that an Arabic name?
Replacement by attrition.
 

LogGrad98

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And it's important to note that this is just his salary taken from the companies profits. He's most likely still getting a nice return on his shares in the company, and what ever investments he's making. Simply put, $70k is the minimum he'll be making this year. Still cool of him, hopefully he can continue to do this without cutting his number of employees.
Jeff Bezos set his official salary at 80k at the beginning of Amazon. If course he's a billionaire. But he doesn't take more than the stock gives him.
 

Gameface

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His 70k salary was a gimmick. Yay for him for taking that salary.

I don't have any idea what the average salary was before, but it ain't hard to live off 70K. So if it was a big increase then that's awesome and it definitely makes a real world difference for the people making the higher salary.

It should be the salary he gives his employees that we care the most about. If he pays his employees well I don;t care how much he makes. Let him be a billionaire. It doesn't hurt anyone.
 

Dr. Jones

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His 70k salary was a gimmick. Yay for him for taking that salary.

I don't have any idea what the average salary was before, but it ain't hard to live off 70K. So if it was a big increase then that's awesome and it definitely makes a real world difference for the people making the higher salary.

It should be the salary he gives his employees that we care the most about. If he pays his employees well I don;t care how much he makes. Let him be a billionaire. It doesn't hurt anyone.
What I was trying to say in my previous post..
Salary can be very deceiving. There is profit-sharing, stock options, parachutes, etc.. That are typically all worth far more than even the more inflated salary.
I have no salary at all. Shall we take up an offering for me?
 

Sexual Favors

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What I was trying to say in my previous post..
Salary can be very deceiving. There is profit-sharing, stock options, parachutes, etc.. That are typically all worth far more than even the more inflated salary.
I have no salary at all. Shall we take up an offering for me?
All true, I just like that the minimum for their company is 70k, that goes a long way for the normal employee/family.
 
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