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Old 08-01-2015, 12:23 PM
 
1,603 posts, read 1,110,364 times
Reputation: 1175

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http://www.nytimes.com/2015/08/02/bu...imes&smtyp=cur


Quote:
Three months ago, Mr. Price, 31, announced he was setting a new minimum salary of $70,000 at his Seattle credit card processing firm, Gravity Payments, and slashing his own million-dollar pay package to do it.
snip

Quote:
More troubling, a few customers, dismayed by what they viewed as a political statement, withdrew their business. Others, anticipating a fee increase — despite repeated assurances to the contrary — also left. While dozens of new clients, inspired by Mr. Price’s announcement, were signing up, those accounts will not start paying off for at least another year. To handle the flood, he has already had to hire a dozen additional employees — now at a significantly higher cost — and is struggling to figure out whether more are needed without knowing for certain how long the bonanza will last.

Two of Mr. Price’s most valued employees quit, spurred in part by their view that it was unfair to double the pay of some new hires while the longest-serving staff members got small or no raises. Some friends and associates in Seattle’s close-knit entrepreneurial network were also piqued that Mr. Price’s action made them look stingy in front of their own employees.

Then potentially the worst blow of all: Less than two weeks after the announcement, Mr. Price’s older brother and Gravity co-founder, Lucas Price, citing longstanding differences, filed a lawsuit that potentially threatened the company’s very existence. With legal bills quickly mounting and most of his own paycheck and last year’s $2.2 million in profits plowed into the salary increases, Dan Price said, “We don’t have a margin of error to pay those legal fees.”
Minimum wages/salaries are always a bad idea.
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Old 08-01-2015, 12:43 PM
 
14,221 posts, read 6,934,521 times
Reputation: 6059
What a ridiculous, non-story article.
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Old 08-01-2015, 12:47 PM
 
69,368 posts, read 63,992,474 times
Reputation: 9383
Two of Mr. Price’s most valued employees quit, spurred in part by their view that it was unfair to double the pay of some new hires while the longest-serving staff members got small or no raises. Some friends and associates in Seattle’s close-knit entrepreneurial network were also piqued that Mr. Price’s action made them look stingy in front of their own employees.

mmm, minimum wage argument the left claim would never happen
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Old 08-01-2015, 01:07 PM
 
5,064 posts, read 5,715,894 times
Reputation: 4770
It's their company, they have the right to run it anyway they want (assuming they aren't getting tax payer funds for experiments, aka, Solyndra).

The owner learned some hard lessons. One that people who do more work or have worked hard to achieve higher positions don't like to make the same or similar salaries as people who haven't.

And two, when something goes wrong, you can easily adjust your own salary for a year or two to help keep the company afloat, but you can't significantly lower the salaries of all of your employees without causing major harm to your company, so you are between a rock and a hard place.
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Old 08-01-2015, 01:09 PM
 
45,137 posts, read 26,317,877 times
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Looks like the publicity stunt cost them dearly.
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Old 08-01-2015, 01:12 PM
 
4,983 posts, read 3,282,979 times
Reputation: 2739
I'm sure those who left worship at the Leftists equality altar. Equality for the collective but never themselves.
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Old 08-01-2015, 01:13 PM
 
Location: Inland Northwest
1,793 posts, read 1,438,368 times
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At least he put his money up for a "cause" he believed in. I give him credit for that.
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Old 08-01-2015, 01:17 PM
 
Location: SF Bay Area
12,287 posts, read 9,797,822 times
Reputation: 6509
Who could have possibly predicted this, oh wait, I did when this story broke a few months ago.
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Old 08-01-2015, 01:27 PM
 
Location: Central Ohio
10,823 posts, read 14,898,817 times
Reputation: 16537
Quote:
Originally Posted by shooting4life View Post
Who could have possibly predicted this, oh wait, I did when this story broke a few months ago.
I remember that.

Got to remember at Animal Farm all animals are equal except some animals are more equal than others.
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Old 08-01-2015, 02:22 PM
 
19,966 posts, read 7,843,028 times
Reputation: 6556
I'm certainly not a liberal but it sounds like a lot of jealousy. The mentality of a lot of people is they would turn down a raise if it meant their coworkers got one too. They're not as concerned about what they're getting as they are what others are. Crabs in a barrel.
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