Seattle CEO to cut his pay so every worker earns $70,000

[elecrelaxation]

But no one has discussed a 70K cap on salary. Not in general or regarding this situation

Where are you getting this from? Did I miss something?

On the first and second page a couple people were talking about a 70k cap for everyone.

 

[Based Jesus]

No someone said earlier in the thread that a 70K cap would be cool or something

 

[johnnyredstorm]

You can't cap people's potential earning power that's ludicrous. This is the free market.

I think dude is confused. No one is getting their salary capped in this situation

But like I said I may have missed it, but I didn't hear the CEO say anything of the sort

Nah someone in the thread suggested an earnings cap. It's just not plausible. Some jobs are worth more than others.

 

[RustyShackleford]

Oh ok, my bad, I found the comment.

Thanks brahs. Reps all around for wastin dem keystrokes on me

 

[Mr Dink]

That's not enough for people to live on man. Especially when you factor in two more years of inflation chewing away at your dollar's worth.

There has to be a medium. $15/hr is just too high too soon. It's not giving the economy enough time to keep up with the inflation. Small companies are going to run out of business and big companies will see mass layoffs.

 

[johnnyredstorm]

I will agree with you that small business will take a hit. Small business owners have their hands full with Obamacare and what not already, they don't need another headache.

 

[RustyShackleford]

That's not enough for people to live on man. Especially when you factor in two more years of inflation chewing away at your dollar's worth.

There has to be a medium. $15/hr is just too high too soon. It's not giving the economy enough time to keep up with the inflation. Small companies are going to run out of business and big companies will see mass layoffs.

What about $10.15 like Obama proposed, with it being tied to inflation?

 

[fantastic4our]

Minimum wage already hasn't risen with inflation. Increasing it to 15 would still leave it behind.

 

[blco02]

Just so you guys know, minimum wage isn't supposed to necessarily be enough to "live on". It's meant for entry level work and for someone to gain experience with. Certainly not meant to raise a family on or anything close to it. The first minimum wage in 1938 was 25 cents an hour, adjusted for inflation that's $4.13 in today's dollars.

 

[slighted]

 
capitalism is whack 

What's a better alternative?

 

[johnnyredstorm]

When jobs are outsourced and growth stagnates people are stuck living on them though.

 

[boris]

Just so you guys know, minimum wage isn't supposed to necessarily be enough to "live on". It's meant for entry level work and for someone to gain experience with. Certainly not meant to raise a family on or anything close to it. The first minimum wage in 1938 was 25 cents an hour, adjusted for inflation that's $4.13 in today's dollars.

What are the average and median wages in the United States?

 

[RustyShackleford]

Just so you guys know, minimum wage isn't supposed to necessarily be enough to "live on". It's meant for entry level work and for someone to gain experience with. Certainly not meant to raise a family on or anything close to it. The first minimum wage in 1938 was 25 cents an hour, adjusted for inflation that's $4.13 in today's dollars.

Entry level work?

Brah I made $36,000 a year at my first gig, not no damb $15,000

 

[DadNboujee]

san francisco min. wage is $15.. but cost of living belongs in the Wilding thread..

san jose i think is $10.. 

 

[rawex5]

san francisco min. wage is $15.. but cost of living belongs in the Wilding thread..

san jose i think is $10.. 

San Francisco is currently $11.05 and will jump to $12.25 May 1st.

 

[bravelude]

Everyone starts somewhere, there needs to be a bridge and gap for society to function.  That's just the hard truth.

In terms of taking a pay cut to 'support workers?  Well, it's like saying the owner of a sole proprietor taking a cut for the employees.  It's not a good move.  If there's really an incentive involved, the CEO could've increased BENEFITS to 'keep' the workers.  He could offer better benefits like higher matching at the 401K level.  You don't throw a buffet at your staff that way.  You create short term euphoria.  But if he's really doing that well like Tim Cook or Steve, then okay.  Just saying though.

Raising their wages is an artificial pump.  It does nothing to motivate or create incentive. it creates laziness.  No competition = no progress.

 

[nikeskywalker]

The fact that he had to cut his salary to give out raises shows the company isn't doing to well. So he's decided to go the PR route to drum up some new business. But it won't last long, and the company will shutter. And all.those employees will lose their jobs.

He's doomed them all. I'd rather make a fair salary at a stable job, then make more than I'm worth for a finite amount of time.

that sounds like more money in less time vs your less money over a long time

 

[superb]

Will never happen. Read thee the keywords. Over the mext 3 years.,

His idea bubbled into reality on Monday afternoon, when Mr. Price surprised his 120-person staff by announcing that he planned over the next three years to raise the salary of even the lowest-paid clerk, customer service representative and salesman to a minimum of $70,000.

 

[mr jordan04]

He probably makes money on the side; stock options, dividends etc, but the basic premise sounds really good.  Will be interesting to see what happens with this company within the next 5 years.

 

[Shanegerous]

Seattle

 

[flyny]

Dude is respected by me for that

But it's a bad economic decision. We need different levels in this world. Everybody can't stunt, because it takes away from the effect of stunting

 

[Kaleo15]

Will never happen. Read thee the keywords. Over the mext 3 years.,

His idea bubbled into reality on Monday afternoon, when Mr. Price surprised his 120-person staff by announcing that he planned over the next three years to raise the salary of even the lowest-paid clerk, customer service representative and salesman to a minimum of $70,000.

Minimum $70,000 is still a good salary! Hell, if I wasn't getting paid that much... I'd gladly wait the 3 years, to when I do get paid that much.

 

[Xennial]

Dude is respected by me for that



But it's a bad economic decision. We need different levels in this world. Everybody can't stunt, because it takes away from the effect of stunting

Why does anyone need to stunt period?

 

[fontaine]

There has to be a medium. $15/hr is just too high too soon. It's not giving the economy enough time to keep up with the inflation. Small companies are going to run out of business and big companies will see mass layoffs.

Not necessarily


For proposed minimum wage increases, there are tiers of businesses


Larger businesses have to comply first because they have the infrastructure to do so...

And its staggered.

I used to think the same way until I started to do some research on it.


The only way employees would be assed out is if it was a completely perfect market

Plus must minimum wage jobs are for large corporations

 

[fontaine]

Everyone starts somewhere, there needs to be a bridge and gap for society to function.  That's just the hard truth.

In terms of taking a pay cut to 'support workers?  Well, it's like saying the owner of a sole proprietor taking a cut for the employees.  It's not a good move.  If there's really an incentive involved, the CEO could've increased BENEFITS to 'keep' the workers.  He could offer better benefits like higher matching at the 401K level.  You don't throw a buffet at your staff that way.  You create short term euphoria.  But if he's really doing that well like Tim Cook or Steve, then okay.  Just saying though.

Raising their wages is an artificial pump.  It does nothing to motivate or create incentive. it creates laziness.  No competition = no progress.

But competition for those jobs = progress


Not only will he be able to bring in better talent...

But his current employees will DEFINITELY try to keep that 70k a year job...

If your a secretary making 70k, you know they can cut you anytime right?

You act like once you're in a job they can't fire you.

Also, the wage increase is staggered. Like all minimum wage increases....


Plus, Seattle is raising their minimum wage + a ton of tech jobs going there... so the COL is going to raise slightly

Just so you guys know, minimum wage isn't supposed to necessarily be enough to "live on". It's meant for entry level work and for someone to gain experience with. Certainly not meant to raise a family on or anything close to it. The first minimum wage in 1938 was 25 cents an hour, adjusted for inflation that's $4.13 in today's dollars.