Wu Wei
ursus senum severiorum and ex-Bisy Backson
In spite of being called a socialist and the predictions that the CEO was headed to ruin by lowering his salary to $70k and raising his employees salary to $70k, he's doing just fine: Isn't it amazing what can happen when the boss is not greedy and treats his employees very well:
Since our $70k min wage was announced 6 years ago today:
*Our revenue tripled
*Head count grew 70%
*Customer base doubled
*Babies had by staff grew 10x
*70% of employees paid down debt
*Homes bought by employees grew 10x
*401(k) contributions grew 155%
*Turnover dropped in half
...
Treating employees well saves money in the long run.
For example, our small biz with a $70k min wage received 3,663 job applications this year – 280 per opening.
We paid $0 advertising and got great candidates.
I keep seeing stories of companies struggling to hire. Wonder why.
— Dan Price (@DanPriceSeattle) April 12, 2021
This is all good, and I am happy the employees got a raise, but the fact the CEO is doing fine at $70,000 a years does not surprise me, and likely doing much better than those he gave the raise to. He took a 1 million dollar pay cut, how long was he making over 1 million dollars a year? It is quite likely he has other sources of income, stock, investments, etc. with more money in real estate than any of his employees he gave the raise too. And what is his retirement plan as compared to his employees? So, is it socialism as being billed here.... doubtful.
Don't get me wrong, I am happy for the folks that got a raise, but Socialism...no..... and imagine the tax break the CEO will get without having to pay taxes on $1,070,000....and now paying on $70,000