Thursday, April 16, 2015

Lifted by Gravity

It's as far-fetched as hearing the words “traffic shortage” during the evening rush hour report, but yes, there is a CEO with a conscience in the United States of America. 


Gravity Payments CEO Dan Price takes income disparity seriously. As he does the oft-repeated fact that the average American CEO makes three-hundred times what their employees do.

So Price decided to do something that would make a real and tangible difference. Instead of making a tax-deductible donation to the local art museum, he gave his employees (even those who don't sit on the company board) a raise.

A great, big, fucking raise.

The minimum wage at Gravity Payments is now seventy-thousand dollars a year.

Shockingly, Gravity has neither gone out of business nor has Price declared bankruptcy.

It is obvious Price is hoping to foster employee loyalty and some off-the-charts PR for his firm. Of course, only time will tell if Price's self-administered pay cut will pay off in increased productivity and allegiance to his company.

But it's hard to believe in these days of Fight for 15 that employees won't take a salary which more than doubles that to heart (if not to mortgage lenders, car dealerships and big ticket appliance stores).

You wonder if the remaining captains of industry see the benefit.

Gravity's web site is still accepting applications. Seattle suddenly seems like a very sunny place, indeed.

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