How Would You Feel about a $70,000 Minimum Wage?
A little over a year ago, a company in Seattle, Gravity Payments, set its minimum wage (really, minimum salary) to $70,000. The CEO and cofounder, Dan Price, took a huge cut in his salary to make this happen.
There are all kinds of opinions about why this worked or didn't work. But, it's a reality. This post has some links for you to discover more about the story.
Here is one that I wrote about it:
Cochrane, James. "How About a $70,000 Minimum Wage?" Get Paid Boot Camp. 11 July 2016. Web. 12 July 2016. <http://getpaidbootcamp.com/how-about-a-70000-minimum-wage/>
The following is a chronological listing of news stories surrounding this clip.
Note: I will be adding to this list as I find more research. The next installment of this article will contain entries for 2016.
Cohen, Patricia. One Company’s New Minimum Wage: $70,000 a Year. The New York TImes, 13 Apr. 2015. Web. 12 July 2016. <http://www.nytimes.com/2015/04/14/business/owner-of-gravity-payments-a-credit-card-processor-is-setting-a-new-minimum-wage-70000-a-year.html>.
CBSEveningNews . "Seattle Boss Explains $70,000 Minimum Wage." YouTube.
CBS Evening News, 14 Apr. 2015 . Web. 12 July 2016.
<https://www.youtube.com/watch?v=KJxVRNNdgl4>.
Carter, Joe. "Why the $70,000 Minimum Wage Is Doomed to Fail | Acton PowerBlog." Acton Institute PowerBlog. N.p., 15 Apr. 2015. Web. 12 July 2016. <http://blog.acton.org/archives/77575-why-the-70000-minimum-wage-is-doomed-to-fail.html>.
Eyl, Eryc. "What Difference Does a $70,000 'Minimum Wage' Make?" The Huffington Post. TheHuffingtonPost.com, 23 Apr. 2015. Web. 12 July 2016. <http://www.huffingtonpost.com/eryc-eyl/what-difference-does-a-70000-minimum-wage-make_b_7122848.html
During this three month period there was news about themove but it was normalizing away from the buzz that was generated.
Beck, Koa. "What Happens When Minimum Wage Jumps to $70,000." Daily Worth. N.p., 11 May 2015. Web. 12 July 2016. <https://www.dailyworth.com/posts/3540-2-women-from-gravity-payments-talk-salary-bump>.
Sugar, Rachel. "A CEO Raised His Company's Minimum Wageto $70,000 a Year, and Some Employees Quit Because of It." Business Insider.
Business Insider, Inc, 31 July 2015. Web. 12 July 2016.
<http://www.businessinsider.com/dan-price-gravity-payments-employees-leave-2015-7>.
Tobak , Steve. "The Sad Saga of the $70,000 Minimum Salary Company." Entrepreneur. N.p., 10 Aug. 2015. Web. 12 July 2016. <https://www.entrepreneur.com/article/249313>.
Dishman, Lydia. "Turns Out A $70,000 Salary Doesn't Always Buy Happiness." Fast Company. N.p., 14 Aug. 2015. Web. 12 July 2016. <http://www.fastcompany.com/3049820/turns-out-a-70000-salary-doesnt-always-buy-happiness>.
There are all kinds of opinions about why this worked or didn't work. But, it's a reality. This post has some links for you to discover more about the story.
Here is one that I wrote about it:
Cochrane, James. "How About a $70,000 Minimum Wage?" Get Paid Boot Camp. 11 July 2016. Web. 12 July 2016. <http://getpaidbootcamp.com/how-about-a-70000-minimum-wage/>
The following is a chronological listing of news stories surrounding this clip.
Note: I will be adding to this list as I find more research. The next installment of this article will contain entries for 2016.
April 2015
This is the month in which the announcement was made. As you can well imagine, employees of the company went crazy. The #newsmedia was all ablaze over the announcement and almost all the majors had something to say about it.Cohen, Patricia. One Company’s New Minimum Wage: $70,000 a Year. The New York TImes, 13 Apr. 2015. Web. 12 July 2016. <http://www.nytimes.com/2015/04/14/business/owner-of-gravity-payments-a-credit-card-processor-is-setting-a-new-minimum-wage-70000-a-year.html
Carter, Joe. "Why the $70,000 Minimum Wage Is Doomed to Fail | Acton PowerBlog." Acton Institute PowerBlog. N.p., 15 Apr. 2015. Web. 12 July 2016. <http://blog.acton.org/archives/77575-why-the-70000-minimum-wage-is-doomed-to-fail.html
Eyl, Eryc. "What Difference Does a $70,000 'Minimum Wage' Make?" The Huffington Post. TheHuffingtonPost.com, 23 Apr. 2015. Web. 12 July 2016. <http://www.huffingtonpost.com/eryc-eyl/what-difference-does-a-70000-minimum-wage-make_b_7122848.html>.
May - July 2015
During this three month period there was news about the
Beck, Koa. "What Happens When Minimum Wage Jumps to $70,000." Daily Worth. N.p., 11 May 2015. Web. 12 July 2016. <https://www.dailyworth.com/posts/3540-2-women-from-gravity-payments-talk-salary-bump
Sugar, Rachel. "A CEO Raised His Company's Minimum Wage
August 2015
By this month, the dust has settled and now all the spin doctors are putting in their two cents as to whether this experiment was a success or not.
Dishman, Lydia. "Turns Out A $70,000 Salary Doesn't Always Buy Happiness." Fast Company. N.p., 14 Aug. 2015. Web. 12 July 2016. <http://www.fastcompany.com/3049820/turns-out-a-70000-salary-doesnt-always-buy-happiness
