Quote:
Perhaps not surprisingly, plenty of people want to work for Gravity. One who now works there is a former Yahoo executive who says she took an 80%-to-85% pay cut to take the job, according to Inc.
The company has hired an extra 10 people to handle the anticipated new business, Gravity’s vice president of operations, Maria Haley, told Inc.
Price, meanwhile, has invested another $3 million in the company after selling all his stocks, emptying his retirement accounts and taking out mortgages on two homes, according to Inc. (He told the New York Times three months ago that he was “renting out my house right now to try to make ends meet.)
Let's see, a former Yahoo executive takes an 80%-85% pay cut to join this business.
The guy invested more money after selling all of his stocks, emptying his retirement accounts (really stupid move) and taking out mortgages. He now is renting out his house to "make ends meet".
This is supposedly success?
Quote:Let's see, a former Yahoo executive takes an 80%-85% pay cut to join this business.
The guy invested more money after selling all of his stocks, emptying his retirement accounts (really stupid move) and taking out mortgages. He now is renting out his house to "make ends meet".
This is supposedly success?
Of course not. Real success is running a business where the only way you can profit is by paying sub minimum wage to people. Screw those people you get yours boo.
Or running a bank that tanks the economy while paying out massive bonuses for failure and avoiding any and all retribution.
Trying to do something right by your employees if it might not be absurdly profitable for you? That's failure ya'll. Isn't doubling profits from the first paragraph success?
Revenue is growing at twice the rate it was before Chief Executive Dan Price made his announcement this spring,
according to a report on Inc.com. Profits have doubled. Customer retention is up, despite some who left because they disagreed with the decision or feared service would suffer.
After reading the whole article, it seems to me he did it knowing that a trial is pending in where his co-founder accused him of taking excessive funds...
so what better self defense than to say hey i am taking cuts to pay everyone in the company better...
everyone has motives but I am always suspicious of leaders pretending to be good guys..
Also... Just spitballing... Could it be that a free national ad campaign as the fledgling star of INCOME EQUALITY could have been a boost to business?
Quote:Also... Just spitballing... Could it be that a free national ad campaign as the fledgling star of INCOME EQUALITY could have been a boost to business?
Nah, it's completely because he decided to pay his people more than they are worth. There's no other logical explanation and we should immediately raise the minimum wage to $35.00 because janitors and doctors are worth the same wage.
Quote:Let's see, a former Yahoo executive takes an 80%-85% pay cut to join this business.
The guy invested more money after selling all of his stocks, emptying his retirement accounts (really stupid move) and taking out mortgages. He now is renting out his house to "make ends meet".
This is supposedly success?
It's called betting on yourself, and judging by the results thus far, I'd say it's looking good.
Quote:Nah, it's completely because he decided to pay his people more than they are worth. There's no other logical explanation and we should immediately raise the minimum wage to $35.00 because janitors and doctors are worth the same wage.
Good thing I didn't go to med school. I make more than your hypothetical doctor does
Good doctors make $150/hr. at minimum, some much, much, much higher, particularly specialists.
Quote:Nah, it's completely because he decided to pay his people more than they are worth. There's no other logical explanation and we should immediately raise the minimum wage to $35.00 because janitors and doctors are worth the same wage.
Who are you to determine what people are worth to a business owner? He has determined people are worth more and is profiting because of it. Profits have doubled. Generally you all rejoice over things like this. Is it because he isn't doing it at the expense of his employees?
Quote:Who are you to determine what people are worth to a business owner? He has determined people are worth more and is profiting because of it. Profits have doubled. Generally you all rejoice over things like this. Is it because he isn't doing it at the expense of his employees?
I'm fine with what he's doing, it's his money. I'm not fine with the inevitable "THIS IS WHY WE SHOULD RAISE MINIMUM WAGE!!!!!" outburst that's sure to follow.
Imagine a corporate headquarters with no janitors.
Quote:Imagine a corporate headquarters with no janitors.
You should see the pigsty we have here WITH them. Women in large numbers are nasty, nasty creatures.
Quote:Imagine a corporate headquarters with no janitors.
It would likely be more successful than a corporate headquarters with only janitors. Maybe not as clean, though.
Quote:Who are you to determine what people are worth to a business owner? He has determined people are worth more and is profiting because of it. Profits have doubled. Generally you all rejoice over things like this. Is it because he isn't doing it at the expense of his employees?
Exactly. Welcome to the right.
Quote:You should see the pigsty we have here WITH them. Women in large numbers are nasty, nasty creatures.
I hear they attract bears.
Quote:Exactly. Welcome to the right.
Plenty of people on the left think the same way, just that a floor is necessary as a worker and livelihood protection from the less savory owners.
Quote:Plenty of people on the left think the same way, just that a floor is necessary as a worker and livelihood protection from the less savory owners.
Plenty of people on the right think the same way, just that the necessary
floor need not be unreasonable and/or excessive.
Quote:Plenty of people on the right think the same way, just that the necessary floor need not be unreasonable and/or excessive.
I agree completely. I have moved away from agreeing with a high national minimum. I do still think there should be a reasonable national floor with states raising it or not as they see fit.
I would like to revisit this in 6 months. I feel bad for the people working there, especially if they are not saving or investing their money.
Quote:I would like to revisit this in 6 months. I feel bad for the people working there, especially if they are not saving or investing their money.
You'd feel better if the profits had not doubled Or if the profits had doubled due to much lower wages?
Quote:You'd feel better if the profits had not doubled Or if the profits had doubled due to much lower wages?
You need to look at the big picture. Contrary to the liberal view of companies, profits aren't everything. Profit margin is.
Yes they reported that profits are up, but why? Could it be because the owner of the company sold all of his stocks, took out mortgages on two houses and cashed in any retirement savings that he had (very bad idea), then put it back into the company? Could it be because he invested all of that money into the company, therefor they don't have the overhead that they normally would have had? Is that the reason that profits supposedly "doubled"?
If the company is doing so well, he shouldn't have had to do that. He basically is committing "financial suicide" in order to try to make a point. The company is going to eventually fold, and those employees that are now enjoying their $70,000 salary are going to find themselves looking for employment... and they will be disappointed when they find out that whatever "skill" they have is not worth what they think it is.