Company Near Seattle Introduces $70K Minimum Wage

[rgG]

Lemon Drop wrote:
This isn't charity, it's a smart business move. These employees will be more loyal and work harder than before, which will reap dividends for the company. I think this guy is very savvy about the future, and about the labor market he's in. We'll see how he's doing in 5 years.

“This is a capitalist solution to a social problem,” Price said. “I think it pays for itself, I really do.”

I disagree.

[sekker]

What IS true - in some jobs, a great person is worth 10x what an average person is worth.

He's saying he has the top employees. That's great.

But to imply that he is defining a minimum wage is ridiculous.

[Lemon Drop]

rgG wrote:
[quote=Lemon Drop]
This isn't charity, it's a smart business move. These employees will be more loyal and work harder than before, which will reap dividends for the company. I think this guy is very savvy about the future, and about the labor market he's in. We'll see how he's doing in 5 years.

“This is a capitalist solution to a social problem,” Price said. “I think it pays for itself, I really do.”

I disagree.
I understand your point of view. There's always the risk that this won't work out for his company. And I agree with you that this isn't likely to catch on as a super popular idea with business owners.

[August West]

While this particular incident is an outlier, companies investing in their people is an excellent strategy for achieving rewards. I think it is worth mentioning, and I think it has emerged as a cutest in this thread, that highly selective hiring is a key part of this strategy. Low and non performers will not last long in such an environment, and rightfully so.

I can only speak for myself, but working in a highly rewarded environment with an expectation of strong achievement is exponentially better than an environment of people just putting in their time.