Meet 31-year-old Dan Price... Dan is the CEO of Seattle-based credit card payments processing firm Gravity Payments, and three months ago, he did a funny thing. After talking with a friend who confessed to having difficulties making student loan payments and rent each month on an annual salary of $40,000, Dan decided to set a $70,000 per year pay floor at Gravity.Needless to say, the unintended consequences were catastrophic. Employees who earned $70,000 by dint of hard work felt they had been shafted; several quit. Price's friends in the business community were ticked off - he had established what they felt was an unsustainable minimum wage. And his older brother is suing him, presumably because of his, uhm, novel approach to management.
Which led our long-suffering summer intern Biff Spackle (@BiffSpackle) to create this riff on Mr. Price's folly.
Can I get a rimshot, please?
Hat tip: BadBlue News.