Dan Price from Gravity Payments addressed the salary gap issue with a solution that shook the corporate world. Raising the minimum wage of his employees — even his lowest paid clerk or salesperson — to $70.000 a year! However, the true depth of this problem has only recently been plumbed thanks to political mobilization against income inequality. And the reality was exponentially worse than people could have even dared to surmise. In fact, although the average American believes CEOs to make about 30 times as much as they do, the reality is that the head honchos earn roughly 331 times the wage of a run-of-the-mill employee. As stated in an article on the Washington Post, the typical worker at McDonald's or Starbucks would take six months to earn what each company's CEO would make in a single hour. And yet, the inertia against this horrifying pay gap problem is so pervasive that it took five long years for the US Congress to simply convince companies into making their salary data available. Well, as it turns out, the head of a Seattle-based company pre-empted the rest of the business market in the search for a solution. Dan Price, CEO of Gravity Payments, doubled his firm's minimum wage – to mixed reactions from his employees and clients. Moreover, he did so by inviting significant personal and professional hardships, all in a bid to make his employees' lives easier in a steadily expensive world. Thus, in an effort to shed light on the various factors influencing Price's decision, as well as their aftermath, we have compiled a storydeck for our patrons and visitors. This storydeck, published on SlideShare, not only discusses the specific situation of Price, but also the other side of the coin in this issue. And so, CakeHR presents: “Gravity Payments CEO Dan Price Raises Minimum Wage”. > > > Read the full story here: http://cake.hr/blog/70000-minimum-wage-anyone/

1. Gravity Payments CEO Dan Price Raises
Minimum Wage

2. Capitalist World's Sore Spot

5. US CEOs earn 331 Times as much as
Average workers
US CEOs earn 331 Times as much as
Average workers

6. 774 Times as much as Minimum Wage
workers
774 Times as much as Minimum Wage
workers

7. US Government's Efforts

8. 2010 – US Congress directed SEC to
require public companies to provide
information on ratio of CEO pay to average
employee wages.

9. Mandate put on hold after corporate
executives strongly opposed it.

10. Finally approved in August, 2015.

11. Gravity CEO Dan Price's Solution To Pay
Inequality?

12. Raises minimum wage of all employees to
$70,000/year

13. His inspiration?

14. “...The idea to almost double the minimum
pay of my employees started after a friend
shared how hard it is to pay rent and
student loans and make ends meet on a
$40,000 annual salary...” Dan Price, CEO.

15. To track the pulse of the HR world, or
follow up on latest workplace trends, visit
our blog at http://cake.hr/blog/

17. Skeptics branded Mr. Price as Socialist.

18. Divided opinions among staff and clients.

19. Partial Employee Support

21. Mixed Emotions In Higher Ranked Staff

23. Clients' Fears

24. Some clients unhappy since they expect to
suffer higher charges or poor customer
service.

25. Clients' Support

26. Some remain loyal, while others who share
same vision as Price also signing on with
Gravity Payments.

27. Business Sacrifices

28. To enforce this raise, Dan Price reduced
his salary from roughly $1 million to
$70,000.

30. Personal Sacrifices

31. Dan Price now leasing his house to make
ends meet.

32. He's now being
sued by his brother,
Lucas Price, on
charges of ignoring
the latter's rights as
minority
shareholder before
making this
decision.

33. Other Side Of The Coin

34. Some claim extent of pay gap problem to
be exaggerated.

37. Even if only 0.8% of Americans earn
Minimum wage according to statistics,
CEOs still earn 331 times more than
Average workers.

38. So, are you with Mr. Price? Or are you part
of the other side of the coin?