In 2015, Dan Price, CEO of a credit-card processing firm made an announcement that he was raising the salaries of all of his employees to $70,000 a year. Price is now feeling the impact of that decision. One of the first things that happened as result of the decision was the loss of some big accounts. While the company added some other business, it will take time for these accounts to become profitable. Several employees also quit because they had been with the company longer and felt giving less motivated and less skilled workers the same wage as they received was unfair. When they spoke out about their concerns, they were treated as if they were being selfish. On top of everything else, Price is being sued by his brother who accuses him of taking millions of dollars out of the business and denying him his benefits as a minority owner. Most of the previous year’s $2.2 million in profit went into the salary increases, and now finances are much tighter. Price said he has also fallen on hard times as a result of his decision. He said, “I’m working as hard as I ever worked to make it work. I’m renting out my house right now to try to make ends meet myself.”—Jim L. Wilson and by Jim Sandell.
Dan Price, Seattle CEO who set company minimum wage at $70K, struggles to make ends meet, By Kellan Howell, http://www.washingtontimes.com/news/2015/aug/1/dan-price-seattle-ceo-who-set-company-minimum-wage/print, Accessed August 1, 2015.
Proverbs 16:9 (NASB) “The mind of man plans his way, But the LORD directs his steps.”