I know some were suspect of this and rightfully so, but thankfully it turned out to be a huge success. Hopefully other companies will emulate. Capitalism is alive and well all over America.
Careful. Bernie has praised this story.
This is a good story, I am one of those surprised, but very glad to see it worked. Especially getting family creation out of it.
thanks for the post.
This company found that they could maneuver this into a net positive. The obvious fact being that it was not mandated. Most business models cannot afford these types of across-the-board increases. The market is to decide.
To me the key is not to guarantee everyone a minimum wage or make everyone equal, because we are not equal in skills and abilities, but to pay the workers that produce decent wages and if that means the CEO cannot make X millions while the workers make less than 50K then that is what is needed. Not government mandates but what we need are CEO’s that are trying to build and sustain something the right way. This is common sense 101. Unfortunately most CEO’s and or overseers in government are all about a zero sum game where they take from everyone else to get way ahead of them.
I am wary of this story. More to it, I suspect, than is written in this article.
Did the company receive subsidies?
This is a great way for capitalism to work.
35,000 in Seattle is pretty much a nonstarter. Especially for the current labor situation.
This would happen if we didn’t flood the country with low wage /no skill workers or make outsourcing so lucrative. That’s more of a government problem than business (though businesses own a lot of our politicians)
I have always thought that if I ever opened my own business, I would handicap my own income and pay my employees as much as possible.
That said, as a matter of personal freedom and basic economics, this cannot be mandated by the government.
Company’s 1-Year Stock Change -31.63%
Maybe I’m confused, but I heard a story about a company that decided to give every employee a $70K salary (not minimum, but everyone the same salary). And Bernie praised this, which would make sense. Then a couple months ago I heard on a radio show that the owner admitted it was a big failure since highly experienced/educated/productive employees didn’t like getting the same pay as less experienced/educated/productive employees, which also makes sense. And they switched back to the old system. Maybe it was two different companies, or one of these was fake news, or I’m just confused.
So I’m guessing he doesn’t employ 125 Haitian illegal immigrants
Henry Ford did the same thing years ago - decided he wanted his workers to be able to buy his cars.
It’s a great idea IF done by producers... It’s a horrible idea if done by white liberal/commie ‘elites’ in DC.
And they did it without a government mandate
This works so good that it should be mandated that all businesses effectivly double the wage earned by the workers. It worked here so it has to work everywhere else.
(yeah, sounds like BS when you say it that way, huh?)
I pay a part time assistant $25.00 per hour for essentially low skill, admin sort of work. But, I get absolute loyalty, responsibility, reliability and a perfect attitude in return.
“You get what you pay for”................as the saying goes.
As I recall, the company went bankrupt shortly after they began giving away money in a dismal but predictable failure
I smell Pelosi Math. Average wage increase of $35,000 x 120 employees = $4,200,000. He is one special CEO if he can offset that by trimming back his $1,000,000 salary. Sounds like he might be stealing from the company’s owners.