Monday Buzz: When It Comes to Salaries, How High Is Too High?
The debate continues after a Seattle company raises its minimum salary sky-high. Plus: John Oliver takes on so-called patent trolls.
Last week, Seattle-based credit-card-processing company Gravity Payments suddenly announced that it would raise its minimum salary to $70,000. That salary, far beyond the city’s already high $15 minimum wage, will be funded by trimming 75 to 80 percent of estimated profits, and by founder Dan Price’s adoption of that same paycheck.
“Although money is not the only motivator, it is still a motivator, and at the end of the day eliminating the wage gap in this example would reduce motivation,” Casemore and Co. founder Shawn Casemore told Dishman.
But organizational psychologist Karissa Thacker, Ph.D., points to the importance of Price’s “authentic” leadership in inspiring employees.
“Boldness like this never appears easy or feasible,” Thacker said. “But as the war for the best talent heats up, you will see more of this type of leadership.”
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