Saw this article about the first CEO to raise everyone’s wages to have a min wage of 70k. His inspiration was when he met his landlord, who has two jobs and works 50 hours a week but still unable to make ends meet in the city of Seattle.
This is very interesting to me as how many of us would do this? Firstly paying all 120 staff in the company a minimum of $70k and taking a pay cut of $1 million himself to make this happen.
Lessons learnt here after 5 years
- The company grew bigger as everyone didn’t need to focus on their basic needs, they all focused more on driving value for the company
- Staff morale is better, junior staff taking up more and seniors have more time to take time off, better well being for everyone
- The feel good factor of helping a fellow human, friend, colleague. Often times colleagues are our family more than our own family due to the Long hours we spend at work.
I wonder if any Singaporean or Asian companies will follow suit? Helping look at setting a min wage or equal wage for everyone. Would this buy employee loyalty?
Read the full article on bbc here – https://bbc.in/3aj05aN
Image source – pixabay