Dan Price, a CEO of a credit card company had good intentions when he raised the minimum wage for all 120 of his employees to $70,000. But it's being reported that he is now counting the cost of his good deed.
Price even went so far as to slash his $1,000,000 yearly salary to help fund this endeavor. But sadly it wasn't enough, he is now forced to rent out his own home.
He is still undeterred though, and is trying his best. “I’m working as hard as I ever worked to make it work," he said. “There’s no perfect way to do this and no way to handle complex workplace issues that won't have any downsides or trade-offs,” he told The New York Times.
But he has a lot going against him. His initial move was, of course, greeted with applause by his staff and he gained global attention. The only problem is, market forces were totally against the gesture.
He was criticized by fiscal conservatives. And then some of his clients, did not like the 'socialist' move and promptly withdrew their business.
Then there is office politics, two members of staff who were not on minimum wage, resigned after their pay was not increased in tandem with those below them.
But then it is still a good gesture, we need more of those in this world. Hopefully, he can find the balance between practicality and kindness.