04-14-2015, 10:46 PM | #1 | |
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CEO Takes 90% Pay Cut To Give Employees HUGE Raises!
Absolutely OUTFUKINGSTANDING! Now THAT is "paying it forward!"
To all of the greedy ass vampires on Wall Street particularly the Banking and Insurance Industry... Take note! http://money.cnn.com/2015/04/14/news...utceo0520story Quote:
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04-14-2015, 10:50 PM | #2 |
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Just read this. He'll be deluged with people looking for a job now. And I wonder how sustainable this business model will be. I suppose with his huge pay cut, they might be ok considering it's a relatively small company.
Can you see Walmart or McD's doing this? $70k/yr hamburger flipper?
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04-14-2015, 10:56 PM | #5 | |
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Huge corporations are all about fattening the execs and stock holders wallets. The biggest way to do this is cut pay/workers or keep the pay at a bare minimum. Salary accounts for the biggest expense for most companies. But just imagine the benefit if all of the Top 10 Executives at every major corp even dropped to a still very comfy $1M instead of the $30M - $200M they pay themselves now?
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04-14-2015, 10:57 PM | #6 |
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If I were looking for work, this type of individual would certainly be more than ideal to work for.
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04-14-2015, 11:11 PM | #7 |
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Started the company at 19. Smart kid.
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04-14-2015, 11:12 PM | #8 |
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Kind of cool, nice job and I love his last name
Needless to say that before Nixon opened the pathway to export jobs to China and other super low wage earning countries, and when we still understood that unions protected the masses rather than being brainwashed into thinking that enormous faceless corporations had the average american's best interest at heart, what Mr. Price is doing wouldn't ever been novel, or even an option. Until we americans get our apathetic heads out of the sand (un-fucking-likely, given the fact that average families now can't survive without both parents working usually nuts ass hours to get by) we will continue to follow the leaders down well trodden paths of just hardly getting by, getting old and fat and cancerous wondering what the fuck happened and feeling lucky to do so thanks to our bought off media constantly beating our heads into thinking we have this lovely standard of living and USA= #1 whatever the fuck that means.
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04-14-2015, 11:37 PM | #11 |
is probably out riding.
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Yeah, 1/3rd of my employees make more than me. I don't get any press.
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04-15-2015, 12:14 AM | #12 | |
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04-15-2015, 03:39 AM | #13 |
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What a fantastic place to work. Truely, the morale there must be so high. Happy workers are productive workers. They will be giving it their all, to make the processes work and their customer's happy.
Big corporate use negative influence to motivate their staff in current times. It is fantastic to see this small business rewarding staff in a responsible and morally mature manner. Big corporate could learn a great deal from this man. Not necessarily to outright copy this approach - which, as some have said - on a larger scale, is simply impossible to implement. But from a true moral standing, try to implement the ethos of what this man is doing. |
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04-15-2015, 08:59 AM | #14 |
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04-15-2015, 12:43 PM | #16 |
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Not to say what he is doing is not great it is. However, Salary my be only one part of his compensation even as the owner. A friend of mine had his own business and took a small salary, because he also received a quarterly dividend which was the majority of his compensation. Remember a salary pays fed, SS, medicad, local and state taxes and if you are in the higher tax bracket, that is far more than the 15% for dividends for Feds and some state do not tax dividends.
Also he not doing these people much of service, they now think their skills are worth more and if they want to go somewhere else, no one will pay them that much. |
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04-15-2015, 01:00 PM | #17 |
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+1, I mean the guy is getting international coverage/advertising.
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04-15-2015, 01:02 PM | #18 |
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I had read that the raise will be funded by the CEO taking a paycut from $1m/year to $70k/year and from about 85% of the profits.
That's a lot, hope they got a lot of cash in the bank in the event you run into some slow quarters/years down the road. He's basically nuking his margins. |
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04-15-2015, 01:03 PM | #19 | |
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While we are on the subject...
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04-15-2015, 01:10 PM | #21 | |
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He could be earning only '70k' via his official salary, but still be making a lot more though those dividends/returns. It's for this same reason that Warren Buffett, despite being one of the world's wealthiest people, does not fall in the highest tax bracket: http://www.forbes.com/sites/realspin...orkers-pay-21/
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04-15-2015, 01:14 PM | #22 |
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Bill Gates for YEARS was only paid $1 in salary. Yet he has annual charity payments far in excess of what I hope to earn in my lifetime (unless I win some lotto or something)
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