So, today in class we were talking about ethics and I think a good point was brought up about companies/businesses being ethically responsible. Are businesses suppose to be ethically responsible within their industry and to their employees? Are the C.E.O's of companies willing to dial back in order to compensate their employees and declare equality throughout their company? Well it just so happens that Dan Price took a 90% salary cut to enable his employees to get $70,000 salary. This is an ethically sound decision on his end and I will read more on why he decided to do this but, the question is why was it necessary for him to take a pay cut. Is the company not paying their employees a fair salary? So many questions going on in my head and I am about the get my answers by reading this article. Read along with me and see why Dan felt the need to cut his salary by 90%.
Discussing these paragraphs from the article:
- But Mr Price, 30, has gone one step further, after telling ABC News he thought CEO pay was “way out of whack”.
- The target is for everyone to be on $70,000 by December 2017, while Mr Price has pledged to reduce his own pay from $1 million a year to the same minimum as everyone else, at least until the company’s profits recover.
- “My pay is based on market rates and what it would take to replace me, and because of this growing inequality as a CEO that amount is really high. I make a crazy amount.
- Mr Price told ABC News he settled on the figure of $70,000 for all after reading study published by the University of Princeton, which found that increases in income above that number did not have a significant positive impact on a person’s happiness.
- “I’m a big believer in less,” he added. “The more you have, sometimes the more complicated your life gets.”
Have an enlightening and adventurous day!!
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