Tuesday, April 21, 2015

Ethics

Ciao Tutti,
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%.

http://www.independent.co.uk/news/world/americas/seattle-ceo-dan-price-cuts-own-salary-by-90-to-pay-every-worker-at-least-70000-10177261.html

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.”
This are my five favorite paragraphs or sentences. Mr. Price is really an ethical person taking others needs into account before his own. He seems to feel morally obligated to "do right" by others. $1 million dollar a year is a hefty sum of money; according to my quick google search 66% of households in the United States make under $41,212 which means Dan makes $958,788 more than the average American of course this does not take taxes into consideration on either end. That is a lot of money and is not actually needed for basic survival. He is a single man with a dog living off a million dollars a year and I would think the world was his playground. Having more money is not always a benefit, you may be financially stable but, you have almost everyone against you. People start to sue you, their is an increase in your life being at risk, and your friends may not say it but, they probably resent you. Those are basic problems and I'm sure you all could name more. The most important question is, is every C.E.O willing to take a 90% pay cut in which they would still make over minimum wage? You may not like the answer I am about to give you which is, no. People work hard to establish their "money" and get greedy when anybody stands in their way regarding money. Yes people work hard to make money but, if it was up to almost everyone they would do little to no work and become a billionaire. Since you actually have to work for your money their are fewer opportunities and even fewer people who become billionaires. You must be creative, smart, or inherit your billions. What happens when people make more money is that they tend to spend more money which may be good for the economy, but leaves behind people who are working equally hard for a tiny salary. So is it ethical for people who have the title of C.E.O. to make more than the average American? Well, that's your call but, it appears that Mr. Price doesn't think so.



Have an enlightening and adventurous day!!

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