6 years ago today I raised my company's min wage to $70k.

[Fla Dem]

6 years ago today I raised my company's min wage to $70k. Fox News called me a socialist whose employees would be on bread lines.

Since then our revenue tripled, we're a Harvard Business School case study & our employees had a 10x boom in homes bought.

Always invest in people.

Link to tweet

Link to tweet

Link to tweet

Link to tweet

[blueinredohio]

1. Imo, if you pay your employees well and treat them fairly

you will reap the rewards. Employees will be more dedicated and work harder knowing they are valued.

[wryter2000]

4. The company I retired from

Treated employees well. When I left after 22 years, there were still lots of people who'd been there a lot longer than me.

[SheltieLover]

2. K&R!

Investing in people is always the wise choice, although not consistent with pennywise, pound foolish, I-me-gimme qpuke standards.

Employees who canafford to eat? Must be a commie!

[catrose]

3. From ancient days, Bob Townshend (?) in Theory X, Theory Y said that when he took over Avis,

he was told to take the opportunity to get rid of most of the employees, that they were worthless and dead weight. He put his principles into effect, and when he turned Avis over to the next crew, they were excited by the wonderful employees and how deep into the organization the excellent management skills went. There hadn't been any turnover.

Some of us are old enough to remember the famous Avis slogan. That came about because Bob went to his agency and asked, "How do I get the most bang for my buck when I don't have a lot of bucks?" They said basically, "Get out of our way and don't be a jerk." So he did, and they examined the company and came back with the report, "The only honest things we can say about Avis are that it's the second largest car rental and the employees are trying hard." Turns out they could work with that.

[patphil]

5. Happy employees are more productive, and they don't job hop as often.

There's nothing worse for a company than seeing fully trained employees take their skills out the door because they don't get enough compensation.
I was a supervisor at the company I worked for, and was involved with setting yearly pay raises for my people.
I always said that lack of sufficient money was the primary complaint I would hear. It's hard to feel good about your job when the company you work for doesn't give you what you perceive to be adequate compensation.

This guy took a risk and it paid off; partly because he demonstrated his commitment to the process by reducing his own pay...a pretty gutsy move. Well done!

[kirkuchiyo]

6. I was at my previous job for 19 years

Ten of those years I didn't get a raise. I was the first full time employee and was in charge of service and testing of the equipment we made. I'd finally had enough and took a 20% pay cut to leave three years ago. The company I left for has next to no turnover as, guess what, they pay their employees WELL. I got lucky cause I knew someone who had retired and was looking just as another spot opened due to another retirement.

We get a decent hourly wage but we also have two bonuses a year tied to how well the company does. The second year I was here the June bonus was 64% of wages that you'd made that year. In December it was something like 45% of what you'd made to date. After three years they give you 20% of your previous years total (including what you got for bonuses) in an IRA. This year I should easily make $20K more than I ever made at the old place and working less. Did I mention our full week is four nine hour days?

We've had a couple people quit but almost all turnover here is due to retirement, we have multiple employees that have been here 30+ years.

I've heard from people at my old job that once I left the owners realized they'd made a mistake letting me leave so easily and I've been asked to come back several times. I just say nope, I'm not interested. But inside I'm laughing all the way to the bank!

[appalachiablue]

7. Dan Price is super and a mensch! I posted

about his plans years ago. Bravo boss!

[dlk]

8. Teamwork makes the dream work

Food for thought for corporate America.