"He was hailed as the country's best boss. Dan Price, the 31-year-old founder of Seattle-based Gravity Payments, received flattering news coverage this year after he announced his company would raise its minimum wage to $70,000 per year.
Three months later, the party's over, and Price is fighting an economic hangover better known as the law of unintended consequences.
The New York Times reported this past weekend on the fallout from Price's announcement. On the plus side for the company, dozens of progressive-minded businesses became clients following the big announcement of the $70,000 minimum wage.
Friday, August 7, 2015
CEO Who Raised Pay To 70K Couldn't Defy Gravity
BY MARK J. PERRY AND MICHAEL SALTSMAN.
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