The Washington Post:
Dan Price, like a growing number of CEOs in recent months, is raising the minimum wage for his employees.
But while the chief executives of companies ranging from Aetna to Gap, Inc. to Wal-Mart are upping their wage floors by a few dollars an hour to help them compete for better talent, this CEO — who founded credit-card processing firm Gravity Payments — has another goal. On Monday, the New York Times reported that to protect employees’ emotional well-being, Price is cutting his own salary and raising his employees’ wages to at least $70,000 a year.
According to the Times, Price’s idea came from research by Princeton economists Angus Deaton and Daniel Kahneman, who found, essentially, that money can buy happiness — up to a certain point. The duo’s research showed that for salaries below about $75,000 a year, increases in income correlated with greater emotional well-being.
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