Rec CEO sets £40k minimum wage for all staff

Rec CEO sets £40k minimum wage for all staff

Dan Price is the entrepreneurial businessman who decided to pay his staff a $70,000 (£56,700) minimum yearly wage – it earned him a book deal, as well as a company full of happy employees.

Inspired by the credit-firm boss, a recruiting firm CEO has now decided to follow suit and increase the pay of all her staff: from entry-level to management.

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  • Jon Spencer
    Jon Spencer
    Wed, 8 Feb 2017 4:32pm GMT
    Interesting! This will have positive effects: You can set the performance bar high, and then only recruit the best people. The issue of money will be off the table, so people can concentrate on performing well.

    Watch out for the negatives: people will not want (or be able to) leave, yet a healthy turnover of staff is not a bad thing. Watch out for a 'closed shop' mentality developing around the jobs there.

    Secondly, it will create a 'bubble' in the local employment market; rival firms will have to increase their rates to attract good people, and this might create a local pay 'arms race' (which might be unsustainable in the medium / long term). However, a good development, and I wish them well!

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