As much as religion and politics are taboo topics to talk about, so is the conversation on money. Compensation is an uncomfortable issue for anyone to discuss, but even with that said, income inequality, the pay gap, gender inequity, and the disparity between top level executives and the average worker are dominating headlines everywhere and trickling into HR inboxes. Wayne Guay, a professor of accounting at Wharton said, “Companies are dealing with two key issues: One, pay inequity, and two, the big gap between what senior executives earn versus average workers.”
When our CEO, Dan Price, announced that he was raising the minimum wage at Gravity Payments to $70,000, he, unknowingly, sparked a change in the conversation on income inequality. His bold action caused business leaders to start recognizing you can pay a living wage and not only survive, but thrive. The HR blog, Human Resources Executive Online, even made a case for Dan’s decision coupled with new research from experts at Wharton.
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