Paying employees well

Last week, I saw a lot of articles about Gravity Payments and their announcement that they would move all their employees to a salary of at least $70,000 over the next three years. 

This is a very interesting policy and a reversal of a trend of the last few decades where more of the rewards of success are going higher up the tree. 

Years ago, it was possible to make a decent living as a blue-collar factory worker. That seems a lot harder now and for many people even making ends meet on a low salary is next to impossible. 

Gravity Payments are obviously getting a fair amount of free publicity out of this, but they will also get increased staff retention and hopefully lower costs in the long run. 

It's an interesting experiment and hopefully something that we see more of. It makes a great change for the awful stories we hear about Amazon, Walmart, fast food restaurants and so many other large employers.