In 2019, employees filed a class action lawsuit against a prominent employer for allegedly selling out its workers’ 401(k), costing the plan tens of millions of dollars in excess fees and underperformance, in exchange for mega-donations and lavish personal gifts. These shady dealings with employees’ savings were being finagled at the same time financial wellness program promotions admonished employees to “understand their values and get their finances in order.” (Learn more in my Financial Whatness? article.)
On the other hand, Dan Price of Gravity Payments, who, in 2015 raised his company’s minimum wage to $70,000 per year while slashing his own salary, launched a plan in 2019 to establish the same healthy wage for employees of a new acquisition in Boise, Idaho. Mr. Price has his naysayers, but you’ll be convinced he understands his values when it comes to employee wellbeing — financial and otherwise — after you listen to this interview:
S4 EP13: The CEO Who Radically Cut His Pay to Give His Employees a Radical Raise
About The Author: Bob Merberg
Bob Merberg is Founder and Principal Consultant of Jozito LLC. He has more than 20 years experience creating and managing workforce wellbeing and sustainability strategies.
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