John Driscoll is the CEO of a health care company and he sees value in paying people what they’re worth. A few years ago he turned around a company from a downward trajectory to a profitable and growing concern by raising the wages of the average worker and freezing the salaries of executives. In an age when inequality is growing due partially to increased executive compensation this story might sound out of place. Really, this story should be heard and shared everywhere because it shows that if you pay people fairly for doing their job then the whole company benefits. Just paying those at the top a lot of money while paying the minim for others does not equal success.
What that meant for our company was that if we just froze the wages of our most senior team – less than 20 executives – we could radically increase the wages and improve the lives of nearly 500 of our teammates.
Raising wages in the midst of a business turnaround was not easy. We needed our executive team to buy into a vision of business success where every employee had a fair shot at success. It worked.
Our business has tripled over the past five years. Our minimum wage is now approaching $16.50 per hour and last year we broadened profit sharing to all levels of the company.