Recently, the pay gap between executives and the employees who work under them has been under great scrutiny. High-profile billionaires such as Jeff Bezos have been held under the microscope, with articles such as this one showing that he makes the salary of one of his lowest-paid employees every 11.5 seconds.
And, it seems, the richer CEOs get, the less they care about their employees - with Bezos cutting health benefits for Amazon's Whole Foods employees in September last year. It often seems that the circle of income inequality is impossible to break, with the rich getting exponentially richer and the poor getting poorer. As the saying goes, money is power, so it is multi-millionaire or -billionaire employers who have the capacity to dismantle this system, but as they are the ones who benefit from it, why would they?
Well, the answer from Dan Price, CEO of Gravity payments. After hearing about the financial troubles of his friends and staff, he cut his own salary by $1 million and mortgaged his two houses to increase the salary of all employees to $70,000.
While individual instances like this won't overhaul the whole system- and income inequality continues to prevail- it's still refreshing to see a CEO willing to disadvantage himself to benefit the people who work for him.
In 1965, CEOs in the US earned 20 times more than the average worker but by 2015 it had risen to 300 times (in the UK, the bosses of FTSE 100 companies now earn 117 times the salary of their average worker).