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W&D Weekly

April 29, 2015
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The Latest
Industry Veteran Tim Harris Passes Away Following Work-Related Accident

Tim Harris, Quanex Building Products’ technical services manager, passed away Thursday, April 23, as a result of injuries sustained at a customer’s window and door facility. Harris spent more than 40 years as a fenestration industry professional, holding positions at Norton Sealants, Besten, Tremco, Truseal and, most recently, Quanex Building Products. Read More

 
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The Talk

By Emily Kay Thompson

Earlier this month, a young Seattle-based entrepreneur caused a media frenzy by making a bold announcement. Dan Price, CEO of Gravity Payments, took a $930,000 pay cut in order to raise the minimum annual salary for all employees of the privately-held company to $70,000.

In the aftermath of his announcement, we not only saw a handful of elated employees. The move also sparked conversations about income equality and employee motivation. While nobody debated Price’s charity, many voiced skepticism about whether the decision was a smart business move.

Price’s theory is that he wants his employees to be happy and to rid them of the distractions of a life lived paycheck to paycheck. “I honestly believe that removing that distraction will significantly increase our ability to take care of our clients,” Price said in an interview with Money Magazine. 

His critics aren’t convinced the pay raise will increase productivity, though, according to a report in The Post and Courier. Some point to the potential that it might actually make employees lazy, not to mention inspire resentment in those who were making higher wages. 

Regardless of whether you applaud Price or not, part of the reason that the story has made so many headlines is that the wage issue is significant across the board. Especially in the fenestration industry that is afflicted with labor shortages and a lack of qualified talent, Price’s actions bring the conversation back to a significant piece of the puzzle: money.

What do you think of Price’s wage increase strategy? Do you agree that the salary gap between CEOs and “worker bees” should be narrower? Do you think his theory rings true for the fenestration industry?  Can the concept be applied to our industry with success?

Post your thoughts in the comments section and/or share them via email.

What do you think of Dan Price's plan to make employees more productive?
I think it's great.
I think it's admirable, but his plan is flawed.
I don't think it's relevant outside his company.
I think it was a terrible idea.
 

Do You Use Social Media Sites to Promote Business?
The majority of respondents to last week’s poll do not use any social media sites to promote business, though 24 percent report using Facebook as a marketing tool. See the Full Results

 
 
The Outside View
Remodelers Confident In Gradual Market Improvement
From NAHB
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