I’m a better yoga student now than I ever was an Economics student. 😉
…I would’ve probably remembered more of it! 🙂
Check out this Vanity Fair article on Gap Inc. chairman and CEO, Glenn Murphy, written by US Senator Al Franken:
BECAUSE the Gap Inc. chairman and C.E.O. decided to pay all employees at least $10 an hour, beginning in 2015. (For 2014, the rate has been raised to $9 an hour.) BECAUSE Murphy used to run a Canadian pharmacy chain that paid higher wages than its rivals and eclipsed other Canadian drug chains by getting more productivity from its employees. BECAUSE Murphy decided, since retail in our country has seen tremendous turnover, that paying more would help Gap recruit workers and keep them. BECAUSE it’s a smart business decision.
BECAUSE better wages for employees will foster employee satisfaction and retention, which will make Gap stores (and Old Navy and Banana Republic and the company’s other stores) more pleasant places to shop. BECAUSE this means customers will be happier and buy more. BECAUSE some of those happy customers will also be Gap employees. (Henry Ford realized if he paid his employees enough to afford his Model T’s they’d be able to buy his Model T’s. Which is a good lesson.)
BECAUSE our economy is driven by consumer demand; therefore, our economy will be stronger if people have more money to spend. BECAUSE so many business owners I talk to say they’d hire more people if there were more demand. That’s why it makes so much sense to raise the minimum wage in this country. BECAUSE Americans who work full-time shouldn’t have to live in poverty. BECAUSE that’s wrong. BECAUSE what Murphy did was not just the right thing. It was the smart thing.”
(“Vanity Fair Nominates Glenn Murphy,” Vanity Fair, June 2014)
