Two similar pieces are getting a lot of play this week: James Whittaker’s blog post about why he left Google and Greg Smith’s op-ed about why he left Goldman Sachs. Both
talk of their high level of company loyalty and enthusiasm in the past.
Both bemoan the changes in their respective corporate cultures that led
them to leave. Neither seems all that hopeful about his company’s
What neither of them does, however, is demonstrate that
the problem is that Google/Goldman Sachs used to care about more than
just making money but doesn’t anymore.
Dan Price, owner and chief executive officer of Gravity Payments, has cut his salary and given each of his employees a $70,000 wage. This move raises the salaries for more than half of the 120-person staff at his credit card processing company in Seattle. Many business leaders have criticized his move. Rush Limbaugh called it socialist, predicting the company would fail. Tim Kane, an economist at the conservative Hoover Institute at Stanford University, said, “It will reduce turnover, increase morale, and help him build an even greater company.” The day after the new wage plan was made public, Price received letters from 3,500 job applicants, and Gravity signed up several new clients (New York Times, April 19).