Rec CEO sets £40k minimum wage for all staff

Dan Price is the entrepreneurial businessman who decided to pay his staff a $70,000 (£56,700) minimum yearly wage – it earned him a book deal, as well as a company full of happy employees.

Inspired by the credit-firm boss, a recruiting firm CEO has now decided to follow suit and increase the pay of all her staff: from entry-level to management.

After hearing a speech by Price, Megan Driscoll, CEO of PharmaLogics Recruiting, increased the base salary of her recruiters from $37,000 (£29,900) to $50,000 (£40,000) – with on-top commissions inflating pay-packets to $70,000 a year.

The Boston-based biopharmaceutical recruiting firm has already experienced several positive effects, including: falling employee turnover and rising revenues – with an expected $15million (£12.1million) revenue this year, up from $6.7million (£5.4million).