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It would be a failed policy. Ben and Jerry's had a rule that no employee could earn X amount of dollars more than the lowest paid employee (I think it was 7x). They were forced to abandon that policy when they grew to big to serve as CEO and they had to bring in a professional manager.
But if a companies average employee earns $50,000 that means the CEO would earn $1,000,000. Sorry, that seems like a lot of money but for managers that are in demand it isn't much. Rhode Island wouldn't be able to attract any talent and more money and more jobs would leave.
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