The CEO of a $3 billion startup shared his salary with everyone in the company

Jet.com Marc Lore© Provided by Business Insider
Jet.com Marc Lore

In the early days of Jet — the e-commerce startup that was bought by Walmart in 2016 for $3 billion — everyone knew each other’s salaries.

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That included the salary of the company’s CEO, Marc Lore, who is now the president and CEO of Walmart eCommerce in the US.

On an episode of Business Insider’s podcast, “Success! How I Did It,” Lore told US editor-in-chief Alyson Shontell that the decision to disclose pay data reflected one of the company’s core values: transparency.

“I thought that was really important that there wasn’t any sort of weird unconscious bias happening, that everybody at the same level got the same amount,” Lore told Shontell, specifically mentioning the gender pay gap. What’s more, Lore said that pay transparency effectively eliminated salary negotiations during the hiring process. Here’s Lore:

“When we hired somebody from the outside, we would basically size that person up and everyone would interview them and say, ‘Yep, director.’

“And then we’d go back and say, ‘OK, everyone thinks you’re a director, go on LinkedIn, check out the other directors, we really feel like you’ll feel like you’re a director. Here’s what you make.’ And people would say afterward, like, ‘I just really appreciated not having to negotiate, knowing that it was fair.'”

In a previous interview with Shontell, Lore explained the company’s

Article source: http://www.msn.com/en-ca/money/careersandeducation/the-ceo-of-a-dollar3-billion-startup-shared-his-salary-with-everyone-in-the-company-%E2%80%94-heres-why/ar-AAuVAf5?srcref=rss

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Article source: http://www.msn.com/en-ca/money/topstories/get-this-cash-cow-before-the-rrsp-deadline/ar-AAuUsS0?srcref=rss

Tanker with Russian gas for U.S. makes mid-Atlantic U-turn

Three weeks after picking up a controversial cargo in the U.K., a liquefied natural gas tanker made a U-turn one day before it was due to deliver it in Boston.

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The Gaselys vessel that was set to arrive on the U.S. East Coast on Saturday is now heading back toward Spain’s port of Algeciras near Gibraltar, and should get there next week, according to ship-tracking data compiled by Bloomberg. The vessel is carrying a cargo from storage tanks at a terminal near London, which earlier received the first fuel from the $27 billion Yamal LNG plant in Russia’s icy north.

The cargo was sent to Boston after the polar chill that gripped the U.S. northeast earlier this month, sending prices to records. The shipment drew the attention because some of its gas is from the project that’s been under financial sanctions imposed by the U.S. in 2014 after President Vladimir Putin invaded Ukraine’s Crimea. The fact that it didn’t sail directly to Boston from London also raised questions about its destination.

While unusual, it’s not unheard of for LNG cargoes that aren’t tied into a contract with fixed destination to change course en route as cargo owners seek the highest price and the best market. Companies with access to wide global supplies can also swap shipments between regions. What’s more, the tanker may still make it to Boston with a delay, as was the case with deliveries earlier

Article source: http://www.msn.com/en-ca/money/markets/tanker-with-russian-gas-for-boston-makes-mid-atlantic-u-turn/ar-AAuVF2Y?srcref=rss

Rise in duty-free allowance could cost thousands of jobs

A new study suggests the net economic impact of raising the duty-free allowance for cross-border shopping to $800 would lead to a $12-billion hit to Canada's GDP by 2020.© Ryan Remiorz/Canadian Press
A new study suggests the net economic impact of raising the duty-free allowance for cross-border shopping to $800 would lead to a $12-billion hit to Canada’s GDP by 2020.

Canada’s retail industry is warning that raising the duty-free allowance for cross-border shipments could lead to hundreds of thousands of job losses and cut billions of dollars from the Canadian economy.

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The numbers come from a Retail Council of Canada-commissioned PwC study out Friday that shows the potential fallout if Canada agreed to requests from U.S. lawmakers to increase the duty-free allowance from $20 to $800 as part of NAFTA talks.

“It has very, very significant implications for not only our sales, but for employment in the industry, for Canadian GDP, and actually for revenues for government,” said Karl Littler, vice-president of strategic issues at the Retail Council.

The study found the net economic impact of raising to $800 the allowance for charging taxes and duties on international shipments, a value known as the de minimis threshold, would lead to a $12-billion hit to Canada’s GDP by

Article source: http://www.msn.com/en-ca/money/topstories/rise-in-duty-free-allowance-could-cost-hundreds-of-thousands-of-jobs-study/ar-AAuUJjx?srcref=rss