Gravity Payments raises minimum annual salary to $70,000: Should CEO wages be reduced to allow for higher employee wages

It will ultimately come down to how the company performs. If the company's profits increase substantially then shareholders at other firms are more likely to demand similar actions, to see if it will yield greater profits.

That's what HE is doing. But I don't see that catching on industry-wide, alas.

Only if you want to embrace all the negatives that communism brings.