I remember reading about this CEO and his company, right after he did this major change with his company, for all of his 120 employees. It definitely was ground breaking, and truly thinking outside of the business box.
Meet Dan Price…
Gravity Payment’s CEO Dan Price introduced a minimum wage of $70,000 in 2015.
In the years afterwards, revenue rose, and staff had more babies and bought more homes, he said.
Six years ago, Dan Price, the founder and CEO of credit-card processing company Gravity Payments made waves when he announced that he was raising the firm’s minimum salary to $70,000 for his 120 employees.
To accommodate the change, Price slashed his own $1 million salary.
The Seattle-based company’s starting wages used to be roughly $35,000 a year, Price said. But for the company to thrive, he felt he needed to make sure that all employees were making enough to look after themselves.
In the following years, revenue soared, and staff had many more babies and bought more homes, Price told Insider. To show their appreciation of the minimum-salary change, staff bought him a Tesla.
Amid the pandemic, revenues dropped 50% but Price said the company was able to recover.
He believes he’s proved them wrong: “It’s been over six years now and we’ve had really fantastic results. We’ve had a 10 times increase in the number of first-time homeowners every year and 70% of our employees were able to pay down debt,” Price said. About a third of his staff reported they were debt-free.
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