6yrs. after raising minimum wage to $70,000.00

[kadee77]

That's the minimum starting wage for this company...

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.

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.

"That was a really beautiful gesture and any day I drive to work or a client meeting, I can just feel the amazing relationship that we're able to have," he said.

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.

This led him to double their salaries. The move inevitably drew skepticism. "The media in general predicted and said we would fail. Or even in some cases, rooted for us to fail," Price said.

www.msn.com/en-us/money/companies/after-this-ceo-raised-his-companys-minimum-wage-to-dollar70000-he-said-the-number-of-babies-born-to-staff-each-year-grew-10-fold-and-revenue-soared/ar-AAN4eBI?ocid=msedgntp&li=BBnbfcL

[Tennesseer]

We had a thread about this six years ago if anyone wants to reread it.

70,000 minimum wage- says a lot about people

[Opt4CoolCars]

Thanks for posting this. Its one of the positive stories I've read recently. 

[Lizard Queen]

I follow him on Twitter, where he continues to be an active advocate for regular people:
mobile.twitter.com/DanPriceSeattle

[thyme4change]

What a socialist liberal. Doesn't he know that he is destroying the fabric of our great country by refusing to exploit the common man. And, as a business owner, he is also a socialist - because the word socialist has no meaning.

[djAdvocate]

Aug 8, 2021 17:02:33 GMT -5 Tennesseer said:

We had a thread about this six years ago if anyone wants to reread it.

70,000 minimum wage- says a lot about people

that was a fun thread. so many posters have completely the wrong idea of how businesses work, and how unfair compensation is.

[djAdvocate]

Aug 8, 2021 18:27:34 GMT -5 Opt4CoolCars said:

Thanks for posting this. Its one of the positive stories I've read recently. 

it shows you that unconventional thinking can be quite productive AND lucrative.