To Pay His Employees $70,000 A Year This CEO Gave Up His Million Dollar A Year Salary
Don’t you just hate it when you see your boss earning buck load of money while you are still groveling to your senior for a raise? You might often glare at your boss from the distance too.
Well, the 35-year-old Dan Price, CEO of Gravity Payments, a credit card processing company located in Seattle might turn out to be your favorite boss. He has announced an increase in the minimum earnings of his employees. And he is doing it by slashing his own income!
In 2015, he had cut down his own salary in order to increase the company’s minimum salary to $70,000 a year. Gravity Payments acquired ChargeItPro, a company based in Idaho and while visiting his new office, he announced that all his employees currently getting a minimum salary will be given a raise of $10,000. By 2024, he is also planning to increase their income to $70,000.
This morning we cut the ribbon on the new @GravityPymts Boise office AND announced that all of our employees here will start earning our $70k min salary.
I’m so grateful to work with this amazing team and to be able to compensate them for the value they bring to our community. pic.twitter.com/stwwJgYCqQ
— Dan Price (@DanPriceSeattle) September 23, 2019
According to Dan, his employees work hard and thus deserve to get a good income. He can’t live peacefully earning $1 million while his employees are earning below $30,000. So, he more than doubled their salaries to make them feel appreciated. Needless to say, this will be life-changing for the workers!
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Price had once created much noise in 2015 when he cut down his own salary by 90% and increased his employees’ by almost $70,000 in his Seattle office. Now that he has done it again the whole world is appreciating his gesture.
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A lot of people think giving up a million dollar a year salary and millions in profit is an unreasonable sacrifice to pay a living wage and give small businesses white glove service. Well, I am proof of one thing. It is worth it. For any business with under a million dollars of profit, let’s support them. For larger businesses with these resources, they absolutely can do this and we need them to step up!
Also Read: After Walking 20 Miles To Get To His New Job CEO Gifted New Employee His Car
Instead of adding to the problem of inequality of income, Price wants to develop new ways to reduce it and this recent decision of his is to be seen in the same light.
Many say that it is unwise and nonsense to sacrifice your own income to pay a living wage to others. To them, Dan has to say that it is not so and that he has proved it by reducing his profit.
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The Idaho employees are happy beyond bounds and are already benefiting heavily from this decision. Price learned that because of his decision a single parent working in the company needs not work multiple jobs anymore. It is because they are going to get paid ample money to take care of their expenses only from this one job.
Perhaps that was the CEO’s motivation.