CEO Dan Price provides a $70k minimum salary for his employees for a second time
Updated: Oct 26, 2019
By Kassandra Escamilla, October 17th, 2019
“I’m sick of being part of the problem, I want to be part of the solution,” -Dan Price
CEO Dan Price, the head of Seattle-based credit card processing company Gravity Payments, announced in late September that all the employees in the company’s new Boise, Idaho, office will earn a minimum annual salary of $70,000 by 2024.
Price slashed his own salary four years ago to raise those of his employees after he read a study about happiness. It said additional income can make a significant difference in a person’s emotional well-being up to the point when they earn $75,000 a year.
He then increased the salaries for all of his 120 employees in Seattle, raising the minimum salary to $70,000. The move doubled the pay of about 30 of his workers and gave an additional 40 significant raises.
Price says the higher wages have transformed the lives of his employees. They have been able to grow their families, more than 10% of employees have purchased a house for the first time and individual 401(k) contributions have more than doubled.
His employees were ecstatic to say the least:
Price added on Instagram: “A lot of people think giving up a million dollars 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.”
Dan Price might just be the best boss in America. Comment below and let us know what you think!