gravity payments minimum wage

When a CEO slashes his own salary by 93 percent and uses the money to raise the minimum salary of all employees to at least $70,000, it is bound to make headlines.

And that’s exactly what happened when Dan Price, founder and co-owner of Gravity Payments, made the big announcement earlier this year.

Setting a New Benchmark

The 31-year-old Price founded the Seattle-based credit card payment processing startup in 2004 with his brother, Lucas Price. He had been paying salaries based on market rates until an employee told him, “You’re ripping me off.”

The candid remark had a huge impact on Price, who later came across a Princeton study that says the magic number for happiness is somewhere near $70,000. Finally, in April this year, he decided to set a $70,000 minimum wage for his 120-member staff.

The response was massive. Twitter was flooded with reactions and an NBC video about the news became the most shared in the network’s history.

Altruism Pays Off

The move has brought good times

[Read the full story here ]
Source: Small Business Trends