And the boss of the year goes to Dan Price!
CEO of Gravity Payments, a Seattle-based credit card processing company Price announced Rs.7.08 lakh (10K USD) annual raise for all his employees and yes with immediate effect!
This is not it according to the sources, Price also announced that there will be a rise in the minimum salary of the company from ₹28.3 lakh to ₹49.6 lakh annually in the next five years.
“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,” Price announced on Twitter. “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.”
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
The Boise office was previously an independent company called ChargeItPro, and Gravity, a credit card processing company, acquired it as a subsidiary three years ago.
It was in 2015 when Price decided to hike his employees’ pay 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 after which he made the decision to increase the salaries for all of his 120 employees in Seattle, raising the minimum salary to $70,000 — and slashing his $1 million salary by 90% in order to make it happen.
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.
Price in an interview said, “Previously, I was making a million dollars a year and people working for me were making $30,000 a year and that’s wrong, I was feeding into the problem. I’m sick of being part of the problem, I want to be part of the solution.”
The major reason behind his idea was the economic slowdown of the country and its concentrated distribution of wealth. And, in order to promote substantial pay and increase work opportunities, profits of a company must be distributed equally among all employees which is exactly what he did.
We’ve got our eyes set on you boss!
