Boss Slashes His Own Salary From $1m To $70,000 To Give Workers A Payrise
No, your eyes did not deceive you, this man really is slashing his salary so that his employees can all get a fatter share of the pie.
Dan Price has raised the minimum wage for his 120 staff at credit card processor Gravity Payments to $70,000 (£47,000)
Imagine staff morale when walking into that office this morning. Dan, who set the company up in 2004, will also chew up 80% of the company’s profits to pay the extra money. The CEO taking a pay cut, spending the profits on his employees, this is madness!
According to the New York Times his new policies mean that 70 workers at his offices in Seattle will receive a pay rise, including 30 who will see their income double.
Speaking during the announcement, Dan said: ‘Is anyone else freaking out right now? I’m kind of freaking out.’
He added: ‘The market rate for me as a C.E.O. compared to a regular person is ridiculous, it’s absurd.’
Gravity Payments handled $6.5 billion in transactions last year. Pretty impressive considering Dan started the business from his bedroom whilst at university.
Now, don’t mind me, I have an application form to fill out…