The bold move resulted to happier employees who worked harder than ever - which later led to greater growth for the company.
Is this guy the best boss ever or what? Quite understandably, Gravity Payments CEO Dan Price is so well-loved by his employees.
As you have read on the headline, this generous man took a massive pay cut worth $1 million for the purpose of increasing his workers salary. Now his employees are earning a minimum of $70,000 per year.
Price made the big decision back in April 2015 and looking back now, it has proven to be a wise decision as his employees are experiencing better quality of lives plus his company has since increased three-fold.
As Price posted on Twitter:
“When I started a $70k minimum wage for my company in 2015 Rush Limbaugh [a US political commentator] said: ‘I hope this company is a case study in MBA programs on how socialism does not work, because it’s gonna fail’.
“Since then our company tripled and we’re a successful case study at Harvard Business School,” he added.
According to Price, the salary helped increase the number of home owners among his employees by 10 times. Moreover, 70% of them eventually managed to pay off their debts while 76%. Workplace productivity likewise boosted.
Sales Director Rosita Barlow pointed out:
“When money is not at the forefront of your mind when you’re doing your job, it allows you to be more passionate about what motivates you.
“You’re not thinking I have to go to work because I have to make money. Now it’s become focused on ‘How do I do good work?'”
In a BBC interview, Price shared:
“There was a little bit of concern amongst pontificators out there that people would squander any gains that they would have. And we’ve really seen the opposite.
“Before the $70,000 minimum wage, we were having between zero and two babies born per year amongst the team.
“And since the announcement – and it’s been only about four and a half years – we’ve had more than 40 babies.”
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