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Company CEO who increased his employee’s minimum salary to $70,000 shared how everything changed him and his work team

An instant thing that comes into mind when we hear about the CEOs of the company is that they are selfish and mean. They create such a tight working environment for the employees that makes it difficult for them to work under pressure. Not just this, they also make sure to put a work burden on them and give no sick leaves on account of the illness. However, not all the CEOs of the company are the same, some are very down to earth and very kind to their employees.

Among the pool of selfish company CEOs, Dan Price, a CEO of a credit card processing company Gravity Payments was a very kind and humble CEO. In 2015, he confirmed that all the employees in his company will be getting a minimum wage of $70,000, which became a news headline all around the world.

To kick-start the funding, Dan Price took a pay cut of 90% from his personal salary to initiate this move. Making this move felt quite difficult at the start but the company is making good progress with time. Dan Price admitted that doing this had made him a better person and a better CEO.

How it started:

It all began at the end of the year 2011 when the 32 years old phone technician Haley who has a yearly income of around $35,000 was in a very foul temper. Seeing this behavior of Haley, Dan approached her outside while on her cigarette break and inquired if something is bothering her too much. He asked to tell whatever was on Haley’s mind.

Haley replied that you are taking advantage of me to which Price was really very shocked to hear. Haley has a fearful personality and does not have an aggressive nature. Price tried to explain the fact to Haley that the salary was based entirely on the market competitive price. But he became very shocked to know that this wasn’t the situation. A large number of employees were ripped off in the cooperate businesses. It felt like the situation was supposed to be this, but it wasn’t the case too. The salary that the employees receive from a cooperate business was not supposed to be based on the skills and needs of the employees but is dependent on how little salary can fulfill their necessities.

Hearing this, Dan Price wanted to lift the injustice that the employee faces every month when all they receive was only the minimum amount that can fulfill their needs.

The CEO of Gravity Payments, Dan Price celebrated 6 years of reducing his pay to increase the employee’s wages

Dan Price shocked people to such a great extent when he declared the news to his work team comprising of 120 members and asked The New York Times and NBC for the news coverage. 500 million engagement of the users were made on social media and NBC’s video became the most popular and shared video in the history of the network. Moreover, the Gravity Payment was flooded with a number of testimonials from all the employees throughout the country who had received an increase in their salaries.

Recently, Price tweeted about what caused him to make such a great move.

Dan Price stands out far from the rest of the crowd. As per the study of the Economic Policy Institute, the average payment of the CEO is 271 times more than the average American employee who makes an earning of around $58,000 annually.

The study revealed that the salary of the CEO is not based on the experience and the demand of the job. Research declared that CEOs are not paid according to their higher education, more work experience, remarkable productivity, and a particular set of skills but are paid as per their authority to decide the compensation.

Gravity Payment is flourishing

Dan Price’s employees value their CEO so much due to his honesty and sincerity with them. In the worst of times, he had gone beyond the ways to make things easier for his employees. Every member of the office was united together. Like every business in the market face some complexities, Price’s company also went through this but the entire members of the company stayed strong to overcome the situation. A company can surely witness the support from its employees if they are given fair pay.

Price thought that his move will encourage other business owners to do the same, but it didn’t happen. He became very shocked when he saw the CEOs of the companies are not willing to take this step for the comfort and ease of their employees.

Dan’s employees bought him a new Tesla as a Thank You gesture

This case can only be expected if the company tries to listen and improve the living of their employees. All the employees of the company are now very loyal to Dan Price and realize the importance of the project and company.

Moreover, Price also makes sure to constantly update the salary policy of the employees to ensure that all the employees at his company are given the deserved salaries as per the market standards.

People are now loving Dan Price for bringing innovation to his business in terms of salary policy. Many people have shared the stories of how they are treated by their companies and how little they are paid.

It is quite very sad to see that people are not paid according to their hard work and job. There is no other to blame for this than cooperate culture and capitalism.

A story shared by the employee in which his boss has considered it unethical to ask for more salary.

Dan Price has inspired another CEO of the company who is now very well prepared for making significant changes in the lives of their employees.

A poor salary and low-income jobs can really cause damage to mental health.

Everyone wants a boss like Dan Price who gives close attention to his employees.

People have gone emotional after the unusual and affectionate behavior of Dan.

Conclusion:

It is very important for all the CEOs of the company out there to realize how good it is to make their employees satisfied and happy.