[US] CEO who paid $70k minimum wage says revenue tripled

[US] CEO who paid $70k minimum wage says revenue tripled
23 Apr 2021

Entrepreneur Dan Price came to public attention in 2015 ago after cutting his own salary to raise the minimum annual pay of his employees to $70,000. He now says that his company has gone on to triple its profit in the last year, Entrepreneur reports.

Mr Price is the CEO of Gravity Payments - a Seattle-based credit card processing company - he made the claims in a series of tweets earlier this month.

"6 years ago, today I raised my company's minimum wage to $ 70,000. Fox News called me a socialist," he wrote. "Since then, our revenues have tripled, we are a Harvard Business School case study, and our employees experienced a 10-fold increase in home buying."

Adding, "Always invest in people."

Mr Price said Gravity’s workforce has grown 70 per cent and its revenue tripled, in addition to the company's customer base doubling.

According to reporting by The Hill, the CEO has appeared on various financial news channels in recent years to share his business philosophy of investing more in employees instead of cutting expenses. (Links via original reporting)

Mr Price posted the Twitter thread to highlight his company's accomplishments this year. Another tweet read, "The staff had 10 times more babies, 70% of the employees paid their debts and the employees bought 10 times more houses."

In 2020 the CEO reported consulting his employees on how to avoid layoffs during the pandemic. They asked to anonymously take voluntary pay cuts. "I thought it was crazy," Mr Price said. "I thought we would waste a week's time to see that the plan would not work."

He was wrong. His team volunteered to surrender nearly half a million dollars a month from their salaries. Some offered an entire fortnight of pay, some 50 per cent and others offered five. Mr Price capped all contributions at 50 per cent.

Source: Entrepreneur

Entrepreneur Dan Price came to public attention in 2015 ago after cutting his own salary to raise the minimum annual pay of his employees to $70,000. He now says that his company has gone on to triple its profit in the last year, Entrepreneur reports.

Mr Price is the CEO of Gravity Payments - a Seattle-based credit card processing company - he made the claims in a series of tweets earlier this month.

"6 years ago, today I raised my company's minimum wage to $ 70,000. Fox News called me a socialist," he wrote. "Since then, our revenues have tripled, we are a Harvard Business School case study, and our employees experienced a 10-fold increase in home buying."

Adding, "Always invest in people."

Mr Price said Gravity’s workforce has grown 70 per cent and its revenue tripled, in addition to the company's customer base doubling.

According to reporting by The Hill, the CEO has appeared on various financial news channels in recent years to share his business philosophy of investing more in employees instead of cutting expenses. (Links via original reporting)

Mr Price posted the Twitter thread to highlight his company's accomplishments this year. Another tweet read, "The staff had 10 times more babies, 70% of the employees paid their debts and the employees bought 10 times more houses."

In 2020 the CEO reported consulting his employees on how to avoid layoffs during the pandemic. They asked to anonymously take voluntary pay cuts. "I thought it was crazy," Mr Price said. "I thought we would waste a week's time to see that the plan would not work."

He was wrong. His team volunteered to surrender nearly half a million dollars a month from their salaries. Some offered an entire fortnight of pay, some 50 per cent and others offered five. Mr Price capped all contributions at 50 per cent.

Source: Entrepreneur