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In 2015, Dan Price, the CEO and cofounder of Gravity Payments, cut his own pay from about 1 million dollars to 70,000 and set a 70,000 dollar minimum salary for everyone at the company. He said he wanted people to live comfortably and shrink pay gaps.
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A good friend and business owner posting on Facebook pointed out that the whole Dan Price thing has always been a PR stunt. Like sure the dude cut his salary to the benefit of his workers... AFTER he'd made himself a millionaire (and because of how money works once you've reached that point you don't even really need a salary if you know how to manage hire the right people to manage your money, which the CEO of a credit card processing company would). And while we could give him the benefit of the doubt and say his motives were pure, the fact he had someone ghostwrite most of his posts points otherwise. And I'm sure there are people who have been saying this for years.
Beside that though, this is a real loss for the fight toward labor equity and fair wages. Hugely damaging to have an influential figure swan dive from grace amidst lies and abuse allegations any time it happens.
Price reportedly made a sexual advance, at which point “she pushed him away and then he grabbed her throat."
Good People Doing Good Things - Dan Price (Redux)
Good People Doing Good Things – Dan Price (Redux)
Rarely do I redux a good people post, but Dan Price is one who is more than deserving of a replay. In this day when corporations are making higher profits than ever and workers are suffering more than ever, it is so refreshing to see a company that takes care of its people first! I think the CEOs of every major corporation should have to read about Dan Price and his company, Gravity Payments. …
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Here's What Really Happened at That Company That Set a $70,000 Minimum Wage | Inc.com
Dan Price decided to pay all 120 employees at least $70,000. Grown men cried. Profits soared. Then things got really crazy.
UPDATE:
In the past, I have promoted the quotes of this man. I will no longer do so. NO MATTER his personal choices and whatever fallout comes of them, all employees deserve a LIVING WAGE.
Dan Price was applauded for paying a minimum salary of $70,000 at his Seattle company and criticizing corporate greed. The adulation helped
Dan Price of Gravity Payments said revenue has tripled since he cut his own annual salary of $1 million to $70,000.
Back in 2015, the tech entrepreneur shocked the business world by slashing his own $1.1 million pay package to help fund a minimum “living wage” of $70,000 for all workers at his credit card processing company Gravity Payments.
Price’s decision led to him being heavily criticized as a “socialist” on Fox News and Fox Business. In addition, some clients dropped Gravity for reasons that included fears the salary hike would cause their rates to rise.
But in the years since, Price has been hailed as a success by Harvard Business School and Inc. magazine, which noted the number of employees at Gravity has doubled while the value of payments that the company processes has gone from $3.8 billion a year to $10.2 billion.
On Tuesday, Price referenced this success in a viral Twitter thread and video that took aim at his conservative critics, particularly Fox.
When CEO of Gravity Payments Dan Price announced in 2015 that everyone in his company would get a pay raise to at least $70,000 a year, and
Listen up, GOP: This is how economics actually works in the real world with real people.
