Entrepreneurs

The CEO who gave his employees a minimum wage of $ 70,000 says his company’s revenue tripled

Dan Price was accused of “socialist”, but assures that his employees are happier.

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This article was translated from our Spanish edition using AI technologies. Errors may exist due to this process.


Dan Price is an entrepreneur who became famous a few years ago because he cut his own salary to be able to raise the minimum payroll of his employees to at least 70 thousand dollars a year, he says that his company has tripled its profit in the last year.

Price, CEO of Seattle-based credit card processing company Gravity Payments , posted a series of tweets claiming he tweeted last Tuesday.

“6 years ago, today I raised my company’s minimum wage to $ 70,000. Fox News called me a socialist,” he said in a tweet in English. “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.”

“Always invest in people,” he added.

Price said its workforce has grown 70 percent and its revenue tripled, as well as that the company’s customer base has doubled as well.

As reported by The Hill , this CEO has appeared on various financial news channels in recent years to spread his business philosophy of spending more on employees rather than cutting expenses.

Price posted a thread on the microblogging social network about his company’s accomplishments this year. “The staff had 10 times more babies, 70% of the employees paid their debts and the employees bought 10 times more houses.”

Last year Price reported that he asked his employees how to avoid layoffs during the pandemic. His own employees asked to volunteer anonymously for pay cuts. “I thought it was crazy,” Price says. “I thought we would waste a week’s time to see that the plan would not work.”
Price was wrong. His team volunteered nearly half a million dollars a month from their salaries. Some offered their entire fortnight; others offered 50 percent; others offered 5 (Price capped all contributions to 50 percent).



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