CEO TELLS EMPLOYEES NEW MINIMUM WAGE WILL BE $70, 000 AND IT WASN’T APRIL FOOL’S DAY …
Gravity Payments CEO Dan Price announced to his employees that the new company minimum wage will be $70,000. The stunned employees of the Ballard, Washington based company were mostly likely stunned when they heard the CEO’s words, pinching themselves to make sure they were not dreaming and checking the calendar to make sure it was not April 1st. Good for him and for a CEO to make this decision on his own with no protests of employees demanding $15 an hour. Kudos to the privately owned company and kudos to CEO Dan Price for his brilliant marketing strategy. Although costly in the short run, this will greatly pay off in the long run. The Gravity raise will be phased in over the next few years; however, they will be getting the best and brightest future employees.
Obviously not every boss can do what CEO Dan Price announced and it better works for smaller companies with less employees. Dan Price made $1 M a year and took a pay cut to make it possible that his employees make $70K a year. WOW!!! I do not agree at all that the government should dictate to a business what the minimum wage should be. Those that you hear about in fast food restaurants protesting for $15/hr minimum wage can take a hike. Trying getting more order correct first or being able to make proper change from $15 before you think you deserve it. However, if a private business does it on their own because they think their employees are worth it … more power to them.
Employees at a Seattle company are still trying to wrap their minds around the news their boss just delivered. Some of them are getting a raise.
A huge one.
“You might be making $35,000 a year right now but everyone in here will definitely be making $70,000 a year and I’m super excited about that,” Dan Price, CEO of Gravity Payments in Ballard, told his employees during a recent gathering.
The announcement caught everyone off-guard. Could it be true? $70,000 is the new minimum wage in this office?
Watch the VIDEO below of CEO of Gravity Payments Dan Price explain his reasoning for this move. He is not a socialist and he tells Stuart Varney on Fox Business News that he thinks that he will get a great ROI in the long run. With the fact that this is a small business, I would tend to agree 100%. This is how small business takes on the giants, you pay for talent, hard work and initiative.
CEO cuts $1M salary to pay employees at least $70K