4 years ago, the CEO of a Seattle-based credit card processing company, Gravity Payments, slashed his own salary so he could raise his employees’ pay. He cut his own $1 million salary by 90% to make it happen. Now, he’s doing it again. Dan Price, announced this week that all of the employees at the company’s new Boise, Idaho office will earn a minimum annual salary of $70,000 by 2024.
“I’m so grateful to work with this amazing team and to be able to compensate them for the value they bring to our community.”
Price says the higher wages have transformed the lives of his employees. They have been able to grow their families, more than 10% of employees have purchased a house for the first time and individual 401(k) contributions have more than doubled.