Dan Price was about a mile into a Sunday hike on scenic Mt. Si when he knew what he had to do to change his life ”” and the lives of others.
His hiking partner and close friend had just been notified that her rent was going up. She had no idea how she would afford the extra couple hundred dollars a month on her salary as the hardworking manager of a luxury spa in pricey Puget Sound.
That’s when it hit him. Many of his own employees at Gravity Payments had similar money problems. He was making $1million a year, and the lowest-paid of his workers was averaging about $35,000.
So he decided he would cut his pay, first to $50,000, rising to $70,000 by the end of 2017.
CEO raises workers’ minimum pay to $70,000 a year
Dan Price, CEO of Gravity Payments, reportedly stunned his employees with the announcement that workers’ minimum wage would rise over the next few years to $70,000.
That would make his compensation mirror his company’s lowest-paid employees ”” after he gave them generous raises.