Dan Price, CEO of Gravity Payments, made history last year when he took an unprecedented pay cut from $1m/year to $70k/year in order to give all of his employees a raise. Not just a small raise either; he increased every employees wage to a minimum of $70k/year.
His belief that all workers should "make enough to live a normal life," has inspired millions around the world, including his own employees.
They decided to give back to the man who embraced humility. Together, the employees purchased Dan a $70,000 electric Tesla.
“I think this is just the ultimate way of saying, ‘Thank you,’” employee Alyssa O’Neal said. “He’s been up to bat for us, so we figured we could do something nice for him.
Price's altruism is infections. "Every CEO should take responsibility to do what they can to address the relevant issues that are impacting their companies," he says. "Leadership carries with it a responsibility to do what's best for your team. It's not a matter of 'do the same thing i did,' it's a matter of 'do what you can.'"
He adds, "the number one thing you can do is spend time mentoring your team. Don't just care about their approval of you because that's a losing battle. Care about their well being."
Since the salary shift in April, 2015, Gravity has experienced massive growth. Critics raged that it could cause the company to go out of business or force higher paid employees away, but the numbers speak for themselves.
Turnover is at the lowest rate in Gravity’s history, the company has added 50 positions and received 30,000 resumes since the shift. The company, which processes credit card transactions for small businesses, has also seen massive business growth. The number of transactions for clients have increased 30% and profits have nearly doubled in the past year—from $3.5 million to $6.5 million— while more companies continue to sign up.
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