People, we have officially found the world’s best boss!
The CEO of a Seattle-based credit card processing company announced Rs. 7.08 lakh (10K USD) raise annually for each of his employees, effective immediately.
https://www.instagram.com/p/B1K1N0HAR0i/?utm_source=ig_web_copy_link
According to sources, he also announced that the minimum salary of the company would raise from the current Rs. 28.3 lakhs (40K USD) to Rs. 49.6 lakhs (70K USD) annually in the next 5 years!
Bringing our $70,000 minimum wage to the heartland today. Photo via @IdahoStatesman Katherine Jones pic.twitter.com/CSsqXnyfOA
— Dan Price (@DanPriceSeattle) September 23, 2019
Dan Price, the CEO of the company Gravity Payments said, “I’m kind of heartbroken right now by the vast consolidation of wealth and power that’s happening, and in addition how that’s affecting our decisions around climate.”
https://www.instagram.com/p/B22J-Y3AboE/?utm_source=ig_web_copy_link
In addition to giving all his employees a major raise, Dan himself cut his salary by 80-90% and the COO of the company took an 80% pay cut.
“Previously, I was making a million dollars a year and people working for me were making $30,000 a year and that’s wrong, I was feeding into the problem,” Dan said.
He added, “I’m sick of being part of the problem, I want to be part of the solution.”
After Dan announced the raise to all his employees, he heard one of them say how they don’t have to work two jobs anymore and how they could be better payments.
This morning we cut the ribbon on the new @GravityPymts Boise office AND announced that all of our employees here will start earning our $70k min salary.
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. pic.twitter.com/stwwJgYCqQ
— Dan Price (@DanPriceSeattle) September 23, 2019
Dan later went on to claim that he saw a “dramatic difference” in his employees’ lives once the new salary system rolled out. Previously, people in his company wouldn’t want to have babies because of low pay. Now, he’s getting news of 30 babies born to his employees per year!
He says that it is disturbing how most companies don’t equally distribute profit.
“Any company that is making over a million dollars a year in profit absolutely should be doing this. The inequality needs to stop,” he said.
The major reason behind the economic slowdown of a country is the highly concentrated distribution of wealth. When the profits of a company are distributed equally, only then will there be substantial pay and increased work opportunities. What Dan has done to his company should be an inspiration for all entrepreneurs!