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Superstar
Many here may be familiar with the story of Gravity Payments and its CEO/Owner Dan Price.
Some background for those who don't know.
He was earning 1M+ managing a mid-sized payments company; when after a discussion with a friend (who didn't work for him), he realized he was paying entry-level wages (35k per year); that didn't
allow employees to meet their basic needs, never mind be happy.
He opted to raise the company's minimum wage to 70k per year; partially financed by lowering his own wage to 70k per year.
Suffice to say, the company ending up growing substantially, and profitably, and he came out of it smelling like roses.
Flash forward to this year and the pandemic; the story picks up here in the article below, dealing w/how his employees addressed the financial hardship of the firm.
Spoiler, its a feel-good story all-around.
www.thestar.com
Some background for those who don't know.
He was earning 1M+ managing a mid-sized payments company; when after a discussion with a friend (who didn't work for him), he realized he was paying entry-level wages (35k per year); that didn't
allow employees to meet their basic needs, never mind be happy.
He opted to raise the company's minimum wage to 70k per year; partially financed by lowering his own wage to 70k per year.
Suffice to say, the company ending up growing substantially, and profitably, and he came out of it smelling like roses.
Flash forward to this year and the pandemic; the story picks up here in the article below, dealing w/how his employees addressed the financial hardship of the firm.
Spoiler, its a feel-good story all-around.
Amir Barnea: Dan Price announced a minimum salary of $70,000 to all of his 120 employees back in 2015. It paid off big time
Because they are well treated, employees proposed pay cuts when the company faced a tough economic climate, and they and the business were able to weather the storm, writes Amir Barnea.
www.thestar.com