The CEO of the credit card processing and financial services firm Gravity Payments slashed his own salary back in 2015 to raise that of his employees. The CEO, Dan Price, said in a recent announcement that he is going to do the same again. The company will give a raise of $10,000 to all the current employees who earn the minimum wage of $40,000, taking effect immediately.
The announcement said that employees working at Gravity Payment’s new office in Boise, Idaho, will be earning a minimum annual wage of about $70,000 in a year by 2024. The Seattle-based company acquired the office through another payment company called ChargeItPro, three years before. Price wrote in a Twitter post that “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 in 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.”
The unorthodox chief of the company reportedly decided to increase the minimum annual salary of his employees after reading about how an additional income can raise the standard of an individual’s emotional well-being. Price went on to increase the annual salary of each of the 120 employees working at the company’s headquarters to a minimum of $70,000 in 2015.
To make the new cost adjustments, Price slashed his own salary of $1 million by close to 90%. He said in an Instagram post on Wednesday: “A lot of people think giving up a million dollar a year salary and millions in profit is an unreasonable sacrifice to pay a living wage and give small businesses white glove service. Well, I am proof of one thing. It is worth it.