A CEO in the United States has given up 90% of his compensation to ensure that everyone of his employees receives $70,000 per year.
Dan Price, the owner of a credit card processing firm in Seattle, Washington, initially proposed the $70,000 minimum yearly pay to the media six years ago. As a result of the epidemic, several of his staff have taken salary cuts out of loyalty to see the firm through the difficult times, and it appears that the company will survive and grow in the future. When the firm resumes full trading, the employees’ salaries will be restored to their previous levels.
“I increased my company’s minimum pay to $70k 6 years ago today. Fox News dubbed me a socialist, implying that my staff would be on food stamps. Since then, our income has tripled, we’ve been featured in a Harvard Business School case study, and our workers have purchased ten times as many houses. Always put money into people. Since we announced our $70k minimum wage 6 years ago today, our revenue has tripled, our headcount has grown 70%, our customer base has doubled, our revenue has tripled, our headcount has grown 70%, our customer base has doubled, our revenue has tripled, our headcount has grown 70%, our customer base has doubled, our revenue has doubled, our revenue has doubled, our revenue has doubled, our revenue has doubled, our revenue has doubled, our revenue has doubled, our revenue has”
He continued, ”
“Following the implementation of our $70k minimum wage, 76 percent of employees are engaged at work—two times the national average—customer attrition fell to 25 percent below the [national] average, we opened a new Boise office and implemented a $70k minimum wage there, and our highest-paid employee now earns 4 times the lowest-paid employee—down from 33 times. In Seattle, we started with roughly 130 people and a $70k minimum pay. It was so successful that we expanded it to a new location in Boise, where the cost of living is cheaper but workers still deserve high compensation. We currently have around 200 people working for us.”
Invest in people.
Dan Price, CEO of a credit card payment processing company reduced his salary from $1.1M to $70K yearly, and increased minimum employee salary to $70K.
— Jennifer Bennon (@jennobenno) April 14, 2021
He then addressed what the company’s and his workers may expect in the future:
“We’ve survived the storm, reimbursed everyone, and are now awarding increases. What motivated us to set a minimum pay of $70,000? At McDonald’s, an employee was surreptitiously working a second job. It was obvious that I was a bad CEO who was letting his staff down. I offered her a raise so she could leave that job. To make ends meet, no one should have to work two jobs.”
“To assist fund our $70k minimum wage, I reduced my CEO remuneration from $1.1 million to $70,000. I don’t miss anything about being a millionaire. When you get out of poverty, money may purchase happiness. However, getting from well-off to extremely well-off will not make you happy. It will if you do what you feel is correct. People are more concerned with the expense of paying employees properly than with the rewards. For us, it is as follows: We now have 20,000 small company clients thanks to our satisfied staff who produced record sales. We have a low turnover rate and spend no money promoting job opportunities since we receive hundreds of applications. We’re doubling down on our commitment to staff development. Our income (which comes from credit card processing for small businesses) is still down significantly from pre-pandemic levels. However, to make workloads simpler, we’re giving workers 5-6 percent increases and hiring to increase personnel by 10%.”