CEO Dan Price took a 90% pay cut so all of his staff could receive a $70,000 salary
After discovering one of his employees was working a second job at McDonalds, CEO Dan Price took a 90% pay cut so he could pay all of his staff a minimum salary of $70,000.
The CEO and founder of credit card processing and financial services company, Gravity, stated: “As CEO, I was making thirty times what my lowest-paid employee was making before we changed our pay structure.
“The harder they worked, the more money I made. Some of our employees were working multiple jobs just to make ends meet; meanwhile, my pockets were getting fatter.”
Convicted to provide better wages for his staff, Dan took a 90% pay cut by going from a $1.1million salary to a $70,000 salary.
The 37-year-old CEO explained that since he changed the payment structure six years ago, the company’s revenue has tripled, most employees are able to pay down their debt and the number of employees able to buy homes have increased.