$70K Minimum Wage is Paying Off for CEO Who Took Pay Cut to Lift Workers

Six months after radically raising pay for all its employees, both revenue and profits have doubled at Gravity Payments in Seattle, Washington.

CEO Dan Price announced in April he would cut his own $1.1 million annual salary to help make sure everyone in the company earned at least $70,000 a year. Within a week, he was swamped with new customers and flooded with resumes from people who wanted to work for him.

Half a year later, he’s added ten new positions at his small business to handle all the extra work coming in. Old customers are sticking with him; his customer retention rate has risen from 91% to 95%, which is 37 points better than the national average.

http://www.goodnewsnetwork.org/70k-minimum-wage-is-paying-off-for-ceo-who-took-pay-cut-to-lift-workers/