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Tech CEO Has The Last Laugh After Being Trashed By Fox News For Having $70k Minimum Salary For Employees
Dan Price rose to national prominence in 2015 when he announced his credit card payment processing company, Gravity Payments, would begin to pay all of its employees an annual $70k "living wage."
To pay for the wage increase, Price slashed his own payment as CEO from roughly a million down to the standard $70k.
In the years since, Price has been attacked by many conservative organizations, especially Fox News, for supposedly "socialist" business practices. Some of Price's clients canceled their partnerships with Gravity Payments, fearing their prices would rise.
But six years later, the company has grown and its client base has expanded. The Harvard Business School and Inc. Magazine consider Price's experiment a success.
On Twitter, Price shared a thread reminiscing on the positive effects of his decision and lashing out at the critics who tried to say paying his employees a living wage was business suicide.
He also included a video.
Price decided to raise his employees' wages after discovering one worker had to keep a second job at McDonald's to get by.
In the world of modern business, there's an industry standard CEOs should be paid hundreds to thousands of times more than anyone working under them.
Price challenged this norm and has become more successful because of it.
Price's accomplishment was widely praised on social media.
Good things happen when companies care about their employees.
Gravity Payments is still running strong and Price says he doesn't miss the "millionaire lifestyle" one bit.