Seattle-based credit card company Gravity Payments CEO Dan Price made national headlines when he announced he was raising the minimum salary at his company to $70,000 a year at the expense of his own salary. He recently discussed how he came to the decision and his new understanding of what it means to be successful. So reports Today.
Price said he wants to show the same commitment to the success and well-being of his employees that they show to the small-business clients the company serves. “My life's work is to completely revolutionize the way business is done," Price says. "It shouldn't be about maximizing dollars, but instead about purpose, service and people.”
He said it was a “moral imperative” to do right by his employees. Prices is cutting his more-than $1 million salary to the company’s new minimum in order to help pay for his employees' raises.