(AntiMedia) The founder & CEO of Gravity Payments, a Seattle-based credit card processing company, made an abrupt announcement to his 120-person staff last week. All employees will now be making a minimumof $70,000 a year.
Dan Price called a company meeting after reading an article about how earnings have a powerful effect on one’s outlook on life. The story concluded that although money does not buy happiness, it does offer satisfaction when one thinks about their own life and lowers stress.
Price, who founded Gravity in 2004 at the age of 19, explained to his workers that he will be raising the annual salary of even the lowest paid member of staff to $70,000 over the next three years by cutting his own pay from almost $1 million a year to $70,000. The entrepreneur said he also plans to use 75 to 80 percent of his company’s $2.2 million in profits to help cover the blanketing raise.
“Is anyone else freaking out right now?” Mr. Price asked his associates as the roar of their applause dwindled. “I’m kind of freaking out.”
About 70 members of staff will see a rise in pay while 30 employees will find their paychecks double once the pay increase takes effect.
Currently, the average yearly income at Gravity is $48,000.
“The market rate for me as a C.E.O. compared to a regular person is ridiculous, it’s absurd,” said the 30-year-old owner.
Mr. Price’s actions have perfectly demonstrated how it is possible to take care of others outside of the nagging interference of government when you put people over greed.