After CEO Raised Minimum Salary To $70,000, Revenue Doubled
Remember this guy? I’m glad it all worked out, because it was a good thing to try: In April, Dan Price, CEO of the credit card payment processor Gravity Payments, announced that he will eventually raise minimum pay for all employees to at least $70,000 a year. The move sparked not just a firestorm of media…
28 responses to After CEO Raised Minimum Salary To $70,000, Revenue Doubled
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robert October 26th, 2015 at 21:02
very cool story and im glad dan was able to make this work
Bernie are you reading this ?
CandideThirtythree October 26th, 2015 at 21:11
The conservatives are doing the exploding head thing again LOL. You would think they would get tired of ALWAYS being wrong but nope..they just double down on the stupid.
whatthe46 October 26th, 2015 at 21:19
i would make the move for that job. hell yeah. awesome story, smart guy.
whatthe46 October 26th, 2015 at 21:19
he’ll always have hard working and loyal employees.
Tommie October 26th, 2015 at 22:24
Amazing that if you pay your employees well, what they would do for you, he recognized they were the ones making him rich, so why not reward them with more cash, simple concept, huh republicans!
rg9rts October 27th, 2015 at 04:05
Costco??
rg9rts October 27th, 2015 at 04:04
He will never get a christmas card from the NAM or the gopee
Gindy51 October 27th, 2015 at 07:21
Funny that. Treat an employee like a human being and take care of them and they’ll walk over hot coals for you.
Warman1138 October 27th, 2015 at 08:44
I’d be surprised the competition isn’t gasping it’s self to death after this. Kudos for Dan Price!
Robert M. Snyder October 27th, 2015 at 12:36
The title is misleading. Revenue did not double. The rate of growth of revenue doubled.
“revenue is now growing at double the rate before the raises began and profits have also doubled since then.”
This statement would be true if revenue had been growing at a 0.1% rate and the growth increased to 0.2%, and if profits (revenue minus expenses) went from $1 to $2 per year.
tracey marie October 27th, 2015 at 14:20
profits are revenue teabagger
Robert M. Snyder October 27th, 2015 at 14:34
If you don’t know the difference between revenue, expenses, profits, and losses, then you are not qualified to comment on economic issues.
https://www.youtube.com/watch?v=R0y2ubF8pWM
tracey marie October 27th, 2015 at 14:35
derp
illinoisboy1977 October 27th, 2015 at 14:14
I have no problem with the owner of a business raising everyone’s salary. I have a problem with the government mandating the same. The government doesn’t pay the bills of a business, so they should have no say in how much it pays its employees. If the business doesn’t pay well enough, the good employees will stay away and the business will eventually fold. Government intervention in pay rates is unnecessary.
tracey marie October 27th, 2015 at 14:19
Sure they do, with roads, infrastructure, and tax abatements…the government should force companies to pay a living wage, we the people pay for the shortages so they may survive.
illinoisboy1977 October 27th, 2015 at 14:28
Let them earn a fair wage, through the merits of their own hard work. Businesses who don’t pay a fair wage won’t be able to hold on to quality employees.
tracey marie October 27th, 2015 at 14:32
sure, let’s use walmart as an example. derp
illinoisboy1977 October 27th, 2015 at 14:36
Walmart just had a big pay raise and employees bitched about it.
tracey marie October 27th, 2015 at 14:41
hahahaha, $8. is not a living wage and they cut staff and hours. derp
Suzanne McFly October 27th, 2015 at 14:46
Bitched about it? I have yet to be aware of that story, please enlighten me and supply the link.
whatthe46 October 27th, 2015 at 15:21
i bet he won’t find a link. ready to cyber bet now? lol
Suzanne McFly October 27th, 2015 at 15:40
Isn’t this the second loosing bet your trying to rope me into? I thought we were buddies What, you just seem to want to take the little bit I have lol.
whatthe46 October 27th, 2015 at 16:34
LOL! i couldn’t help myself. oh sweetie i love ya!
tracey marie October 27th, 2015 at 15:00
you lie, they complained about the firings and the cut hours.
illinoisboy1977 October 27th, 2015 at 20:37
No. People who have been there for years were pissed that newer people were going to be making as much as them, without having to earn it the way they did.
tracey marie October 27th, 2015 at 21:17
they complained about the cut hours, they complained about the firings, stop being such a joke
bpollen October 28th, 2015 at 05:15
Sour grapes from some people who are upset that OTHER people will get a better wage proves what exactly? Some people are selfish and this somehow means that government shouldn’t get involved? Threadbare argument is such an insufficient way to describe that dreck.
Just how plentiful do you think jobs are so that people can quit because the pay sucks and just FIND another job? And are you aware that there are many companies who don’t WANT to hang onto employees for very long because they can bring in another warm body and pay them less? Companies like Walmart?
maggie October 29th, 2015 at 22:02
hey good guys finish first sometimes…good on this guy…he’s got great instincts about business…you get more when you value your employees…;)