CEO Gives Employees $10k Pay Rises And Promises $30k More Over Next Five Years
It's always nice getting a bonus at work or being told you're getting a pay rise - and the staff at one Idaho business know this all too well.
This is because the employees earning $40,000 (£32,000) - which is minimum wage for the company - were informed that they would be entitled to a $10,000 (£8,000) pay rise.
Not only that, they were all told that within five years, the minimum salary would be increased to a hefty $70,000 (£56,000). Well, there's good news and then there's gooood news.
According to ABC News, Gravity Payments, a Seattle-based credit card processing company, recently acquired ChargeItPro in Eagle, Idaho, meaning that the staff moved to a new office space.
The company's CEO - Dan Price - flew in to welcome employees to their new workplace and then shocked them with the news that their salaries would be bumped up by $10k - with immediate effect. He then announced that by 2024 their minimum salary would be $70k - and to think some people dread their boss coming to the office, eh?
According to Price most of the employees were making less than $30,000 (£24,000) before he took over and boosted the minimum wage. What a LAD.
Bringing our $70,000 minimum wage to the heartland today. Photo via @IdahoStatesman Katherine Jones pic.twitter.com/CSsqXnyfOA
- Dan Price (@DanPriceSeattle) September 23, 2019
Back in 2015, Price announced a minimum salary of $70,000 for his entire Seattle office and in doing so he took an '80 or 90 percent pay cut' of his own.
Speaking more recently to ABC, the 35-year-old said: "I'm kind of heartbroken right now by the vast consolidation of wealth and power that's happening, and in addition how that's affecting our decisions around climate. I'm sick of being part of the problem, I want to be part of the solution.
"Previously, I was making a million dollars a year and people working for me were making $30,000 a year and that's wrong, I was feeding into the problem."
Speaking about his decision to increase his employees' wages, Price added that this 'allows them to make choices that are in alignment with their values, not having them be reliant on money'.
He went on: "I heard from somebody who was a single parent, that they were not necessarily going to need to work two jobs anymore... and they were going to be a better parent.
"I took between an 80 and 90 percent pay cut, and our chief operating officer took about an 80 percent pay cut, and our executive team absolutely makes less than what other companies would pay.
"It absolutely is coming out of executive pay, it's an investment, I think we've proven that it can work."
Got any jobs going, LAD? If my editor sees this, I'm joking - obviously.
Featured Image Credit: Instagram/danpriceseattle