CEO Who Set Minimum Wage at $70K is Swamped With Business Now

[MattSh]

You’ve got to spend money to make money and a generous CEO is making a lot more money a week after he invested in his employees. The company, Gravity Payments, has been flooded with new business since CEO Dan Price announced he’d raise every one of his employee’s pay to $70,000 a year — and slashed his own annual pay from $1 million to the same $70,000.

“I’m actually shocked by the reaction from businesses,” Price told CNN Money. “It has me on cloud nine.”

Price says the credit card transaction processing company he founded has recorded the best week for acquiring new clients in the 11 years since he founded it. He says dozens of new clients have signed on with the company and he’s thinking about expanding his staff to 120 people.

Good News Network reported last week Price announced he was raising the pay of 70 of his workers after reading a study on how having extra money made a difference in the lives of people earning under $70,000 a year. The raise doubled the salaries of 30 workers.

And more people want to work for his company. Gravity Payments received 3,500 job applications in the past week for two open positions — roughly five times what they usually get for an opening.

Complete story at - http://www.goodnewsnetwork.org/ceo-who-set-minimum-wage-at-70k-is-swamped-with-business/

[CaliforniaPeggy]

1. Good for him!

He deserves the success that's coming his way.

[sabrina 1]

2. I love that guy. THAT is how to run a business.

I hope others will follow his example. He is pretty young, maybe there is hope with the younger generation because the ones currently running things don't give me much hope.

[Scootaloo]

7. Hard to get a business running when you're already saddled with crushing debt

One could be forgiven for thinking that might be part of the plan...

[NBachers]

3. I have to endorse Dan Price.

[Sherman A1]

4. Superb!

[AZ Progressive]

5. It takes 1 to start a trend

Hopefully he will show others that you can pay your employees generously and still be successful and prosperous.

[Quantess]

6. "...having extra money made a difference in the lives of people earning under $70,000 a year"

Hmmm. Is it possibly true that having extra money made a difference in the lives of people earning under $70,000 a year? Nobody could have guessed.

[pansypoo53219]

8. how interesting. flood the bottom instead of tinkle down. gee. did somebody remember henry ford?

[Enthusiast]

9. It's shocking really.

Imagine, going against the trend.

[Hiraeth]

10. Is he hiring? Able bodied and competent at many skills available and willing to relocate.

[madokie]

11. and would work my ass off to boot

what little of one I have left that is

[Hiraeth]

12. And would be more than enthusiastic to do so. Could really be excited to report for duty.

[okaawhatever]

13. Let's see if the MSM publishes this. I doubt they will. nt

[Gothmog]

14. This is a good example about why doing the right thing pays off