Dan Price was accused of being “socialist”, but made sure that his employees were happier.
April 20, 2021
3 minutes of reading
Dan Price is an entrepreneur who became famous a few years ago because he cut his own salary so he could raise the employee’s minimum wage to at least 70k dollars a year, he said his company has tripled profit last year.
Price, CEO of Gravity Payments credit card processing company headquartered in Seattle , posted a series of tweets claiming he tweeted last Tuesday.
“6 years ago, today I raised the minimum wage of my company to 70,000 USD. Fox News He said in a tweet in English that he called me a socialist. “Since then, our revenue has tripled, we are a case study from Harvard Business School and our employees have seen a 10-fold increase in home buying.”
6 years ago, today I raised my company’s minimum wage to 70k dollars. Fox News has called me a socialist whose employees will work on bread lines.
Since then, our revenue has tripled, we’re a case study from Harvard Business School, and our staff has increased tenfold in the number of homes bought.
Always invest in people. pic.twitter.com/o7Ca7I4b7e
– Dan Price (@DanPriceSeattle) April 13, 2021
“Always invest in people,” he added.
Price says its workforce has grown 70% and revenue tripled, and the company’s customer base has doubled.
As reported by Hill The CEO has appeared on various financial news channels in recent years to spread his business philosophy of spending on employees rather than cutting costs.
Price posted a topic on social networking microblogging about his company’s performance this year. “Employees give birth to 10 times more children, 70% of employees can pay off debts and employees buy 10 times more houses.”
Last year, Price reported that he asked his employees how to avoid layoffs during a pandemic. His staff has asked to volunteer anonymously to cut wages. “I think that’s crazy,” Price said. “I thought we were going to waste time a week seeing that the plan wouldn’t work.”
The price was wrong. His team volunteered to earn almost half a million dollars a month from their salaries. Some offer their entire two weeks; others offer 50 percent; others give 5 (The price limits all contributions at 50 percent).