Target: Dan Price, Founder of Gravity Payments
Goal: Applaud CEO’s decision to increase his employees’ salaries to $70,000 a year, while cutting his salary to the same figure.
Dan Price, the founder of a credit card processing company called “Gravity Payments,” made the decision to increase the minimum wage for his workers to $70,000 a year over the course of the next three years. The pay rate equates to around $34 per hour, which is considerably greater than the U.S. average minimum wage of $7.25 per hour. This decision came as a pleasant surprise to his workers, and will no doubt make a positive impact on their lives.
Price founded his company Gravity Payments in 2004 at the age of 19, and has since seen his company grow to a workforce of 120 employees. The average salary for an employee at his company is $48,000 a year. Price got the idea of raising the minimum wage for workers at his company to $70,000 a year after he read a study stating that making extra money made a great impact on people making less than $70,000 a year and made them generally happier.
In order to make this dramatic salary increase, which will impact around 70 of his employees, Price is cutting his nearly one-million-dollar-a-year salary to $70,000. He believes that the average rate for a CEO compared to average salaries in the United States is absurd.
Please sign the petition below to applaud Dan Price for his generous and bold move in taking a significant pay cut from his own salary to increase the minimum wages of his employees in his company. Price’s decision to make a positive impact on his employees and his desire to increase his employees’ happiness is quite admirable, and serves as a positive role model for others.
Dear Dan Price,
The news of your plan to increase the minimum wage of workers in your company, Gravity Payments, has given hope to the outlook of workers everywhere who are receiving much lower salaries than their CEOs or are underpaid. Your selfless decision to achieve this goal by cutting your own salary considerably is quite admirable. It takes a lot for someone to willing cut back their own salary to increase the happiness and likelihoods of their employees.
I wish you the best of luck with your company and the positive direction that you are heading with the company’s salary restructuring. I look forward to reading more great things about your company.
[Your Name Here]
Photo Credit: uusc4all via Flickr