14 DAY TRIAL // This week, 30-year-old Dan Price, the CEO of a credit-card company in Seattle, US, made each and every one of his employees' day when he announced that they would all get a pay rise.
Thus, the CEO told his staff that, by December 2017, they would all make at least $70,000 (€66,000) a year, which is $20,000 (€18,900) more than the current average wage in the US.
Apparently, Gravity Payments CEO Dan Price settled on this new minimum salary for his staff after having read that $50,000 (€47,000) to $70,000 (€66,000) a year was just enough money to keep your average Joe and Jane happy.
Any more than this and all the extra money would not affect their mood all that much, any less and odds are they would be too concerned with financial issues to get around to enjoying life.
It is understood that Dan Price's company, which he started when he was just 19 years old, currently employs a total of 120 people and pays an average salary of $48,000 (€45,200).
Word has it that, courtesy of the 30-year-old's plan to offer everybody a pay rise and have the minimum salary become $70,000 (€66,000) a year, as many as 30 people will see their salaries doubled.
Dan Price is willing to cut his own salary
By now, you're probably wondering how on earth Gravity Payments CEO Dan Price will afford to pay his employees way more and not have the company go bankrupt because of it.
Well, it looks like part of the money will come from the man's own pocket. That's right, Dan Price is ready and willing to cut his own salary just to give more money to his staff.
Long story short, the 30-year-old Seattle CEO says that he will switch from making $1 million (€0.94 million) a year to having an annual salary of merely $70,000 (€66,000).
Besides, he plans to have as much as 80% of the company's profit returned to his employees. Contrary to what some might assume, the man is not all that worried about how this move will affect his life.
“I haven’t even thought about that at all, too much. My life started pretty simple, in a lot of ways. I don’t have a lot of financial obligations or debts.”
“I may have to scale back a little bit, but nothing I’m not willing to do. I’m single. I just have a dog. I’m a big believer in less,” Dan Price told the press in an interview, as cited by ABC News.