In 2015, the boss of a card payments company in Seattle introduced a $70,000 minimum salary for all of his 120 staff - and personally took a pay cut of $1m. Five years later he's still on the minimum salary, and says the gamble has paid off.
"She is somebody for whom service, honour and hard work just defines who she is as a person," he says. "People are starving or being laid off or being taken advantage of, so that somebody can have a penthouse at the top of a tower in New York with gold chairs. After crunching the numbers, he arrived at the figure of $70,000. He realised that he would not only have to slash his salary, but also mortgage his two houses and give up his stocks and savings. He gathered his staff together and gave them the news.
"And since the announcement - and it's been only about four-and-a-half years - we've had more than 40 babies."More than 10% of the company have been able to buy their own home, in one of the US's most expensive cities for renters. Before the figure was less than 1%.
This is so dumb. No one earns under $70k at a lot of companies. They are called white collar.
The last few reviews on Glassdoor make it sound like cult worship with a sociopath in charge...
Legend
Good role model of greedy business owners.
Wonderful story,so heartwarming to see that there are still some people for whom their employees are as important as their business
DanPriceSeattle how do I get a job there?
👇🏻 “People are starving or being laid off or being taken advantage of, so that somebody can have a penthouse at the top of a tower in New York with gold chairs.”
Good to see the mostly positive responses to this. It’s a story of a bloke doing well, and treating his workers with some decency. If only it caught on.
This guy is getting it right. When people feel valued and have fewer worries about their income, it’s got to make for a happier, more productive and successful organisation too. It’s a win-win. A lot to admire in this.
...has two heads.
A boss has a moment of clarity, and people in the replies still think he should’ve kept his fortune 😅
The message here is, treat people well and they will repay you in spades. Treat them like school children you will get what you have now. Disengaged workers who crawl through the day looking at the clock.
What a fkg hero. Now to find several thousand others like him and replace all the greedy, morally bankrupt people who currently run things.
Now, that is inspiring. Shame they don’t need a sports scientist.
What a wonderful human being
I fully believe that future historians will view today’s slavish adherence to profit and money to be as mystifying as we find medieval religious worship. This guy is ahead of his time.
It's obviously great PR for him too, but nice to see someone put their money where their mouth is - literally - when it comes to tackling wage inequality. More CEOs should take note. No-one needs to be taking home millions every year while their staff scrape by and suffer.
Total respect to this Guy
This is the kind of thing we need to encourage rather than demonise the rich get them to see what they can achieve for our society
unfortunately, greed is the main driver for most companies. They cannot see the basic idea of capitalism is the richer you make all people the more that have got to spend.
Now that is a boss. Puts others to shame!
legend of a dude
...you don't get any happier past 70.000....texan university did a study...
Canadian dollars not pounds. It's about £40k.
Great story, what a fantastic guy 🙌🏻👌🏼
If you like it so much BBC, why don't you compliment it in your grotty little organisation? There would be plenty paycuts.
The incessant drum beat of greed being exalted + relentless bad news about growing inequality is dispiriting. Good news is rare. So, I am very glad I saw your article. Dan is a truly inspirational person! And he is an educator too whose Twitter danprice looks 100% worthwhile. ty
And to top it all he also plays Ryan in Emmerdale 😝
Can I work there
I would argue that it creates a more competitive .org Employee-Ownership can accomplish the same thing. ...but nobody wants to discuss with me whether or not BlockChain technology can replace corporate formation.
...is now bankrupt.
Be surprised if there is one employer in Britain that has done this put all staff on 50 grand ( remember BBC interviewed family run bakers turnover in the millions and the owner said the old ways were better you didn't have the minimum wage you could hire people on half the cost
My employees can earn $70k (or more) within 18 months, depending also on them, but there are far more who’d rather “work for themselves” and make 1/3 that if they are lucky.
His employees gave him a Tesla as a gift. Inspiring.
And of course, Rush Limbaugh called him a 'communist'.
BoSnerdley
Look Kuroineko_chan! Isn't his story very interesting? 😃
Are they hiring?
Wow. Great great great. Love it!
A hippie that's still longing for 1960-ties is buying a bit of old ideas
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