The famous boss who took a $1 million pay cut in order to raise his employee's salaries 6 years ago has hit back at Fox News after they ridiculed him...
In a capitalist society, work is a non-negotiable.
via: GettyFor the vast majority of us, spending hours of our day at our place of work is just a reality of life.
Which, if you enjoy your work, is no problem.
But sadly, many people find themselves stuck in careers they don't really feel passionate about.
And there's something that can make matters even worse.
via: GettyIn certain companies, it can feel as though the hard work of the employees all goes into the pocket of an evil, exploitative boss.
Meaning people aren't rewarded for the work they do.
via: GettyAm I the only one thinking about Jeff Bezos right now?
So many wealthy bosses are guilty of being greedy...
And instead of paying their hard-working employees fairly, they take the majority of earnings for themselves.
But you know what can make all the difference for overworked employees?
A little bit of human connection and appreciation.
It really isn't hard...
via: GettyAnd all it takes is a little bit of selflessness... which many bosses are sadly incapable of doing.
But last year one boss proved how putting his employees first actually benefited his business...
And it's safe to say that he's definitely winning "Boss of the Year" every year!
Dan Price is the CEO of Seattle-based Gravity Payments...
And his company specializes in credit card processing and financial services.
Dan founded his company back in 2004 with his brother...
And since then, Gravity Payments has rocketed to success.
But it turns out that there's an unusual method behind this success...
via: GettyAnd that's selflessness.
In 2015, Dan decided to take a personal wage cut.
He cut his own wages by ninety percent in order for his employees to start earning a minimum annual salary of $70,000. Best boss ever?
Dan believed strongly in not allowing hard-working employees to be exploited.
Speaking to The Guardian back in 2015, he said: "People were being exploited. People I care about, who’ve helped me so much, now have more dignity. The distraction of not having enough to cover the basics has gone."
He wanted his employees to live better and happier lives...
And over the last few years, Dan's decision to take a personal wage cut has proven just that.
Last year, Dan announced that since implementing the $70,000 minimum salaries, his business tripled.
Since my company started a $70k min wage in 2015: *Our business tripled *Staff who own homes grew 10x *401(k) contr… https://t.co/FvTubMAw8X— Dan Price (@Dan Price)1598202875.0
The CEO saw his company flourish, with business trebling, staff turnover dropping by half, and his employees living better lives.
Dan's company is now even part of a successful case study at Harvard Business School.
Speaking to the BBC last year, he said:
"There was a little bit of concern amongst pontificators out there that people would squander any gains that they would have. And we've really seen the opposite."
Dan has noticed a significant "baby boom" in the office since implementing the pay rises.
"Before the $70,000 minimum wage, we were having between zero and 2 babies born per year amongst the team... And since the announcement - and it's been only about four and a half years - we've had more than forty babies."
And how do the employees themselves feel about Dan's methods?
Rosita Barlow, director of sales at Gravity, said:
"When money is not at the forefront of your mind when you're doing your job, it allows you to be more passionate about what motivates you. You're not thinking I have to go to work because I have to make money. Now it's become focused on 'How do I do good work?'"
When he announced this motive, Dan faced a lot of criticism...
Some clients reportedly dropped Gravity for reasons that included fears the salary hike would cause their rates to rise.
Dan was also heavily criticized on Fox News and Fox Business...
With them branding him a "socialist."
But now, Dan has hit back...
Dan took to Twitter yesterday, to reference his success and share a video that takes aim at his critics, particularly Fox News.
At the start of his thread, Dan wrote: "6 years ago today I raised my company's min wage to $70k. Fox News called me a socialist whose employees would be on bread lines. Since then our revenue tripled, we're a Harvard Business School case study & our employees had a 10x boom in homes bought."
6 years ago today I raised my company's min wage to $70k. Fox News called me a socialist whose employees would be on bread lines.— Dan Price (@DanPriceSeattle) April 13, 2021
Since then our revenue tripled, we're a Harvard Business School case study & our employees had a 10x boom in homes bought.
Always invest in people. pic.twitter.com/o7Ca7I4b7e
Attaching a video of news excerpts showing what had been said about him.
He then shared another tweet showing the success his company's had since the pay rise was announced.
Since our $70k min wage was announced 6 years ago today:— Dan Price (@DanPriceSeattle) April 13, 2021
*Our revenue tripled
*Head count grew 70%
*Customer base doubled
*Babies had by staff grew 10x
*70% of employees paid down debt
*Homes bought by employees grew 10x
*401(k) contributions grew 155%
*Turnover dropped in half
Before highlighting the growth the business has experienced.
Dan then explained that it hasn't always been a smooth ride.
At the start of the pandemic, we lost 55% of our revenue overnight. Our employees were so invested they volunteered to take temporary pay cuts to prevent any layoffs.— Dan Price (@DanPriceSeattle) April 13, 2021
We weathered the storm, paid everyone back and are now giving out raiseshttps://t.co/PjQenvxOPA
Like many other businesses, they were effected by the pandemic, losing 55% of their revenue overnight.
But with employees offering to take temporary pay cuts, they are now thriving again.
Dan then explains why he decided to raise the minimum wage...
What helped inspire our $70k min wage?— Dan Price (@DanPriceSeattle) April 13, 2021
An employee was secretly working a 2nd job at McDonald's. It was clear I was an awful CEO who was failing his employees. I gave her a raise to quit that job. No one should have to work two jobs to make ends meet.https://t.co/hrgDYUDXYB
And it's all because he found out that one employee was secretly working a second job at McDonald's and it made him realize he was an "awful CEO."
And although he's had a drastic pay cut, he doesn't miss the "millionaire lifestyle."
To help finance our $70k min wage, I cut my CEO pay from $1.1M to $70k— Dan Price (@DanPriceSeattle) April 14, 2021
I don't miss anything about the millionaire lifestyle. Money buys happiness when you climb out of poverty. But going from well-off to very well-off won't make you happier. Doing what you believe is right will
So many bosses out there need to take a leaf out Dan's book.
Keep on reading to hear some of the worst boss horror stories out there...