CEO of Gravity Payments, Dan Price, explains why he slashed his $1M salary to raise his employees’ minimum wage to $70,000. “It is my company, so it’s my decision.”
Dan proclaims, “I am not a socialist”.
When his motives are questioned, Dan says, “Inequality in this country is getting bigger, bigger and bigger. A lot of times people are proposing government solution like in Seattle we have the $15.00 an hour minimum wage. For me that’s a sign of failure that we didn’t self regulate and self govern. Had we done things like this there would no need for an outside entity.”
Dan goes on further to say “I have to tell you though, the thing that will surprise you… People keep asking me: “Are you getting flooded with resumes?” I am getting flooded from my clients and other independent businesses that want to do business with us, that want to purchase from our company because of these values.”
When questioned of his politics, Dan says, “I’m not a lefty or a righty. I want to find a practical solution to solve the problem.”