Dan Price read an article stating that about $75,000 per year is all of an income it takes to be happy, everything above that was just for fun. With that advice the founder of Gravity Payments made a commitment to pull all of his employees up to a minimum wage of $70,000 per year and he’s doing it because he wants to, not because he’s being made to.
If itâ€™s a publicity stunt, itâ€™s a costly one. Mr. Price, who started the Seattle-based credit-card payment processing firm in 2004 at the age of 19, said he would pay for the wage increases by cutting his own salary from nearly $1 million to $70,000 and using 75 to 80 percent of the companyâ€™s anticipated $2.2 million in profit this year.
I applaud this man. I really do. He’s making a sacrifice, that he is convinced isn’t really a sacrifice, to make sure his employees are happy and, if the article he read is correct, you can’t be happy unless you are making about $75,000 per year.
The story is a really good one. I hope you follow the link.