In 2015, a young entrepreneur named Dan Price raised the minimum salary of all his employees to $70,000. Fox News wailed, cried "socialism!" and said his idea was doomed to fail and so would his business, a credit card processing company based in Seattle called Gravity Payments. Well, that wasn't the case and since then his company has flourished,
Source: Raw Story
Six years ago, CEO Dan Price revealed that he would raise the minimum salary of employees in his company to $70,000 a year. Right-wing media at Fox News and Fox Business laughed at him, mocked him, called him a socialist, and predicted that his company would fail and his staff would be on the bread line in short order. It was Dan Price who got the last laugh.
Doing a round of interviews, Price revealed that not only has his company not failed, it has flourished. The company, which handles credit card processing, has grown from doing $3 billion to $10 billion, he said, tripling their revenue.
Further, Price said that it's been a huge help to his staff. People bought their first homes, they put more money into their 401(k) accounts, they began having children, and turnover for the company dropped in half.
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.
Always invest in people. pic.twitter.com/o7Ca7I4b7e— Dan Price (@DanPriceSeattle) April 13, 2021
Since our $70k min wage was announced 6 years ago today:
*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— Dan Price (@DanPriceSeattle) April 13, 2021
And here's a longer version of that 2015 segment where Bolling called him a socialist.
