Idaho Native Gives Employees Raise Out of His Pay
SEATTLE, Washington (KTVB) - The average CEO makes almost 300 times as much as the average worker. Now, a Nampa Christian High School graduate is setting social media on fire and creating a buzz in the business world.
Dan Price, a 30-year-old Nampa native, and now CEO of Gravity Payments in Seattle has slashed his salary to give his employees a minimum $70,000 salary. Employees are still trying to wrap their minds around the news their boss just delivered. Some of them are getting a raise, a huge one.
The announcement caught everyone off-guard. Price is taking a big pay cut to make the raises possible, but says it's worth it to make his employees happy and build loyalty.
In a growing city where the cost of living is only increasing, some competitive companies are no longer waiting for employees to ask for extra benefits, like a raise.
The Gravity raise will be phased in over the next few years, giving the company time to adjust its bottom line, and employees a chance to catch their breath.