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Drudge Retort: The Other Side of the News
Wednesday, April 14, 2021

Back in 2015 [CEO Dan Price] shocked the business world by slashing his own $1.1 million pay package to help fund a minimum "living wage" of $70,000 for all workers at his credit card processing company Gravity Payments. [I]n the years since ... the number of employees at Gravity has doubled while the value of payments that the company processes has gone from $3.8 billion a year to $10.2 billion.

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After our $70k min wage:

*76% of employees are engaged at work, 2x the national average
*Customer attrition fell to 25% below nat'l average
*We expanded to a new Boise office & enacted $70k min wage there
*Our highest-paid employee makes 4x our lowest-paid employee, down from 33x

I made a lot of personal changes. But I still had savings and made a fair salary. I don't miss anything about the millionaire lifestyle. Money buys happiness when it gets you out of poverty but not when it gets you from well-off to very well-off.

And the most sage advice from this now evolutionary corporate leader?
Always invest in people.
If only a well-intentioned political party should decide to take this as their slogan and mantra moving forward to separate themselves from an opposition party whose obsession remains solely focused on bottom lines and little else.

#1 | Posted by tonyroma at 2021-04-14 07:17 AM | Reply | Newsworthy 4

Dan Price is like one of those insufferable LinkedIn thoughtLeaders. If you glean what he's like behind the PR campaigns and self promotion of a cult-like company, there's hints of DV and family lawsuits.

#2 | Posted by GOnoles92 at 2021-04-14 09:58 AM | Reply

@#1 ... Always invest in people. ...

One of the things drilled in to me when I was in multi-year management training in a major corporation was the phrase I quoted.

Happy employees make for happy customers.

When I walk into a store, it is fairly easy for me to tell how the store manager treats her employees by the way the employees treat me.

#3 | Posted by LampLighter at 2021-04-14 10:24 AM | Reply

Fox confusing a competitive, capitalist business model with socialism... that's not surprising.

#4 | Posted by sitzkrieg at 2021-04-14 10:28 AM | Reply | Newsworthy 1

That's because Fox and it's viewers aren't capable of understanding what he did.

Both as an unorthodox business tactic.

And as a decent person.

#5 | Posted by jpw at 2021-04-14 11:03 AM | Reply | Newsworthy 1

Money buys happiness when it gets you out of poverty but not when it gets you from well-off to very well-off.

Clicking send on a pay off for a credit card has always felt waaaaaay better to me than clicking order on Amazon to buy something. And the feeling lasts far longer.

I'll never understand people who's drive all day all week is to get more money. They amount of time some people I know spend watching markets and accounts and such seems like such a waste to me.

#6 | Posted by jpw at 2021-04-14 11:06 AM | Reply

Price's decision led to him being heavily criticized as a "socialist"

This is why people should larn economics. If it's brought to you by capitalism, and there's not much less capitalist than credit cards, then by definition it can't be socialism.

#7 | Posted by madbomber at 2021-04-14 11:24 AM | Reply

There's not much more capitalist than credit cards...

#8 | Posted by madbomber at 2021-04-14 11:25 AM | Reply

"Money buys happiness when it gets you out of poverty but not when it gets you from well-off to very well-off."

That's true, but certain people in this world can only find happiness in other people's suffering.

#9 | Posted by snoofy at 2021-04-14 11:53 AM | Reply | Newsworthy 5

Price's decision led to him being heavily criticized as a "socialist"

This is why people should larn economics. If it's brought to you by capitalism, and there's not much less capitalist than credit cards, then by definition it can't be socialism.

#7 | Posted by madbomber

So you're saying fox news commentators shouldnt comment on economics. But you'll keep listening to them about economics.

#10 | Posted by SpeakSoftly at 2021-04-14 12:11 PM | Reply

This it's a PR stunt, It's a smart one.

#11 | Posted by Twinpac at 2021-04-14 12:18 PM | Reply

"So you're saying fox news commentators shouldnt comment on economics. But you'll keep listening to them about economics."

Yeah, I've heard. I'm a Trump lover who watches Fox News and does Qanon.

#12 | Posted by madbomber at 2021-04-14 12:24 PM | Reply

#11 | Posted by Twinpac

I would hesitate to call it a PR stunt. Seems as though everyone makes at least $70k and his salary is 280k for a company that was paying him 1.1 million years ago and has tripled in size since then. I am sure he holds most of the stock and that value has assuredly soared but it's not a PR stunt. A chain of gas stations/convenience stores in Ohio did the same about 12 years ago - I don't remember the wage. It paid huge dividends for them. When people don't have to worry about the roof over their head they found they had reliable, happy and engaged employees and it improved business dramatically.

#13 | Posted by GalaxiePete at 2021-04-14 12:26 PM | Reply | Newsworthy 1

@#13 ... they found they had reliable, happy and engaged employees and it improved business dramatically. ...

Yup.

#14 | Posted by LampLighter at 2021-04-14 01:49 PM | Reply

The GQP and their mouthpieces in Reichwing media need to buy themselves a dictionary and look up the word, "Socialism" because that's not what's going on here. This is an entrepreneur deciding that the health and welfare of his employees is more important than the number of zeros in his and his top manager's bank accounts. He's still taking a salary of nearly $300K per year, if you can't live on that, then your name is Trump and you're a mental midget. I know this successful management experiment flies in the face of the GQP's all for me, me, me theory of economics, but it has worked wonders for his business. He will eventually get his money back if and when he sells his company, which has doubled in size and nearly tripled business since he implemented this plan. Now tell me how business can't afford a $15 minimum wage.

#15 | Posted by _Gunslinger_ at 2021-04-14 05:33 PM | Reply | Newsworthy 1

@#15 ... This is an entrepreneur deciding that the health and welfare of his employees is more important than the number of zeros in his and his top manager's bank accounts. ...

Not only that, he also realizes that his happy employees attract more customers, and his business can grow.

True story...

The local CVS resembles a ghost town at times. I once was looking for a product but the shelf was empty. So I asked asked a nearby employee if there were more in the stock room. She told me, "I don't work in this department" and walked away.

Since then I've been going to the CVS in a neighboring town. In a similar situation, I asked about stock in the stock room. The person told me similarly that he did not know, but he quickly added, let me find someone who can help you. In less than a minute he was back and introduced me to someone who was most helpful in finding the product for me.

Two stores, same national chain. Different store managers, different employee attitudes toward customers. I also note the CVS in the neighboring town is usually full of customers.

#16 | Posted by LampLighter at 2021-04-14 08:04 PM | Reply

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