In 2011, during the recession, Dan Price approached one of his employees.
"Seems like something's bothering you," he said.
"You're ripping me off," said the employee.
"Your pay is based on market rates," Price said. "If you have different data, please let me know. I have no intention of ripping you off." The data doesn't matter, the man responded: "I know your intentions are bad. You brag about how financially disciplined you are, but that just translates into me not making enough money to lead a decent life."
This was life changing for Dan Price, CEO of Gravity Payments. He decided to establish a $70,000 minimum wage for all employees. Dan saw this as a moral imperative, not a business strategy.
Always invest in people!
Newscasters, Business Analysts, Foxnews, called him a socialist, among other names, whose employees would be on the bread lines. He'd fail!
6 yrs later, the company and employees thrived. HOW?