Sunday, April 19, 2015

CEO Takes Pay Cut and Slashes Company Profits

 
 
 
 
 
 
 
 
 
  
 
CEO Dan Price (left) took a 93% pay cut and slashed his Canadian company's profits just so he could give his 120 employees a raise.
 
Price, who heads up the Seattle payment processing firm Gravity Payments that he founded, has pledged to make sure all of his staffers make at least $70,000 annually in the next three years.
 
He said he was inspired to make the bold step after reading that happiness increases dramatically for people earning over $70,000.
 
He'd also been hearing employees talk about the challenges of finding housing and meeting other expenses on their current salary, and decided there shouldn't be such a big gap between his pay as CEO and that of his workers. He described the raises as a "moral imperative."
 
To do that he's slashing his $1 million salary to $70,000 – the same as his lowest-paid worker. The move, in the next three years, will also require Price to plow up to 80 percent of his firm's $2.2 million profits back into salaries.
 
Price made the announcement on April 13, 2015. He maintained that he'll stick with the reduced paycheck until he can restore Gravity's profits.
 
Epic respect for this guy! I would like to see Malaysian bosses do the same thing. But I seriously doubt it will happen here because they just do not care enough!
 
On Saturday morning, I was at the MIMKL Toastmasters meeting where, again, I delivered my CC #10 to complete my Competent Communication manual for the twentieth-first time. I was evaluated by Grace Chan and I was also voted Best Speaker.
 


















 A good meeting and I was happy to note that we started on time too. Iam giving this meeting a score of 8 over 10.

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