CEO gives self massive paycut to give employees a raise
Would your boss do something like this? Imagine if your yearly salary went from $1 million to $70k. And it was your idea.
Huffington Post reports the CEO and founder of Gravity Payments, Dan Price has reduced his salary by $930,000 so the lowest paid members of his company can get a raise to their new miniumum wage of $70.000. Gravity Payments is a company that processes credit card payments.
The move affects 70 employees, many of whom saw their salary double. While Price's salary reduction won't cover the whole tab, they expect to take the rest out of the companies profits.