I think we can all agree that working isn’t the most enjoyable activity, but it’s something that most of us need to do to survive.Before the pandemic, people who worked in offices still had to commute. Working parents must also prepare their kids for school before starting their day.
The cycle repeats itself over and over again.Sometimes we ask ourselves: is it all worth it?When you’re not making enough to put money away or are being forced to live paycheck to paycheck, it can make the entire situation that much more demotivating.One CEO shocked the world when he made a move to address poor wages.
CEO of Gravity Payments Dan Price decided to cut his annual salary to accommodate the needs of his employees. Dan earns more than a million dollars a year while his employees only earned $30,000. This was something he wanted to address.
Dan announced that all his employees would have a minimum wage of $70,000 a year.
That was more than double what they were currently making.
Dan accomplished this by cutting $1 million off his salary – and now earns the same as everyone else in his company.
Of course, for Dan, this was a huge step down from what he usually earns, but it is still more than enough for him to get by.
Dan immediately saw the effect of his actions.
His employees told him how the difference affected their lives. By earning more, some of his staff got more time to do the things they had always wanted – like spending time with their children, eating healthier, and taking care of themselves more.
For Dan, this was more impactful than any amount or number on their paycheck.
The employees’ appreciation for Dan’s generosity became evident in ways he never could have anticipated.
At one point during the pandemic, the company’s revenue took a nosedive. Dan had a moral dilemma. He would either have to raise the company’s fees or lay off some employees to get by.
“They came back to me and said, why don’t we see what every individual on the team can do in terms of working extra hours and volunteering for a pay cut,” Dan said in an interview with KTVB7.
He admitted that he was blown away by their offer.
Around 98% of the employees volunteered for a pay cut of 50% while others didn’t ask to be paid at all. Those who didn’t go for the pay cut still contributed by working longer and doubling their productivity.
Since then, the company is still standing and once again thriving.
Dan admits that the unselfish actions of his employees are what kept them afloat.
Now that the company is making more money, Dan is paying their employees back for the pay cut. The company has also earned more clients since then, which definitely helps.
Hear more about Dan’s generosity and how it impacted his employees in the video below.
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