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After this CEO raised his company's minimum wage to $70,000, he said the number of babies born to staff each year grew 10-fold and revenue soared
Business Insider ^ | 8 August 2021 | Zahra Tayeb

Posted on 09/22/2021 5:54:00 AM PDT by napscoordinator

Six years ago, Dan Price, the founder and CEO of credit-card processing company Gravity Payments. made waves when he announced that he was raising the firm's minimum salary to $70,000 for his 120 employees.

To accommodate the change, Price slashed his own $1 million salary.

In the following years, revenue soared, and staff had many more babies and bought more homes, Price told Insider.

The Seattle-based company's starting wages used to be roughly $35,000, Price said. But for the company to thrive, he felt he needed to make sure all employees were making enough to look after themselves.

(Excerpt) Read more at businessinsider.com ...


TOPICS: Business/Economy; Culture/Society; Extended News; News/Current Events
KEYWORDS: business; excellence; feelgoodstory; success
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To: napscoordinator

Henry Ford did the same thing years ago - decided he wanted his workers to be able to buy his cars.

It’s a great idea IF done by producers... It’s a horrible idea if done by white liberal/commie ‘elites’ in DC.


21 posted on 09/22/2021 6:54:31 AM PDT by GOPJ (Same people who supplied pallets of bricks for BLM are supplying tent poles for illegals.)
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To: GOPJ

Agree.


22 posted on 09/22/2021 6:55:25 AM PDT by napscoordinator (Trump/Hunter, jr for President/Vice President 2016 )
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To: HereInTheHeartland

It is a good story though.

The squeeze on families has to end, or the civilization will end.


23 posted on 09/22/2021 6:55:31 AM PDT by redgolum (If this is civilization, I will be the barbarian. )
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To: 1Old Pro

Lol. Probably not. Especially since the Haitians just got here.


24 posted on 09/22/2021 6:56:07 AM PDT by napscoordinator (Trump/Hunter, jr for President/Vice President 2016 )
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To: napscoordinator

And they did it without a government mandate


25 posted on 09/22/2021 6:58:12 AM PDT by Mr. K (No consequence of repealing obamacare is worse than obamacare itself)
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To: ridesthemiles

I cannot count the number of times I have been told, yes we know you are working more/harder/better than others in your field but we cannot go over the salary range for that job title and no promotions right now. Pay the workers that produce and fire the ones that don’t. Simple plan that works.


26 posted on 09/22/2021 7:09:38 AM PDT by mikesmad
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To: napscoordinator

This works so good that it should be mandated that all businesses effectivly double the wage earned by the workers. It worked here so it has to work everywhere else.

(yeah, sounds like BS when you say it that way, huh?)


27 posted on 09/22/2021 7:17:28 AM PDT by Delta 21 (Get off your ass and earn it !)
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To: napscoordinator

I pay a part time assistant $25.00 per hour for essentially low skill, admin sort of work. But, I get absolute loyalty, responsibility, reliability and a perfect attitude in return.

“You get what you pay for”................as the saying goes.


28 posted on 09/22/2021 7:19:03 AM PDT by Cen-Tejas
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To: napscoordinator

As I recall, the company went bankrupt shortly after they began giving away money in a dismal but predictable failure


29 posted on 09/22/2021 7:20:52 AM PDT by PIF (They came for me and mine ... now its your turn)
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To: mikesmad

Had a conversation alone those lines once.

Was told “Yes, we could pay you more. But that is a big cost that never ends. What will we do when the market goes down? Red, just accept you are at the top end of your Hay grade. Maybe we can give out bonuses again sometime.”

Left that job.


30 posted on 09/22/2021 7:25:33 AM PDT by redgolum (If this is civilization, I will be the barbarian. )
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To: napscoordinator

I smell Pelosi Math. Average wage increase of $35,000 x 120 employees = $4,200,000. He is one special CEO if he can offset that by trimming back his $1,000,000 salary. Sounds like he might be stealing from the company’s owners.


31 posted on 09/22/2021 7:30:16 AM PDT by Chewbarkah
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To: TheElectionWasStolen

Most business models cannot afford these types of across-the-board increases. The market is to decide.

This is a ‘service’ business; they don’t make anything. Credit card processing has less Cost of Goods production cost. Takes 2-3% of whatever money goes from one hand to another.

Look at Square Up, Jack Dorsey. Similar business, similar profits.


32 posted on 09/22/2021 7:39:23 AM PDT by drSteve78 (Je suis Deplorable. STILL)
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To: GOPJ
Henry Ford did the same thing years ago - decided he wanted his workers to be able to buy his cars.

I had also heard that he did that to prevent absenteeism. If you built cars the old way and only three quarters of the employees show up on Monday then you build three quarters the number of cars for the day. On an assembly line if you have 25% absent you might not be able to build any cars.

33 posted on 09/22/2021 7:49:31 AM PDT by KarlInOhio ("Anti-fascist" is from the official name of the Berlin Wall: Anti-fascist Protection Barrier.)
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To: JayGalt

All those pregnancies must have impacted the company since maternity leave was no doubt involved.


34 posted on 09/22/2021 8:02:00 AM PDT by CodeToad (Arm up! They Have!)
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To: Chewbarkah

Staring wage was 35K, I assume most made more than that.


35 posted on 09/22/2021 8:12:16 AM PDT by Renfrew
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To: napscoordinator

The families is a big thing.

Today it takes well into your 30s for most people to have a career stable enough to have kids. That’s one reason birth rates have collapsed.


36 posted on 09/22/2021 8:13:33 AM PDT by Renfrew
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To: All

The CEO is a fraud. He reduced his net profits by paying extra to employees. Why? He has to pay royalties to his brother out of the profits. He’s doing this to screw over his brother and not make the payments. He went straight to the media to sell his selfless act as a defense against his brother.


37 posted on 09/22/2021 8:45:34 AM PDT by AlmaKing
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To: KarlInOhio

My favorite Ford story is he wanted his executives to come up with a way to make cars ‘NOT BLACK’... they had assured him it wasn’t possible.

So he called a meeting at his private home - where they once again went over all the reasons ‘color’ wasn’t possible. While the four hour meeting droned on Ford had a bunch of workers paint the executive’s black cars with red finger nail polish...


38 posted on 09/22/2021 8:56:46 AM PDT by GOPJ (Same people who supplied pallets of bricks for BLM are supplying tent poles for illegals.)
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To: napscoordinator

Feel good, indeed, but it only works as long as those employers doing likewise remain a small minority.


39 posted on 09/22/2021 9:02:59 AM PDT by Walrus (I do not consent)
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To: napscoordinator

Thanks to Bidenflation, pretty soon, all those who are still employed will be making $70,000 per year.


40 posted on 09/22/2021 9:48:42 AM PDT by VanShuyten ("...that all the donkeys were dead. I know nothing as to the fate of the less valuable animals)
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