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CEO Cut His Own Pay By 90% For Staff 6 Years, Shared How It’s Changed His Company
We need more bosses like him.
Amidst the anger and memes surging after certain billionaires got on a space race, Dan Price once again reminded your employees could do so much more when treated well. He is the CEO of Gravity Payments and learned how shockingly low the market rate is for his employees to survive on only one job.
Price shared his journey to reach where he is now.
Price proves the point that many people only read in books: people make a company grow.
A report by the Economic Policy Institute shows that CEOs make way, way more than the average American worker. They make over 271 times the average annual of $58,000. Dan Price stood out after he cut his own pay by over 90% to allow his workers to earn a minimum of $70,000 annually.
The large pay gap is explained in the same report: CEOs are getting more because of their power to set pay, not because they are more productive or have a special talent, or have more education. Exorbitant CEO pay means that the fruits of economic growth are not going to ordinary workers, since the higher CEO pay does not reflect correspondingly higher output.”
An easier perspective to look at this is the average American worker cannot participate in a space race in their own rocket.
The struggle continues, but Price persisted through and it paid off.
And they bought him a Tesla as a thank you!
He never stopped trying to be a better CEO for his employees.
So many people are thanking his true entrepreneurship soul that cares about his people instead of just the money.
