This company raised minimum wage to $70K- and it helped business

Dan Price, CEO of Gravity Payments, raised his company's minimum wage to $70,000, cutting his own salary significantly. This decision was driven by his concerns about income inequality and the rising cost of living in Seattle. The wage increase led to improved financial security for employees, increased company revenue, and significant media attention. Despite some challenges, such as employee resignations and client losses, the company experienced growth. Employees showed appreciation by gifting Price a Tesla. Price's actions have influenced other companies to reconsider their wage policies.

What significant change did Dan Price implement at Gravity Payments?

• Opened a new office in Idaho

• Offered free health insurance

• Raised the minimum wage to $70,000 a year

• Introduced a four-day workweek

What was one of the main reasons Dan Price decided to raise the minimum wage?

• To compete with other companies

• To address extreme income inequality

• To attract more clients

• To reduce company expenses

How did the wage increase affect Alyssa O'Neill, a Gravity Payments employee?

• She was able to buy a new car

• She moved to a better home

• She started her own business

• She left the company

What was one of the outcomes of the wage increase at Gravity Payments?

• An increase in employee pregnancies

• A reduction in client numbers

• A decrease in company revenue

• A rise in employee turnover

What did some employees do to show their appreciation for Dan Price?

• Organized a company party

• Named a conference room after him

• Bought him a Tesla Model S

• Gave him a bonus

What was one of the reasons for Gravity Payments' increased publicity?

• Their innovative product line

• The high minimum wage policy

• Their partnership with Starbucks

• Their international expansion

What is Dan Price's view on the purpose of a business?

• To dominate the market

• To have a larger purpose beyond profit

• To create money

• To maximize shareholder value