CEO of Seattle-based Gravity Payments, Dan Price, said on Tuesday that all his employees in the company's new Boise, Idaho office will earn a minimum annual salary of $70,000 by 2024.
In a tweet Price said, " This morning we cut the ribbon on the new @GravityPymts Boise office AND announced that all of our employees here will start earning our $70k min salary."
"I’m so grateful to work with this amazing team and to be able to compensate them for the value they bring to our community," he added.
In 2015, Price gave a hike to his employees after reading a study which said 'additional income can make a significant difference in a person's emotional well-being'.
He also made the decision to increase the salaries for all of his 120 employees in Seattle. Price raised the minimum salary to $70,000 -- and slashed his $1 million salary by 90% in order to make it happen.
The move doubled the pay of about 30 of his workers and gave an additional 40 significant raises.
Price says the higher wages have transformed the lives of his employees. They have been able to grow their families, more than 10% of employees have purchased a house for the first time and individual contributions have more than doubled.
Since then, Price has shared his story all over the country and has inspired other business leaders to do the same.
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