If Dan Price, the CEO of Gravity Payments, is performing a publicity stunt, it’s sure going to cost him big. In a daring move he has decided to raise the minimum salary for all employees of his company to a whopping $70,000 per year. How’s that for a boost in minimum wage?
The average employee at the company currently rakes in about $48,000, nothing to sneeze at. Over the next two years, the salaries of many employees working for the firm will double. If you happen to be one of them, congratulations! If not, don’t worry. I’m sure McDonalds will be raising their minimum wage to $35 an hour soon.
Price plans to increase employee wages by decreasing his own salary. He is dropping his $1 million per year salary to the minimum $70,000. He will actually be one of the lowest paid employees at the company he built from the ground up.
This is certainly counterintuitive to the current economic state of affairs. Most CEOs make a whopping 300 times that of their lowly employees. Price considered the going rate for CEO salaries to be absolutely absurd so he did something about his own salary.
Folks at STX Entertainment wonder: So what about getting a job with the company? I can only wish you the best of luck. Their HR department is about to get slammed with resumes.