Just about anyone in adulthood can tell you that working the average 9 to 5 job takes its toll on a person pretty fast.
We weren’t made solely to work.
And yet, everybody knows that living takes money, and earning money means work.
So, if we can’t redefine living in a world without money, maybe it’s time we redefine the value of our work.
Before the pandemic, people who work in offices still had to commute. Working parents had to prepare kids for school before heading to their respective offices.
As they clock out, it’s just another day, and they do it all over again the next day.
There’s more to life than work.
Yes, what we earn may be equivalent to what our work, skills, and lives are “worth”. Others even live from paycheck to paycheck.
With meager earnings, some could only wish to earn a raise, bonuses, and other incentives.
This CEO is done with disparate wages.
He shocked the world when he made one bold move to address the concern of a livable wage.
CEO of Gravity Payments Dan Price decided to cut his annual salary to accommodate the needs of his employees.
Dan was earning more than a million dollars a year while his employees only earned $30,000.
He didn’t like that gap.
He then announced that all his employees would have a minimum wage of $70,000 a year.
Dan did this by cutting $1 million off his salary and now earns the same as everyone in his company.
That’s a huge leap from what he usually earns but it is more than enough for him to get by. Plus, this closed the salary gap between him and his employees.
The impact was immediate and positive.
He heard how this move changed the lives of the people he works with.
By earning more, some of them get to spend more time with their kids, get to eat healthier, and get to take care of themselves more.
Their wellness is worth the cut.
For Dan, this is more impactful than any amount or number on his paycheck. This act of kindness also inspired something Dan never thought the staff would do.
Gravity Payments’ revenue took a dive during the pandemic, which placed a moral dilemma upon Dan regarding how to keep the company afloat.
He told his employees about the company’s status and that the options were either to raise their fees to $20 or lay off some employees.
But his employees had a better idea.
They wanted to take a page from Dan’s book and shoulder some of the burdens to the benefit of all.
“They came back to me and said, why don’t we see what every individual on the team can do in terms of working extra hours and volunteering for a pay cut,” Dan Price said in an interview with KTVB7.
He admitted that he was blown away and was grateful for what they did.
Around 98% of the employees volunteered a pay cut of 50%, while others didn’t ask to be paid at all.
Those who didn’t go for the pay cut still contributed by working longer and doubling productivity.
The company is still standing.
Dan admits that the unselfish act of his employees kept them afloat.
Gravity didn’t just maintain. They’re actually on the upswing.
While Dan himself has stepped down as CEO due to personal reasons, he is still the sole owner of the company which has already bounced back from the impact of the last few years.
And, though some employees had to take a pay cut to keep the company on its feet, they have already gotten their full salary of $70k/year reinstalled plus backpay from the months they endured the cut.
It’s pretty much safe to assume that Dan’s willingness to cut his own pay to increase that of his team’s has been quite the inspiration.
Hear more about Dan’s decision to shave a $1M off his salary to pay his workers more in the video below!
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