The Gravity of $70k
Members of the Gravity Payments team set the record straight on what’s really happening at the company with the $70k minimum wage.
The idea is spreading! Boston ceo inspired to dramatically raise wages…and change lives
Pharmalogics CEO, Megan Driscoll, first heard Dan speak at a conference in 2015. Inspired by his story of implementing a $70k minimum wage, she decided to change the lives of her team. See the incredible impact this had on the lives of her team and on her business.
Watch the video to see her reaction »
One more life changed by $70K
Amazing things happen when you get to work with a truly engaged team. A year after the announcement of the $70,000 min wage, the Gravity Team had a surprise of their own for Dan.
« Watch the video to see his reaction
$70K Minimum Wage Initial Results
Here are the first stats that showcase the early impact of the $70k minimum wage.
How a Million-Dollar Pay Cut and a $70,000 Minimum Wage Revealed a Better Way of Doing Business
by Dan Price — CEO of Gravity Payments
Dan Price gained worldwide attention in 2015 when he announced a $70,000 minimum wage at his company and would slash his $1 million salary in order to pay for it. While many praised the decision as a bold step toward combating income inequality, others vilified Price as a radical socialist whose “experiment” was doomed to fail.
But behind the headlines and controversy lay a much more nuanced and personal story—a story of an entrepreneur who realized he could no longer claim to be upholding his values if he continued to pay his employees anything less than a living wage. How could a company dedicated to helping small businesses fulfill its mission if the people responsible for helping those businesses were struggling to meet their own basic needs?
In this book, Price shares the experiences and events that shaped his decision—from his conservative, Christian upbringing in rural Idaho to the milestones that made him rethink the true purpose of business—and shows how taking a huge risk ultimately helped his company become more resilient and competitive. Calling on leaders to set and execute on their own purpose-driven visions, Price forces readers to question traditional market-centric business wisdom in favor of a more human—and much more sustainable—approach. It’s not easy, he argues, but in the end, the rewards will be worth it.
“At a time of massive wealth and income inequality in our country, Mr. Price sets an example that other companies should learn from.” —Senator Bernie Sanders
“A small Seattle company shows that capitalism can have a heart.” —Nicholas Kristof, New York Times
“The Dan Price Pay Experiment will either be hailed as a stroke of genius showing that entrepreneurs have underpaid their workforces to their companies’ detriment, or as proof positive that Gravity is being run by a well-intentioned fool.” —Inc.