Six years ago, CEO Dan Price revealed that he would raise the minimum salary of employees in his company to $70,000 a year. Right-wing media at Fox News and Fox Business laughed at him, mocked him, called him a socialist, and predicted that his company would fail and his staff would be on the bread line in short order. It was Dan Price who got the last laugh.
Doing a round of interviews, Price revealed that not only has his company not failed, it has flourished. The company, which handles credit card processing, has grown from doing $3 billion to $10 billion, he said, tripling their revenue.
Further, Price said that it’s been a huge help to his staff. People bought their first homes, they put more money into their 401(k) accounts, they began having children, and turnover for the company dropped in half. Continue reading.
