Why One CEO Set a $70k Minimum Wage, and Why HR Leaders Should Pay Attention
$70,000. This dollar amount dominated headlines this past week after Dan Price, CEO of credit card processing company Gravity Payments, announced his surprising move to set a $70k minimum wage for his entire workforce.
Moreover, Price also revealed that in order to fund the wage increase, he is slashing his own $1M annual salary down to the $70,000 salary floor.
Watch the video of Price delivering the good news with his staff, and pay close attention to the amount of jaws that drop as he discusses the details of the raise.
Price’s decision received a great amount of praise and, as Price expected, critiques from naysayers. However, he may have just inspired a movement.
Salesforce CEO Mark Benioff announced today that in an effort to ensure “women are treated 100 percent equally at Salesforce in pay, opportunity and advancement,” he will be, “methodically examining the pay of all 16,000 employees at his cloud-based software company to ensure pay equality.”