CEO who gave all his employees minimum $70,000 paycheck thriving six years later
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- Опубликовано: 14 сен 2021
- Dan Price faced praise and criticism six years ago when he boosted all his employee's salaries to $70,000 a year. But instead of the economic gloom and doom that was predicted for him, the company and its workforce, by all metrics, has thrived.
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It's almost like paying your employees a livable wage makes them wanna work, and increase productivity.
strange indeed
Makes them more competitive to keep that and if they can't? Well, there's more people lining up for the job because of the wages.
His imployees arent making fast food sandwiches lmao
Almost indeed.
It worked great for his company, but it shouldnt be done everywhere
The employees took a pay cut so the company could stay open, and then the company payed them back once it had bounced back. That’s fierce loyalty and trust on both ends!
So it is not possible. The loonyliberal theory is that you can pay workers a lot through the good times and bad. But you can't. You can only give bonuses during good and take them away during bad. Which what all other companies do.
@@haylobos8261 "It is not possible" ...His business is still thriving. You're literally watching that it is in fact possible, while whining about how it isn't possible.
It's 100% possible, but companies are kinda forcing the issue because they don't want anything less than 500% profit and it's hurting the country as a whole.
GDP means nothing if half the country that isn't in jail is struggling while ~20-25% of the total population is in jail.
This asinine ability Conservatives have to worship the almighty companies and the almighty dollar while claiming to follow God will never cease to absolutely baffle me.
@@haylobos8261 there are a couple countries on Europe that prove you wrong
@@haylobos8261 how did you watch all this and then say it wasn’t possible after he literally proved that it is. If that isn’t ignorance idk what is.
@@tinymushroombigforest9745 You got no brane? They had to take a 40 percent pay cut. High wages for ordinary workers is not possible. He gives high wages when the economy is booming. Then lowers them when there is a recession. Which is what every company does. Get out of here with your liberal baloney.
The negative response about the choice the CEO made to pay his employees a min of $70,000 really speaks volume about the greed and the value those people see in their employees. Why not pay a wage to allow your employees to thrive, to live in a house, to start a family. This is how you build a trusting, loyal foundation.
%5000 this
If everyone did this it would become expected and the companies would no long have all that trust since its regular, not worth anything special
tbh 70k wont get you a great living in seattle but non the less i appreciate this guys choices. lowest house costs here i have seen are around 400k
@@BenJaminLongTime key word 70,000 minimum
@@BenJaminLongTime 70k gross or net income?
I hope this man and his company thrives for many years. He is a blessing to his employees.
He has a superiority complex. he has accusation of harassment and rape, with police investigations. The company is also financially unstable and has been since the day he announced this 6 years ago
@@bryan-cv2ewthey were bound to come for him.
@@bryan-cv2ewThe allegations were dismissed
Partially true. The company is doing well. He did get charged but he beat the charges. None the less, he still stepped down as CEO so he wouldnt hurt his company or workers. @@bryan-cv2ew
sure sure soruce trust me bro@@bryan-cv2ew
I still can't believe people are mad at this guy for wanting his employees to have a decent life. He is probably one of the best CEO's out there.
@Zombie look at walmart one of the bigest super market chains in the world what has all that companys growth done for its employees? absolutely nothing they still get payed minimum wage the only people who benefit are the 00.001% at the top. thats not healthy for the economy
@@sillyseattlecatOther corporations hated it because it made them look bad and it skewed the “environmental” pay scale. When I worked, it became clear that all the local corporate managers had an unwritten agreement that one would not pay their employees much more than the others. That way, it tends to keep employees from jumping ship for better better pay elsewhere.
That's what struck me the most from this story. I don't get the backlash he received for having a minimum pay to his employees. As per the report CEOs make 320 times more than their workers so there is no reason not to do this. They're just mad because he is showing them it is possible and that makes them look bad. Shame on them for even saying in advance that his company will fail. I am so happy it didn't.
All of them were heartless greedy republicans
Great story and it was telling to hear Rush and the other establishment losers hope for his failure. What did Rush contribute to the world? Absolutely Nothing!
A man stands at his tallest when he bends down to help someone smaller than him.
they were never smaller then him.
@@Saveg36 we know he or she didn't mean it in a condescending way
no man stands taller than when he bends to help a child
@@whynot2734 his employees already had money, he should have just sent the money to a charity instead of his employees
@@Saveg36 You’re not wrong, but the quote is assuming something that many people in society tend to think; that people of increased wealth are bigger than those with less wealth. This assumption comes from the fact that they can afford more things, and sometimes it even goes as far as assuming that the person with higher wealth has a more difficult job requiring more education. To some degree, they aren’t wrong, but if we’re thinking in a more realistic and philosophical way (like you are), you’re right, a person’s wealth shouldn’t and does not dictate a person’s value and place on Earth because we all die at the end of the day, right? 😂
Bottom line, you’re right, but the quote is addressing something many in society believe is true.
This is exactly what large corporations don't get, that's why there is A HUGE turn over-rate in these other companies, schools, universities. This guy knows what he is doing.
Oh they get it alright. Keep in mind this guy only makes 70k a year himself. Corporations obviously Could give less to the guys at the top and more to the everyday workers, but they simply have no desire to do so. The guys at the top want it all for themselves. Which is exactly why so many right wing/conservatives attacked this guy and called him crazy and this stupid. Because it goes against what they believe in which is hoarding as much for yourself as possible. If you aren't doing that you're doing it wrong in their book.
They like the high turnover rate. Experienced employees with years under their belt are more expensive than entry level.
@@bestieswithtesties I'm one of those considered "right wing/conservatives" but yet my thought process is no where near what you mentioned. I agree 100% with what this CEO is doing, because in essence, this is how you create loyalty within your own company. Think about it, would you be at a miserable place getting paid crumbs or move on to where you are valued and well compensated. It's really a no-brainer , if you ask me.
@@Stevie8654 Great point!
What's terrifying is that you're probably a grown man
"A CEO who SHOCKED everyone!" By paying his employees a living wage.
Way more than just a living wage lol
@@isviewer well everybody could live with that salary if you wouldnt have people stacking up billions lol
I mean It's more so impressive that his annual income is literally the same as the lowest salary he pays his employees. If that's not pretty remarkable I don't know what is
@@isviewer 30k is NOT a livable wage. Scraping by pay check to pay check is not living. What planet do you live on?
@@JSOD88 It's 70k though.
Having employees be so loyal that they take a 60% pay cut when your company is going through hardship speaks for itself. Him paying them back as a thank you for sticking by him is virtually unheard of in America. This man is a god send.
No doubt, definitely a Godsend!
One in a million...or trillion...? A blessing to the employess for having a leader like him😘
@@JMK948 he looks like him
Facts
the only reason they usually will support the company is because they depend on their job for money
I like how people are triggered he’s paying his employees well
Of course they're triggered, conservatism is nothing more than cuckoldry to the elite class. So when someone comes along and shows that not being a rapacious villain can actually be a good model for success, that's essentially an afront to their worldview. You should have seen the ill will the ghouls at Fox News had for this guy's company.
Did you catch that too 😂😂😂🤣😅
@@deoxyribomorph99 what?
@@deoxyribomorph99 seriously, bet the cognitive dissonance becomes too much for them.
Lol they're all Gravy Seals and Meal Team 6 mf's. It's so sad because these guys take woodshops class in high school and then turn out to go full on MAGA by the time they're out.
The people who were actively against this ceo for taking a pay cut and wanting the business to fail should be enemies of the public
I like the part when they called him a socialist, those people are so hungry and desperate for pennies, so greedy
There’s a balance, this guy deserves to earn more than his employees, 💯 for sure because it’s his business, risk, etc., but I love what he did and what he created as an work environment. Happy & well paid employees, sharing the income & success makes for a thriving business…. Greed and politics can ruin a business. People should learn from this guys business model.
i just died that dude brand marking him a socialist haha
@@bekhele agree. That was ridiculous 😂
Its easy to say when u dont own a company.
Biger risk biger earn
This literally works because when an employee knows that their boss treats them like an actual human being and not just a number on their sheets, they'll actually feel more like a family and will work better efficiently
LITERALLY
Biggest part of this is how loyal his employees are. Crazy how people naturally repay the kindness you show them
You give and you shall receive
Exactly! This a very beautiful story!
@@boykidmanboykidman5420 Amen
Not true at all.
Usually people take advantage of your kindness.
Im glad it worked out for him tho
@@lindisopaj clearly not, loo
Lets not forget the general public wants to support companies who treat their employees well.
I always feel better when I go patronize a business where the employees want to be there. I realize that the point isn't how I *feel* about the business but it really doesn't make a difference to the whole business experience.
Htf does a toilet janitor get 70k a year???
@@posh7079 you forget that janitor is still a person who has value, i can't believe you didn't learn that during the pandemic.
My jaw dropped that the company is 4 months close to bankruptcy, but if it wasn't for the employees love for this company and maybe because they are thriving in life earlier because of that highly generous pay increase, volunteering for months of pay cut!!!
They wouldn't survived by now!!!
The CEO then saved his employees by raising their pay, and produced a loyal employees back then.
Now his employees saved his company back by then volunteering to not get paid for a bit.
That's just close and tight corporate family love right there.
Exactly! Great point!!! A great guy to work for and a great guy to do business with I’m sure. Awesome all the way around love it
I’m crying. This man is a gift. Don’t ever leave him. He’s the only CEO who has done that.
this company wont fail. morale is a key factor in human performance, it crucially affected the most important wars and conflicts in human history. this company stands no chance of failing, this is a CEO that has the loyalty of all for his integrity. they would never give up.
Well said! I hope this helps inspire more entrepreneurs
@@breakpause6082 Dan came to talk at my school and I didn't go. :(
I mean there's more to it than employee loyalty, there also has to be profits.
Unfortunately since he’s just been charged with sexual assault, paired with his ex wife’s domestic abuse allegations; the chances of his company failing seem quite likely.
@@jvogler_art4708 Which this company's making despite paying their employees well.
Profits don't have to come at the expense of the worker.
Imagine paying workers a livable wage and treating them like human beings that are actually integral to your company's success? What a crazy concept.
Sad, right? This should be the standard. 🤦🏾♀️
Madness!
Far right Republicans can’t believe it
I could. But i dont have money.
This person is delusional. Some one take him to the infirmary.
Wanting this company to fail shows how evil the corporate mentality and it's media allies are. Paying people a living wage works.
Paying people what they are worth ? This is the united states. How dare him do a good deed.
@@claudius_drusus_ L o L not in the united states. Slackers usually make more than the workhorses
@@claudius_drusus_ If you turn 10 dollars of product into something that can be sold for 100 dollars, you are worth 90 dollars to the company.
If the company pays you what you're worth, they will make 0 dollars in profit, and will never be able to expand or do more. To pay someone what they are worth is fundamentally incompatible with capitalism.
@@kinoweiss702 this man just proved ur theory wrong. He paid his employees their worst and yes in the beginning of this new change he took a hit. But it worked out and the company tripled in profits. And because he did right by them, they did right by him and took a temp pay cut during the pandemic.
When companies pay their employees their worth, the company thrives, because they have just as much to gain from their employer's success. Makin a $10 product into $100 product and then only gettin paid $5 to live off of, doesn't make for loyal or productive employees.
@@CarolynLewis-2lov3ly Just listen to yourself for a second. That just means his employees are worth more than 70k otherwise the company would never be able to expand and triple in profits. It's just basic math. You don't create extra value from 0. He is not paying them what they are really worth but that's okay, he is paying them enough money to be in that grey line of moral capitalism.
He’s a shinning example of a leader. Someone that is in the trenches with his people. Whereas Tim Cook takes $100 Million and thinks he deserves it.
Really every CEO of every major company
"shinning"
Yes. That is correct.
Brain damage comment
in the trenches... with his millions. delusional.
He kinda does since he runs the whole company
When you treat your workers like people, and show you work for them, of course they will be dedicated and loyal to the company. Love to see it.
Shocker right?
"In February 2022, Price was charged with fourth-degree assault with sexual motivation, fourth-degree assault, and reckless driving, all misdemeanors, after a 26-year-old woman accused Price of forcibly attempting to kiss her."
@@SocksFN Wikipedia
@@metacube9913 How does that have bearing on whether or not his companies pay schemes were good or not?
@@sclair2854 "When you treat your workers like people"
The trick is that the CEO earns 70k too but he also earnes HUGE respect and LOYALTY.
Not really
@fosterpainter This is why capitalism is failing. Capitalism replaced mercantilism. The main thing in Capitalism is that companies have no responsibility to the system that they leach off of; no other purpose than to generate profits.
Yes, lead by example
And profits, which is awesome!
That and I'm sure he has other income sources.
It’s almost like treating your employees like human beings with the dignity and respect they deserve has benefits.
Who could've guessed
It surely does, no doubt about it
Imagine that
Wait you might be on to something 🤔
No, this is ABOVE AND BEYOND giving "dignity and respect." Much more. This spirit of his is, well, GOD-Like. #sacrifice
look how they look at the ceo in the end with hearts in their eyes. they absolutely love him
I don’t have an issue with CEO’s making more than their employees. They did the work (sometimes) and made a successful business and deserve credit.
BUUUUT, it’s the massive difference in pay that’s the issue. As he said in the video, these companies are focused on the absolute highest return possible under any circumstance. Most CEO’s out there could give everyone at least 70K and still be absolutely filthy rich, but they don’t.
And this CEO obviously values legacy over money. Having control over your own company is a form of compensation, he doesn’t have to work the same hours, he has complete control over the direction and impact his company makes on the world. Having the control of the ship has to be a fulfilling feeling and way of life in and of itself - regardless of making enough to own multiple homes, etc.
This man is richer in life than most humans with the things money doesn’t buy.
Great leadership, humility, humanity, honor, love, community.
Although he makes 70k he owns the company so his net worth is higher. Just saying but this guy seems like a pretty cool CEO.
@@noahremnek3615 Can you tell me what is net worth of being loved and respected as much as he is?
@@zpetar Idk his net worth exactly but it probably decently big.
Long hair...
A true king
I would fight for this man! damn I wish more CEOs would realize how much respect this brings.
We need a new term for this: this company is a "wealth dynasty," where part of the business's mission is not only to make great profits, but to make their employees as wealthy and successful as possible. The two do not have to be exclusive. Imagine how powerful your business name will become if employees are treated like royalty. I bet many of these employees' kids (and their grandkids), will work here too.
this is spot on!!! everyone can enjoy wealth and grow at the same time.
The fact that employees were willing to take a voluntary pay cut to help the business AND THE BUSINESS PAID THEM BACK...wow. AND they all chipped in to buy him his dream car...talk about a work family. Amazing...kindness and compassion goes a long way.
If you say 70K, it should stay 70K. Not 70K when the economy is booming. Everybody already does that. They pay more when the economy is booming and then reduce it in bad times. He is just a charlatan. You people are silly.
@@haylobos8261 the employees CHOSE the pay cut. He didn’t take the money off them. They OFFERED. Did you even watch the video??
@@DebbieAkano they probably watched the whole video but did not register that one because they only want the negatives on all the positives that happened in this company.
@@haylobos8261 No they’re not silly, you should go look in the mirror and tell us where that brain of yours have gotten you! Why did you think it was necessary to inject your dystopian, draconian, fried up frizzle mentality, and all your negativity into this conversation? So maybe the silly one is reflective of you! So let me ask you this question, do you wear a mask?
@@haylobos8261 you're just mad your employer doesnt pay you like a living breathing human being that needs to stay alive
A business where the employees DECIDE to buy the CEO a new car?
What a plot twist.
lmfao never heard of that a day in my life
Lmbo 🤣🤣🤣 yeah
A grateful one! Employees who knows their boss got their back!.
That truly is amazing
The stranger part is that he is deserving of their generosity
This is what you call a REAL man.
This man is an inspiration to everyone except other CEOs.
the fact that he KNOWS how many of his employees are buying houses and having kids. THAT is what leadership looks like.
Excellent definition of leadership, Block.
Leadership has absolutely nothing to do with intrusion on peoples personal lives.
@@smolpener7430 Thank you for providing an example of what Leadership is not. We should all be so fortunate to avoid the mistakes you've made.
@@smolpener7430 So you think that he secretly taped every birth that took place and kept a tally in a little black booklet? I'm sure the employees voluntarily gave him that info. You sound like a complete nut job, and its never too late to delete your braindead comment by the way!
@@smolpener7430 Go to sleep bro
He humbled himself and put himself in his employees shoes. This is an example of a good human being. God bless this man.
He has.
Oegcbb.
i hope he sets a trend and other companies see the benefits of paying their employees more not just for them but for business in general
He's a complete and total fraud. He purposefully manipulated thousands of client contracts to not only gain an unfair competitive advantage but also swindle millions for personal gain. His brother and his father own a separate company called Axia Payments where they banked millions then got handed a huge lawsuit because Dan Price sold trade secrets and business information for 1,100 clients to launch his own processing business. He has a very dark past and he's lying about only making 70k a year. You can find dozens of articles written by investigative journalists exposing him.
@@intihumala9087 cant believe everything you read, I worked for a processing business in NYC. If any of the articles were 100% true he'd be sitting in jail, those supposed claims against him are federal offenses and money laundering.
This guy earned my respect when he said he took a million dollar pay cut. Way to stick it to the corporate giants.
This man selflessly gave to the wellbeing of his employees and the Lord returned that generosity and more.
nope, the „lord“ had nothing to do with it. it is the ceo‘s achievement.
@@loge9981 go be an atheist and trash on people's beliefs somewhere else 😑
Wasn’t the lord. I’m a Christian, but we can’t blame the bad things on god, so we can’t say all the good things are god either
Crazy what employees are willing to do when they're treated fairly and giving a chance to succeed in their workplace. This man is doing God's work.
He will continue to thrive
You can tell these employees will never quit. They all seem so happy.
Yep the other business owners who don't like him just mad he exposed them for being greedy world is pure evil
Get back to work lol
Some employees think that they're not treated fairly enough when they actually are
This man does something completely selfless and all those people wanting him to fail? But loving the selfish billionaires who give far less and care less
This!!!
Makes no sense
People love to worship something bigger. It’s the effect of liking something you can’t have, and viewing kindness as weakness. It’s human behavior. Some people are just so inferior.
they DO NOT care about the people
@@AdrianTheSlay3r1 you say that it is human behavior but then say that some people are inferior? Your ego is showing there!
"I am way happier than I was before" is THE most important sentence in this clip...if this business, for any reason at all, would be failing, I bet he has an army of employees ready to build up something new from scratch in no time...people value stability over everything...we live in a time where stability is an illusion...loving what you do and being part of a group that can overcome anything together has value, that can hardly be expressed in numbers...This man has build a LIFETIME of success here...no matter what business he will be running in 20 years....I cannot applaud the bravery and vision of this man enough!
This is heartwarming, this is what happens when you put people and relationships before dollars. Props to the CEO and company for successfully modeling a sustainable growth.
Imagine a company giving their employees enough money to live a life they want. His employees are working out of gratitude and absolute wanting to. He is not socialist, he's human.
Nobody works out of gratitude. They all need money to live. But it was nice of him.
Humanist
"Seattle tech company pays Seattle tech wages"
@@robertmccully2792 yes you do work. %100.
LOUDER!!!
We need more CEOs like him. The fact that politicians and capitalists trashed him is so disappointing. They're so greedy and out of touch.
As a capitalist I can’t agree more 😂
Unfortunately he's a serial woman abuser/assaulter. Why does this always happen with the nicest-seeming guys? :(
You should stretch before you reach
@@browncatwithblurredbackgro2461 shut up bro
@@browncatwithblurredbackgro2461 how many older people do you think can genuinely preform at a job that I assume is 99% computer and over the phone work. Has nothing to do with whom he hires and everything to do with the fact that the older generation isn’t as good with technology by large.
Finally, a company that is employee-centric. Absolutely amazing!
I can literally watch this story a hundred times & I won't get tired. I'm thoroughly inspired. I knew there was still good in the world. God bless you Dan.
He has been charged with rape.
the fact the employees bought him that car means that they are loyal and grateful. no one else would do that for their CEO. i hope this company thrives
I don’t know why. He was already a millionaire
@@louissanderson719 because he cares about his employees and doesn’t seem them as discardable trash?
@@louissanderson719 maybe cause they wanna thank him for changing their lives, yeah didn’t have to do it, but did it anyways just like how he raised their yearly salary, and his company is still thriving cause of his employees.
@@louissanderson719 money doesn’t matter if people don’t think to give you gifts no one likes you.
@@louissanderson719 i think he got less and less of a millionaire over the 6 years he wasn’t paid millionaire money if you know what I’m saying?
This ceo actually cares about his employees not just money. Blessings to this man.
Exactly friend Gd heart
Double your return in six months!
He is an incredible human being
I wonder how many of his employees would fallow this boss and open a company and pay that well to their workers,or maybe they are too selfish to do that.
I agree.
You know what's interesting about this, is that this is actually how a business should be. The lashing from the corporate *sshole cultures getting insulted and immediately slamming him just shows how threatened and egocentric they are - they only care about their own wealth and millions, and that's a really empty life to live.
Instead, you have a business that works like a 'family' business, and it thrives. The huge paycheck works, as people suddenly find themselves in a situation where they don't need to worry. With 70k, especially if you have two family members both working in the same company, that family has a 140k paycheck. There is no way that any regular normal person without serious issues wouldn't find themselves landing on their feet thanks to such a huge sum.
Obviously, it indirectly asks a lot from the employees and i'm sure they put in many hours - but even then, i'm sure that if they'd rather work less, then they'd take a pay cut and then get to work less.
The net result obviously is you have employees free from (economic) worries, whom are able to afford their own housing (quite easily), food, clothing, vacations, and have a family 'worry free'. As such, they don't need to look for a better job - their job is what gets them this opportunity. As such, loyalty comes almost at a standard. Loyalty really is not even a thing, as the fact remains there's little chance they could do better elsewhere, so why even bother? And, since they now no (longer) have the desire to leave, all the knowledge is contained and benefits the business. The employees are also content with their job so will rate their employee high, defend the business, and as such, it is perfect business promotion. The fact the owner took such a huge financial 'hit' to do this, brings him to their level or better said, keeps him firmly planted with two feet on the ground and as such have the respect of his own employees as they are also 'co workers'. It's a really down-to-earth business model and it actually makes sense.
his honesty shows through the fact that to survive (the pandemic) a paycut was neccesary and the employees did, but to then not only get the employees back on their salary but actually pay back their 'cut' is genuinely admirable.
As for running a business like this in regards to employees - i'd say this is how it really is meant to be and/or should be. If all businesses were ran like this, imagine how much better it all would work.
And the best/worst part about all of this, is that with even bigger corporations, with even bigger margins, CEOs could STILL make more than their coworkers, and STILL be able to pay them like kings. Not everyone would have to go as far as Dan did, but just going a little bit would help make society so much better. Truly a man to admire.
What a fantastic CEO! He will always, always thrive. This is how you measure success . . . by those around you. Thank you CBS for this wonderful story. Mr. Price, you rock & roll baby!!! God bless you & your employees. Ironic the name . . . Gravity, Wow!
Probably the best example of how a CEO takes care of his people, and they in return give him fierce loyalty. It’s about the relationships at the end of the day
Thought the same thing. This is amazing Wow 😍
Probably the only example as well.
@@AddBowIfGirl socialism can work in a very small scale, but when u talk about millions that is a complete diferent beast, there is no control over what everyone is doing, u will have alot of people just sitting around doing nothing waiting for the pay check, and that will create a domino effect that will colapse ur system, socialism is based in the naive premise that everyone is an angel and will do what he is suppose to do for the good of everyone else, and that... is just stupid.
"Its alot" what?
@@namamora1190 strange though how those socialist policies are actually working in most industrialized countries... basically the whole of Europe (about twice the population of the USA) is made up of social democracies.
This is the only company you can call "family" without being fake. Other companies have this family culture BS but it's for you to stay in the company while they pay you peanuts.
a lot of them have family culture but only between low earning workers...
True
Maybe the other companies are family too, it's just terrible abusive ones.
@@gateauxq4604 i wouldn't call those families then
Peanuts xD
This guy is a hero!
Hearing those numbers makes my head spin to be honest - an average CEO in the US make 320x what a typical worker does?! I work for a ~500 person company in Sweden and I'd be extremely surprised if my CEO makes more than 4-5x my pay.
Europe > America
Shareholder capitalism at work. The single worst invention by mankind.
@Pork n jeans communism and capitalism are two sides of the same shekel.
Typically a founder makes more because they take on all the risk. I thought that was obvious but I guess not.
@@J3-2344 because there is no risk. When you separate yourself from your company with an LLC you can declare bankruptcy and only lose what’s in the company name and keep your personal fortune. The “risk” is a lie to workers don’t realize they’re being exploited.
Back in the 1990s my dad did something similar. He had a dental office and paid all his employees a little over $700 a week which would be around $37k a year. Keep in mind this was back in the early 90s. On top of that, every employee got a bonus between $5k-$15k at the end of the year. So he would write each of them a check and depending on how much extra they did over the year he would hand them a check between $5k-$15k as their bonus kind of like a “thank you for helping out”. With inflation and everything this is equivalent to 100k+ in the 21st century (their salary+bonus). My dad believed he was being generous by doing this. He retired in his late 40s early 50s. Something came up about his early retirement in a conversation we had recently and I asked him why he retired at an early age. His response was that his employees played a big role in his retirement. Even though he was paying people what is equivalent to a six figure salary now a days, his employees would always ask for a raise and complain. Their attitude was “If you’re paying me double what the guy down the street would pay me that means you must have enough money to pay me more”. Even people who worked as a receptionist would do this. What a lot of people in the comments don’t understand is a lot of people are greedy and no matter what you do, they will always ask for more.
I find that extremely unlikely, I think 99% of people would see they're getting way more than they could get anywhere else and massively appreciate and value their jobs.
I know if I were given this opportunity I would never complain again in my life, 60-70k is the perfect amount of money to have a comfortable fantastic life.
@@Tedmason897 oh you'll be surprised. idk if I included this in my comment or not but im too lazy to go back and check but let me add onto that. So my dad gave all his employees bonuses and he gave this lady a 13k check as her bonus. Not even 1 week later she asked him for a raise and said she needed more money because her husband wasn't making enough. Not even 1 week after getting a 13k bonus.
@@Tedmason897 People like this exist. My grandpa owned a bike shop and had 1 employee not including me. I worked there part time to help out for no charge. My grandpa paid him very well because he knew he didn’t have much time left and he didn’t need the money. Most of the money that came in went into his paycheck. He still asked my grandpa for a raise. What makes this even better is that this was less than a month after he bought a new car.
It’s crazy how some were against this move. If this CEO wants to give a good wage to his employees, let him. The critics are probably the ones who love seeing homeless people on the streets and then blaming the government for it.
Other businesses were critical and against it because of it worked (it did) there would be a real precedent for paying employees more and CEO’s less.
The problem was this guy wanted other businesses to be FORCED to follow his business model.
@@michael7264 I mean 70k a year in Seattle should be very little to ask for considering the standard of living. 35k is completely unreasonable
It's 100% ok if it's on a voluntary basis, when it becomes a problem is when people want the government to mandate this business plan
EXACTLY!!!
He is a man with a golden heart. He cares about humanity. Kudos
There's a difference between being charitable and financially thriving. Obviously allocating your own paycheck to your employees will work as long as you deduct your own salary. That's not a success, it's charity. Good for him, but how can you expect CEO's to incentivize their ambitions and innovations with a meager paycheck that does not expand? Isn't the point of a business to be profitable to the individual to some extent? The man is running some payment company, nothing large-scale. You can't motivate high ranking employees with this business model, clearly Dan Price is the sole captain of this ship, and I'm sure it's a feelgood story but it's certainly not viable. Nonetheless, the poor will be tempted to elicit this example as a call for equitable pay in line with socialist doctrine.
Well he figured out a way to get rich on the side through speeches and interviews. He also grabbed a ton of wealth before he did this move.
@@Leoo117 You're saying people shouldn't build business for accruing money but for securing happiness?? Such an egregious projection. Not everyone has such 'virtuous' hearts. I'm sure you'll build and manage your own business, expand it, all for one static price tag. Meanwhile, expendable employees will cash out of your hardwork. You clearly have no clue about management and leadership because you're just a poor sod.
@@maaz322 Your missing the connection here. Yes, you build a business to accrue money, but it is more efficient to accrue the money if your employees are happier. THAT is the connection here. Don't take my word for it. Take the word of the guy who already did it. He was humble instead of haughty. Also, there is no need for calling names and being disrespectful. I wouldn't do that to you, so please don't do that to me.
His company is a software credit card merchant services company. It has no physical product. Doesn't need expensive business insurances coverages. Just basic ones.
His company charges 1 to 3% of credit card purchases and monthly fees.
On $100,000 running charges can make north of $3,000 month.
Looking over is books they have $3.4 billion in purchases with over 15,000 companies.
So they making $100 million year gross income.
They have around 200 employees. So about $14 million goes into payroll.
Yes, only 14 out of 109 million a month. Around 14%. This guy is a hero, lol what a good samaritan LMAO. You know he gets the money on the back end. Any smart CEO would pay themselves as little as possible.
Jeff Bezos salary was $81,840.
ive said it my whole working life, employee retention is one of if not the most important aspect of running a business, this is amazing to see
This is definitely a win win win. Customers are satisfied, employees are happy and moral is high and the owner reaps the benefits!
“I feel bad for people with lots of money, because that’s all they have” -RJ Spina
This guy is awesomely the opposite of most CEOs
You must not know what money is for😂 go vote biden again loser lolol
Amen.
Instant Hero.
Paying back the short they took during the pandemic after business returned to optimum is fuking stellar.
This guy knows that happy employees will be loyal and give back as much if not more than he could give them.
Alternate title: Man who overpays his employees only become successful after 6 years
@@LOKSTED most businesses completely fail or go bankrupt within 2-5 years. Your point?
I don't understand why anyone would be upset with a CEO give his employees a livable wage. Both my husband and I work full time and we are still living paycheck to paycheck. Wish this was the norm for more companies
Because they are greedy and wicked.
Same!!
@@ultraplusmusic6101 ???????????????????????
It's complicated, right? Capitalism allows companies to find the cheapest labor possible, if they so choose, in order to maximize profits. For a janitor at a local gas station, this might be $8/hr. Whereas a manager at a local restaurant might make $40k/yr. Either way, it's bare minimum based off the market and what people will accept. This guy, however, comes in and says $70k/yr minimum, regardless of market. This is simply an entirely different philosophy then everyone else operates off of. His philosophy requires thoughtfulness and sacrifice and is based off a concrete ideology: that people should make a living wage (of course, what a "living wage" is can be debated).
At the end of the day, if the result of all this is that people stop accepting such low salaries and businesses have to start paying their employees more money, I don't think it will be that big of a deal. But as of today, companies are pushing back mostly because they know a large percentage of people are willing to accept much less than 70k. Therefore, raising salaries above what's necessary to hire the employee is foolish (in their minds).
how ? …
What a kind ceo so nice to his employees
Sounds to me like he has a vision for his company and he is sticking to it. Simple vision and a spirit of helpfulness, servant leadership. These are all principles managers are taught. This guy just had the testicular fortitude to do it as the business owner. There are more successful companies out there doing these things as well. Admirable.
Imagine that, being paid enough to live comfortably leads to BETTER EMPLOYEE RETENTION
Exactly!!!!! 💯
No way
I’ve been making scraps and I keep hopping jobs that also pay scraps
I wonder if I would stay at a company that didn’t pay scraps
@C K that's base salary. His main net worth is in the equity of his company.
@C K obviously he can, but a gift is a gift
💯
Not only has he made his employees loyal he's made customers want to do business with the company because of the humanity he's displayed, well done mate.
We talkin about twitter right?
We should question why we do business with Amazon & Walmart....???
Good example of honest and loyal business right there
Do you actually think he does a single thing for his employees? He did this as a ruse, to glamourfy himself. and he has many common people tricked. however most pros see him as another youtuber
@@greenwave819 well according to the story he's done more for people than you probably ever will with that attitude.
Great leadership and a fine story! America needs more business leaders who make sacrifices for their company and their employees. And look at how all those commentators get to eat their words. Good for them, serves them right.
What an amazing human being!!! He is the opposite of greed. He cared and gave and, in return, got back 10 folds. He is such a smart, caring, upstanding young man. Kudos to you. I wish all bosses were this generous.
They hiring any lawn guys over there?!
Lmao
I’m sure they will just have to take a few classes that take years
Hey Brad are you gonna give your employees $70k/year now lol? Love your channel btw
😂
They're currently hiring
This guy is a hero. He didn't let Greed control him like 99% of most CEO's!
But we will not be satisfied, than they will want a raise later down the road. How much can you pay them?
Lets raise that number to 100% and just say he's the one CEO ever to not let freed control him.
@@samuelsanchez2010 did you watch the video? When there was a downturn during Covid19 the employees voluntarily took pay cuts. Now that's loyalty.
You get what you pay for. This company pays for happy, motivated, loyal workers. And generous, they chipped in to buy the boss a fancy car!
Similar story: an ice cream shop started offering I think it was $15 an hour. Now they have plenty of staff, unlike all the places you see who can't get anyone to work for them. And the owner pointed out how the staff are happy and cheerful because they didn't have to work 3 jobs to survive and the business was doing great because people wanted to go there for the excellent service.
He is ABSOLUTELY AMAZING! HE HAS BLESSED so many people, even taking a pay cut from his own self! Greed is not in his moral compass & I pray his business goes on to be so successful especially during this darn pandemic for many many many year's to come!!! We need more businesses & CEO's/CFO's like this! The world would be such a beautiful place if we can do things like this! Coming together by putting other's above yourself! Absolutely love it..You good sir, are a rock☆star! Sending you love & praise from Cali!
99.9
All companies need a boss like that way to go keep up with the good work
He found happiness, meaning, purpose, legacy, respect, appreciation, support, trust, loyalty, growth and love. Not to mention success. Other CEOs made nothing more than money. The mere fact that he was attacked for having a good heart just shows you how corrupt the corporate culture is.
He not only found it, but he’s spreading it. He’s truly blessed.
Nicely said.
So true!! He has what really matters, and has made people's lives better as well
Exactly!
Well said he needs to start his own MBA programs too…put them all to shame. God Bless this man
Man if my company did this… “fiercely loyal” would be an understatement.
Companies get what they give
I’ll be fighting just to get to work
period
@@jio06 literally
No fool. Companies get what the market pays them
So true
This guy should be the standard of togetherness and how to live in business with out greed. If all companies had this model structure our society and the world even would be a better place to live, people being happier and more productive knowing that their needs will be met. Thank you Dan Price for being a hero and a genuine human being.
Good nature over ego, its encouraging seeing this.
He should be teaching in every MBA program across the country. His humanity yields what money cannot not buy; community. America could use a reboot in this humility.
Amen to that
thats why i left permanently and came to Africa
Not everyone should get a 70000 dollar paycheck 🙂
@@mr.horrorchild4094 Not every person would want it. Employees whose values align with this company are the ones who want to work there and are earning their pay. People who don't work hard, aren't team players, or are self-serving either left or didn't get hired. I see no problem using a pay scale to weed out unwanted employees.
So that every future business owner can bankrupt their company within days? nice!
An absolutely BEAUTIFUL display of human kindness! Bless Dan and the employees at the Gravity!
Just to make sure you know. Software Engineers can make over $100K elsewhere.
If you are a superstar software engineer. Would you settle for $70,000? If others don't have your skills or work ethic they get paid the same you wouldn't feel okay with it. They leave you to work more hours and all of you get paid the same. Even entry-level assistants.
Also, the guy is loaded. He makes money off his company in form of dividends. Saves a ton in taxes. I guess he doesn't believe in paying as much in taxes.
@@alpharenz1329 Yes we are aware, we're a dance education tech company
@@alpharenz1329 You miss the point. $70k per year is the MINIMUM. The vast majority of his employees are not software engineers and nobody is under any delusion that Price will not eventually benefit from his company value appreciation, which is considerable considering his success, but since his company is private I'm not quite sure I understand your "dividends" comment. How is he making "dividends" on his company? It looks like he's putting the profits back into the company and its employees.
@@5350nbrookmist as a private company you can hand out disbursements/cash dividends. You can look it up, ask Google to help you. It is a way to avoid higher tax brackets. Not faulting the guy. Just point out what should be obvious. Most CEO elect to get lower salaries.
This is brave in the U.S. but it is the bare minimum.
❤️❤️❤️ this is what life is about. Taking care of each other. What a hero this guy is.
He also lives a happier, more fulfilled life himself.
This is pure proof that society's issues are not cause by the "economy" or their own lack of hard work, but greed of CEOs. There should be law against their huge paychecks.
I'm glad he's much happier now and thanks for this, I learned something new.
Listen to his interviews. Really good business advice. Esp his valuetainment interview
Wait WHAT?! I used to watch you back in like 2013!🤭 I have to subscribe, completely forgot about your channel until now.
Yeah instead of laying flat we could have paying fat.
@@greenwave819 LMAO, its funny how sensitive you are, of course he is still practicing a capitalist system, problem is that you see someone that doesn't prioritize maximizing profit for themselves and you instantly cry socialism
How'd you pull it off? Him: Because I help run a usury scam system that ruins millions of Americans lives with interest payments, aka USURY. I have no love for this man.
He makes $70,000 annually along with his employees. How many CEO’s would be willing to do that? This is simply awesome! Hopefully, we see so much more of this in the future.
Very few. Which is also fair if that's how you choose to run your own company. I just don't agree with underpaying employees. You can pay employees a good salary/hourly wage and still make more than them.
And the thing is that other CEOs, no average, make much more than him. A cut to other CEOs wouldn't even their pay relativa to employees.
Kinda makes you realize that when it comes to CEO and employee pay, the free market doesn't work.
Smart since most CEOs or the ultra rich end up feeling listless and empty hoarding all the money. He dodged a depression bullet
True, but a part of me feels like they deserve all that money, y'know? Like they put in the work for it
Bless this guys sweet soul. Hopefully is continues to thrive wonderfully in life.
How is this possible in America?
So much love and honesty
70k is the magic number. His employees can cover their expenses without worries, which will lead to higher productivity.
and the likelihood of people leaving his company for better pay elsewhere is significantly reduced and he can retain very good employees who will be loyal to him
And also help the economy. Imagine if all CEOs would run their businesses with their brains and not their greed.
@Kevin Tati sadly we already are. Very true just increasing wages isn't enough.
@Kevin Tati Lol, it's Seattle. It's not economic policy, just Amazon
@@Concretetime it’s because of minimum wage raising, if minimum wage goes up so do taxes, and so does just about everything else (inflation). Sadly, almost everybody in the world is greedy. Occasionally you come by a company like gravity that actually cares about employees, but that’s a one in a million case..
Man’s not a socialist, he’s 100% capitalist. But his business model is good: Pay a competitive wage and keep worker’s happy. Good on him.
Socialism is involuntary. This was voluntary.
And the US has the nerve to be upset about birth rates being down. Pay a wage where people can afford children and a home and that problem will be fixed! This guy is great! Definitely been led by God.
@@chinaarlene7035 do you also support closed borders to keep home prices down?
@@intensifier2182 I support closed borders for a plethora of reasons.
@@chinaarlene7035 do you support getting rid of city code enforcement so housing can be built more inexpensively?
what an amazing company...the CEO took a paycut to pay his employees better, and when push came to shove, employees took paycuts to keep the business afloat. admirable on all levels
About 2 years ago the bubble burst for me and I realized that I can't be bothered with a low salary anymore. I almost had a burnout twice. If I look back at my time with that company I feel ashamed and angry that an employer was able to get away with that for such a low salary and I'm not even the only one who nearly had (or actually got) a burnout. Salary isn't everything, but it's definitely a big factor in day to day stress (and stress reduction).
Everyone should be using this company for their credit needs, make it one of the most successful companies to prove that if you do right by your employees you'll have one of the most successful companies.
In America: One man...sorry...One DOLLAR, one vote. Let's go vote...
Could i get some? I live in Guatemala...
;)
Very very touching story!
I definitely will
This company should take on people’s credit card debt at 0% interest.
you certainly got a point, this biz should be at the top of ethical portfolios one way or another (shares are not up for sale I think, so it will have to be another way)
Dude, this guy is responsible for some new entire people coming into existence with his generosity. That's incredible.
#godfather
Priceless ...
@@stunna313 😂😂❤️
@@blakejohnson3864 what
@@boa9557 Don't worry, it's just Thanos learning to write on RUclips comment sections.
The fact that this is seen as shocking says a lot about the current state of our economic model. The owner class can afford to pay us livable wages and still profit and grow, yet they choose not to, simply to make even more profits from themselves. It's not "we want to make as much as the CEO" it's "we want to make enough to survive". They are workers, the backbone and vital organs, and muscles of nearly all companies, with the CEO being the mind (not even always the case). Treating workers better is not communism. I don't even think this is socialism. This is merely paying workers a decent amount because you can afford to do so. Even before this peak in price gouging (not even inflation, just owners choosing to raise prices), $15 an hour was hardly a livable wage, now it's NOT a livable wage, and the minimum is still $7.25, which is worth nearly half the 1960s minimum when adjusted for inflation ($1 an hour).
And the fact that he's considered a socialist and an enemy of capitalism is just another one of the near-endless examples of why our system needs to change.
That brought tears to my eyes. So beautiful, so giving, from all!
They took a voluntary pay cut when times were hard and when things returned to normal, the company actually paid them back for what they had lost? Amazing! Who would want to leave a company that cares for you this much?
What capitalism should be; businesses with excellent leadership have terrific flexibility
Sadly capitalism controls what americans hear see & know. This must be spread by the people for the people against the corporate interest.
@@whodis5774 this isn't capatilism what this boss is doing is giving his workers there actual value that he would usually take in the name of "excess profit" if you know you know
@@whodis5774 What is happening in this business is not capitalism. It is not cost effective as capitalism would desire. Instead this is socialism. The companies prides itself on the number of babies its workers have. That is a company focusing on the social aspect.
@@nickl5658 spot on
More businesses need to do this, I’m sorry, should WANT to do this.
Well said.
You do realize he succeeded because of the pr right? No one ever heard about his company but when he announced the equal pay. Everyone knew, everyone started doing business with them, increasing revenue and helping the 70k paycheck.
If you read more on it, they were other problems he faced. Some of his long term employees left. His brother who confounded the company, sued him.
It also matters on the occupation. Would you a phd student, who spent $200k on education, years of studying want to be paid the same amount as a bachelors student? No of course not.
I am not trashing him, he did good, but this doesn’t apply to all businesses.
No if this happens on another small company, it’s not gonna be the same.
@@andriod8014 You’re ignoring the fact that he forfeited his million dollar salary, and that karma attracted other like minded clients to his business. That karma also fostered the kind of loyalty that prompted employees to voluntarily cut their pay to keep the company afloat when their client roster shrunk during the pandemic. All of his employees are thriving. And not everyone with a ph.d. gets a starting salary of 70k.
But what about the new employees he could have potentially hired, instead of helping the lucky few. Especially when considering when we first read about this guy i think we all knew he would be ok, he would be praised by many of the people who surrounded him, so its not like it was a bad business decision. The problem with making the US like Europe where it seems to be like a socialist utopia is that they just aren't as big as us, and diverse of lifestyle as us
@@andriod8014 the fact is that they succeeded, and in business as in life, there will be casualitirs of war. That 'war' being an inability to achieve a successful meeting of the minds.
De Niro said famously in a movie I don't recall its name, " everyone wants the baby, but no one wants to go through childbirth."
To the employees who 'invested' in the company, their sacrifice is deserving of their reward.
what a great person,this should be a regular thing,greed is evil,my best to you
That man is a saint. What a beautiful person. That’s the smart way to have loyal employees who know a lot of the business simply for staying long enough to become very efficient at their job.. this is great
Hes in prison for Rpe now.
This has gotta be the best "I'll prove you wrong" moment, guy is so loyal to his company and so humble, may his company continue to grow
Amen he’s a good man
But it’s not. 70,000 is not a lot in fintech. It’s peanuts.
He wants you to believe that, that is what he is paying formerly minimum wage earners. You just bought into his marketing.
It doesn’t take a lot to be a genuine human being, Dan deserves everything the world has given him! There’s not many people like him left
No, but plenty in the making.
@@bugmanuk I saw a segment on DW (Deutsche Welle) about this being an entire movement that is getting started in Germany and elsewhere. There are cooperative models of business that are taking form, and a few that are already here in the US. I had seen coverage of a few co-op businesses here in the IS. All employees owning an equal share, everyone making enough to live comfortably. There are so many options and as you say, people being made that understand this is the way to go.
we can all strive to be genuine human beings and then there will be plenty
His business is making BILLIONS off of LEECHING off OUR money...he is a money predator, not a hero.
@@thomasjones4570 Can you explain?
This man created something no one other cant, stability for his company, for him and his employee. Well done dan.
its crazy how when there is an incentive for the workers to care about their position the success of the business grows
There's a difference between a boss and a leader. A boss sits and forces his followers to drag him around, but a leader pushes with his followers. Well done.
Yes, but the followers should be grateful they even get to follow the leader in the first place and not be greedy with the leaders generosity
100%!!!
Imagine working in a company where everyone loves their boss. Also imagine a CEO feeling loved by all of his employers. Well done Dan. You are one of a kind!
Yeah he felt so loved that he raped someone
hes charged with sexual assault
i mean no shi. wtf he gone do with millions of dollars ? 2 houses just plain stupid. cars is just dumb. Now he has like generations after generations of loyal workers who have babys now and ima assume them babys arent gonna be working anywhere else. Almost like a family business that will have a loop of more of the same family while all making equal pay. Like the company is the ceo in this.
@@-dmm ?? You can do a whole lot with that money lol. It wouldn't be a selfless action if there was no sacrifice. All that money is going to the employees, which is kind of the business. Plus he was in the negatives for a portion of the new system. Down playing his generosity would be the worst thing to do. At the end of the day, he could've given them all a $5,000 bonus and that would be "generous" for a CEO.
It's actually incomprehensible to me, I literally cannot imagine it.
This is Amazing! God bless this CEO 🙏🏾
That is beautiful to see, and disguising that other people were appalled. How dare you look down on a person who made the lives of his people better.
He BLESSED his employees they blessed him back and his company is still thriving! What a model lesson.
No he more evenly distributed company profits among the employees. Why do you have to use a religion adjacent word ?
@@infinitemonkey917 because that’s how people like that make sense of their reality
@@infinitemonkey917 because people like him/her are completely brainwashed.
Exactly! But the greedy executives don't believe this. Some people love watching people squirm and live paycheck to paycheck. They basically live off the backs of the workers...This is a beautiful story because he actually cares about the employees....But you know the psychopathic narcissis won't understand this selfless move...
*That dude got soo much money now he is banging his asian wife for babies*
Sad that it was “shocking” that an employer actually cared about their employees.
If you want this guy to block you on twitter, point out that his building management company hires a janitorial staff that doesn't make $70,000 a year.
Exactly!
I mean to be fair though, there’s really no shortage of workers, so it’s hard to get companies to care about workers at all.
and doubled his profits!!!!
Ikr!