Why This CEO Decided to Pay Everyone the Same Salary (Including Himself):
In 2015, Dan Price, the CEO of Gravity Payments, made a groundbreaking decision that sparked global conversations. He slashed his own million-dollar salary by 90% and raised the minimum wage of every employee in his company to $70,000 annually. While the move stunned the corporate world, Dan Price saw it as a personal mission to address income inequality and revolutionize employee satisfaction. Fast forward to today, Gravity Payments is thriving, and this experiment in equal pay has changed not only the company but the lives of its employees.
This article explores why Dan Price made this bold decision, how it transformed Gravity Payments, and what businesses can learn from this innovative approach to employee compensation.
The Motivation: Why Dan Price Decided to Pay Everyone Equally
Before making his famous decision, Dan Price was a successful CEO with a $1.1 million salary. However, during a 2012 conversation with a friend, he realized the massive gap between the earnings of top executives and their employees. Price understood that while corporate executives like himself were earning millions, many of his workers struggled with financial stress, living paycheck to paycheck.
