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CEO who was derided as a ’lunatic’ says company is now worth $10 billion

CEO who was derided as a ’lunatic’ says company is now worth $10 billion

CEO of Gravity Payments Dan Price announced six years that was raising the minimum annual salary of employees to $70,000. He took a cut into his own package. The move drew scorn from conservative voices. A Fox host called Price the ’lunatic of all lunatics.’ Rush Limbaugh called it ’pure, unadulterated socialism’. Today, Price’s company is worth $10 billion and the company has grown multifold.

Chris
Chris
Milkshake
Milkshake 4 weeks

There's no lunacy here. This is pure Adam Smith Capitalism. If you see profits that are big enough to feel secure investing in employees then do it. Invest properly in your employees and you are investing in their loyalty thus saving money on any matters of security and inter-company intrigue with your competition, they will also become your PR agents at the same time instead of needing PR agents to counteract hateful employees. Invest properly in your employees and they will have more to invest in their own mental health and family, thus making them more productive, even eager to do overtime or to pull through difficult times where you would otherwise lose good employees. The only catch is to communicate with employees on why you are investing in them and to curate that investment-return in an upfront matter, because there's naturally always a case of some taking advantage to the detriment of business, and well thought out and also proven communication methods developed over the last few centuries will minimize this into negligible levels.

Lord Flashheart
Lord Flashheart 4 weeks

No problem with this. Good on him for making this work. His employees can never leave because they will take a pay cut wherever they go. He is entitled to do this as it is his company.

O'Brien
O'Brien 4 weeks

The only “Socialism” was the free advertising and primping bestowed by the legacy media hungry for fresh meat. You can be certain at that $10B company first prize was still an Elderado, second prize was still steak knives and third prize was what it always has been.

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