CEO on why giving all employees minimum salary of $70,000 still "works" six years later: "Our turnover rate was cut in half"
CBSN
It was six years ago when CEO Dan Price raised the salary of everyone at his Seattle-based credit card processing company Gravity Payments to at least $70,000 a year.
Price slashed his own salary by $1 million to be able to give his employees a pay raise. He was hailed a hero by some and met with predictions of bankruptcy from his critics.
But that has not happened; instead, the company is thriving.
Ashley White received her earliest combat action badge from the United States Army soon after the first lieutenant arrived in Afghanistan. The silver military award, recognizing soldiers who've been personally engaged by an attacker during conflict, was considered an achievement in and of itself as well as an affirming rite of passage for the newly deployed. White had earned it for using her own body to shield a group of civilian women and children from gunfire that broke out in the midst of her third mission in Kandahar province. All of them survived. She never mentioned the badge to anyone in her battalion.