This real life vigilante is raising the pay for his lowest paid employees to $70,000 per year. Guess how he's funding it? Read on to find out....
Dan Price, head of the Seattle firm Gravity Payments, decided to raise employee salaries after reading a study about happiness. The study showed that people earning less than $75,000 per year have more emotional pain, and that life's misfortunes like asthma, divorce, and loneliness effect them more negatively than people who earn more than $75,000 per year.
What is even more interesting, is that the study shows:
"$75,000 is a threshold beyond which further increases in income no longer improve individuals’ ability to do what matters most to their emotional well-being, such as spending time with people they like, avoiding pain and disease, and enjoying leisure. It is also likely that when income rises beyond this value, the increased ability to purchase positive experiences is balanced by some negative effects. A recent psychological study provided suggestive evidence that associates high income with the reduced ability to savor small pleasures."
Basically, this means people who make a ton of money aren't necessarily happier, but people are happier when they make at least $70,000 to $75,000 per year.
So thanks to this study, Dan Price will be raising the pay for his lowest earning employees to $70,000 per year. He has said he will fund these raises by decreasing his own pay, trading an estimated $1 MM per year salary for a matching $70,000 per year salary and drawing from 75 to 80 percent of the company's expected $2.2 MM per year in profits.
Now if only every CEO would follow suit....
We first heard about this awesome story via Ora Tv's very own NewsBreaker. Check out the video below. And also be sure to tune into Off the Grid for Jesse's upcoming interview with Dan Price himself.
-By Brigida S., The Off the Grid Team
The views and opinions expressed herein are those of the authors alone and do not necessarily reflect the views of Ora Media, LLC its affiliates, or its employees.
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