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"gewg_" writes:

The Center for American Progress reports

In April, Dan Price, CEO of the credit card payment processor Gravity Payments, announced that he will eventually raise minimum pay for all employees to at least $70,000 a year.

[...]Six months later, the financial results are starting to come in: Price told Inc. Magazine that revenue is now growing at double the rate before the raises began and profits have also doubled since then.

On top of that, while it lost a few customers in the kerfuffle, the company's customer retention rate rose from 91 to 95 percent, and only two employees quit. Two weeks after he made the initial announcement, the company was flooded with 4,500 resumes and new customer inquiries jumped from 30 a month to 2,000 a month.

Previous: Gravity Payments: CEO Takes Cut and Makes $70k/year New Minimum Salary
All Staff Pay Raise Backfires on Credit Card Processing Firm

Original Submission

1. "reports" - http://thinkprogress.org/economy/2015/10/26/3715988/gravity-payments-revenue/#article-header
2. "told Inc. Magazine" - http://www.inc.com/magazine/201511/paul-keegan/does-more-pay-mean-more-growth.html#insideArticleFlexiblePortrait0
3. "Gravity Payments: CEO Takes Cut and Makes $70k/year New Minimum Salary" - https://soylentnews.org/article.pl?sid=15/04/16/1932231&mode=nested&threshold=0#articles
4. "All Staff Pay Raise Backfires on Credit Card Processing Firm" - https://soylentnews.org/article.pl?sid=15/08/04/1239230&mode=nested&threshold=0#articles
5. "Original Submission" - https://soylentnews.org/submit.pl?op=viewsub&subid=10277

printed from SoylentNews, Update: $70k Salaries Didn't "Backfire"; Gravity Payments' Profits Have Doubled on 2024-04-23 16:51:56