Would a minimum wage of $70,000 actually work? And to pay for it, cut your own $1 million salary? This bold decision by Gravity Payments CEO Dan Price skyrocketed productivity, boosted sales and created happier employees. Labeled by some as pure socialism, the controversial move attracted praise and naysayers. In our conversation, Price pulls back the curtain and talks about his thought process and about the unique challenges business owners are up against now. And, he candidly shares how shocked he was when his team suggested their own pay cuts when the company faced crisis.

 

What you will learn:

• When you're financial healthy, you're more productive
• Great teams make work great
• Money isn't the top of the pyramid- it's the foundation
• Be your own CEO

 

Quotes:

• "But it meant that a third of the people at the company were going to have their pay doubled and the third that really deserved it the most and needed it the most. It was a really cool thing to be a part of." – Dan Price
• "It wasn't designed for solving the world's problems, it was designed for making our place a better place to be and making it just more kind of fair and logical." – Dan Price
• "If you give pay raises, the biggest ones to the people that are being paid the least, they'll have the most positive impact on productivity." – Dan Price
• "When you're financial healthy, as this podcast and so many other help people to do, then people can be more productive and more focused and really they can start to tap into their intrinsic motivation." – Dan Price
• "When you're part of a team where people act with autonomy and people are self-motivated, self-disciplined, where there's trust, you don't have that same burnout factor." – Dan Price
• "Money is supposed to be a way for us to exchange value so we can take care of ourselves, take care of our needs." – Dan Price
• "Being your own CEO means it's up to you to make these most important decisions. But also, there's going to be transparency, accountability, all the things we would want CEOs to be held to, like each of you are going to be held with this too." – Dan Price

 

Free Valuable Report for our Listeners: "3 Beliefs About Money Your Kids Should Learn That No One is Teaching Them"

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Recommended Resources:

• Worth It by Dan Price (https://bit.ly/3qfULgN)
• Profitisnotapurpose.com
• Gravitypayments.com