Would you give away 90 per cent of your salary? Dan Price, CEO of Gravity Payments, did just that and shared it among his staff. It’s a commendable move but will it pave the way for wider pay equality?
In April the CEO of a US tech company did something with barely any precedents in the modern business world. He gave away 90 per cent of his own pay to raise the salaries of his employees to a minimum $70,000 a year.
Dan Price, CEO of Seattle-based Gravity Payments, recalls the moment when he announced the decision to his 120 staff: “There was a moment of stunned silence. Some people were looking around at each other, a few jaws had dropped, and then someone actually asked me to repeat myself. Then the team started clapping, cheering, and giving each other high fives. It was an emotional moment.”
Price’s decision came after reading a …