Does money buy happiness? If you don’t make a lot, yes it does.
There was a study released back in 2010 that found people making less than $70,000 actually became happier when they reached that threshold. After that, more money didn’t necessarily equate to a greater level of happiness.
Seattle CEO Dan Price of Gravity Payments read this story and the flashbulb went off…what if he insured that all 120 of his employees earned at least $70,000?
Currently the average salary at Gravity is $48,000 a year. Over the next three years, ALL employees will make at least $70,000, regardless of their position. About 30 employees will see their salaries double.
“The market rate for me as a CEO compared to a regular person is ridiculous, it’s absurd,” Price said in an interview with The New York Times.
Price will fund the increase by lowering his salary of close to $1 million a year to $70,000. The CEO of the small, privately held credit-card payment processing service (which he founded when he was 19!) said he is not an extravagant person. He mostly snowboards, picks up the bar-tab and drives an Audi, but the Audi is 12-years old.
Mr. Price is making a huge statement about the CEO-to-worker income gap disparity.
In Canada, the average Canadian CEO earns 206 times what the worker makes.