Idaho CEO stuns employees with immediate $10,000 pay bump, pledges a $30,000 raise over the next 5 years.
Employees at an Idaho business got the news of a lifetime this week. Workers making $40,000 -- the company's current minimum salary -- would get an immediate $10,000 raise and that within five years, the minimum salary would increase to $70,000.
In 2015, Price announced a minimum salary of $70,000 for his entire Seattle office -- and took an"80 or 90% pay cut" in his own salary. Price said the reactions in Boise -- where he brought the same minimum salary pledge as the Seattle headquarters despite there being a lower cost of living -- were mostly shock and happiness, and that he"got a lot of hugs and high-fives."
"I took between an 80 and 90 percent pay cut, and our chief operating officer took about an 80 percent pay cut, and our executive team absolutely makes less than what other companies would pay," he said."It absolutely is coming out of executive pay, it’s an investment, I think we’ve proven that it can work."
Price said he has seen his employees' lives change dramatically since he rolled out the new salaries at his Seattle branch, saying,"we went from having zero to two babies born per year to having over 30 babies born."
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