When Dan Price, the CEO of Gravity Payments, decided to cut his own salary and give his all his employees the same salary, people around the country took notice. Some people asked why a guy that makes close to a $1 million a year would give it up to pay his employees $70,000 a year. Other people applauded Price’s decision, and they wanted to know more about Price and his company. When the news that Gravity was hiring hit the press, over 3,500 people applied for the handful of jobs that were available.
The real interesting fact about this story is, Price will also receive $70,000 a year just like all his employees. That news sent a shock wave across the country. Why would a successful businessman give up the big bucks for his employees? Why would a CEO cut his pay so much that he might be forced to sell his house? The answer is a simple one. Price values integrity more than money. His dad taught him that no amount of money was worth giving up his integrity.
Price expects his employees to value integrity the same way he does. This is a value that Sam Tabar and Bloomberg also prize very highly.