Fox News took a dig at CEO Dan Price for raising the minimum wage of his employees and in return taking a pay cut for himself. Now six years down the lane, Price is all set to respond to all baseless claims made by the media personalities and show the world how well his idea worked that it has now become a Harvard Business Model.
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Dan Price, CEO of the credit card processing company Gravity Payments made a big name for himself in the year 2015 when he announced that he is cutting $1.1m down to $70,000 so that all employees in his company could be paid the same or even more.
The CEO believed that paying his workers well would lead to improvement in their personal lives that would ultimately lead to improved productivity and innovation in their jobs.
Fox News
Fox News mocked Price and classified him as a socialist and predicted that his company would fail and the employees would soon be standing in the 'welfare line.' Soon they started telling stories of how Price has fallen on hard times and been “forced” to rent out his house to make ends meet.
Six years down the lane, Price is making the right-wing regret their words.
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Price wrote down a series of tweets and a video compilation of criticism and failure predictions from media figures like Rush Limbaugh, who claimed that Price’s company would become “a case study in MBA programs on how socialism does not work.”
“Since then our revenue tripled, we’re a Harvard Business School case study & our employees had a 10x boom in homes bought,” wrote Price.
He additionally reported that his company's turnover rate has been cut in half, their customer base has doubled, the number of workers at his company has increased by 70 percent and the same proportion has been able to pay down debt. The number of homes bought by these workers is particularly impressive considering the fact that Seattle, where the company is located, has some of the highest average housing costs in the nation.
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Price also admitted that his company struggled a bit in the beginning as Gravity Payments lost a couple of clients who feared the price of their services would go up, but they didn’t, but soon they started making up for the initial loss.
Even after being hit by the pandemic and taking a 55% revenue hit overnight, the company recovered and is now giving out raises.
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Not only this but Price also wrote that Fox News is calling him foolish but their own production assistants are paid minimum wage in New York City, where the living expenses are much higher than in Seattle.
“When I’ve been on Fox News, the production assistants who led me through backstage confided they were making min wage and struggling to get by in NYC,” he said. “I asked the hosts (who make seven figures and laughed at me on air) to talk about their workers’ pay on air. They always said no.”
The so-called socialist CEO reports that he doesn’t “miss anything about the millionaire lifestyle” and is happier now doing what he believes is right. He also says he’s still hiring more employees in order to “make workloads easier” for his current ones.