Before 1995 the poorest half of the population of the United States earned a greater share of national wealth than the richest 1%, he points out. But that year the tables turned - the top 1% earned more than the bottom 50%. And the gap is continuing to widen.
In 1965, CEOs in the US earned 20 times more than the average worker but by 2015 it had risen to 300 times (in the UK, the bosses of FTSE 100 companies now earn 117 times the salary of their average worker).
After crunching the numbers, he arrived at the figure of $70,000. He realized that he would not only have to slash his salary, but also mortgage his two houses and give up his stocks and savings. He gathered his staff together and gave them the news. Since then, Gravity has transformed. The headcount has doubled and the value of payments that the company processes has gone from $3.8bn a year to $10.2bn. But there are other metrics that Price is more proud of.
“Before the $70,000 minimum wage, we were having between zero and two babies born per year amongst the team,” he says. “And since the announcement - and it’s been only about four-and-a-half years - we’ve had more than 40 babies.” More than 10% of the company have been able to buy their own home, in one of the US’s most expensive cities for renters. Before the figure was less than 1%. The amount of money that employees are voluntarily putting into their own pension funds has more than doubled and 70% of employees say they’ve paid off debt.
Rosita Barlow, director of sales at Gravity, says that since salaries were raised junior colleagues have been pulling more weight.c"When money is not at the forefront of your mind when you’re doing your job, it allows you to be more passionate about what motivates you,“ she says. Senior staff have found their workload reduced. They’re under less pressure and can do things like take all of the holiday leave to which they are entitled.
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