Since our $70k min wage was announced 6 years ago today:
— Dan Price (@DanPriceSeattle) April 13, 2021
*Our revenue tripled
*Head count grew 70%
*Customer base doubled
*Babies had by staff grew 10x
*70% of employees paid down debt
*Homes bought by employees grew 10x
*401(k) contributions grew 155%
*Turnover dropped in half
We started our $70k min wage with about 130 employees in Seattle.
— Dan Price (@DanPriceSeattle) April 13, 2021
It worked so well we expanded it to a new Boise office, where the cost of living is lower but people deserve good pay all the same.
We now have about 200 employeeshttps://t.co/0eJxdZYape
What helped inspire our $70k min wage?
— Dan Price (@DanPriceSeattle) April 13, 2021
An employee was secretly working a 2nd job at McDonald's. It was clear I was an awful CEO who was failing his employees. I gave her a raise to quit that job. No one should have to work two jobs to make ends meet.https://t.co/hrgDYUDXYB
Our success with a $70k min wage isn't some fluke.
— Dan Price (@DanPriceSeattle) April 13, 2021
A Massachusetts biotech recruiting firm raised its min wage and saw revenue and headcount grow 50%, while retention rates doubled. Profit held steady despite the $500,000 cost of raiseshttps://t.co/AnJR3xN6y4
People focus on the cost of paying employees well but not on its benefits.
— Dan Price (@DanPriceSeattle) April 14, 2021
For us: Our happy employees drove record sales and we now have 20,000 small business clients.
Our turnover is low and we spend $0 advertising openings since we get thousands of applicants.
We're doubling down on our mission to invest in employees. Our revenue (which comes from small busienss credit card processing) is still down slightly from pre-pandemic. But we're handing out raises of 5-6% and hiring to grow headcount by 10% to make workloads easier.
— Dan Price (@DanPriceSeattle) April 14, 2021
I made a lot of personal changes. But I still had savings and made a fair salary. I don't miss anything about the millionaire lifestyle. Money buys happiness when it gets you out of poverty but not when it gets you from well-off to very well-off.
— Dan Price (@DanPriceSeattle) April 13, 2021
a few small businesses here and there have. But not a single big corporation has followed suit. I thought if I set an example and proved that it worked, the "free market" would follow, but I realize how naive I was.
— Dan Price (@DanPriceSeattle) April 13, 2021
a few small businesses here and there have. But not a single big corporation has followed suit. I thought if I set an example and proved that it worked, the "free market" would follow, but I realize how naive I was.
— Dan Price (@DanPriceSeattle) April 13, 2021
How it all started, from the NYTimes in 2015, One Company’s New Minimum Wage: $70,000 a Year.
I remember hearing about this when the CEO initiated the raise. Good to hear it worked out for everyone,
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