Case Study 1 - Gravity Payments Pat Bartlet March 9 2017 MGT 2530 1 Raised in Idaho a state with a very small population Dan Price was your ordinary kid

Case Study 1 - Gravity Payments Pat Bartlet March 9 2017...

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Gravity Payments Pat Bartlet March 9, 2017 MGT 2530 1
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Raised in Idaho, a state with a very small population, Dan Price was your ordinary kid growing up. However, his ordinary life didn’t last long. Bunkered in his dorm room at college at 19 years old, Dan decided to create a credit card processing company. His intentions when creating this company was to simply assist the small business owners who were being overcharged and mistreated by their existing credit card processors. Born into a family of moral integrity, his values are transparent in the way he conducts his company. Loyalty and teamwork are two things that come to mind. He took a major step to prove his loyalty to his employees in 2015, when he decided to raise the minimum wage in his company to $70,000 a year. He was very aware of the massive wealth gap between executives and their workers across America and wanted to make a step in bridging that gap. In providing his workers with this massive raise, he slashed his own salary from $1 million dollars down to $70,000. The reason for this number is due to numerous studies that conclude that $70,000 a year is the point in which people are happy and satisfied with their income. People that know Mr. Price are not surprised by this move at all, even though some people are calling it a publicity stunt. Mr. Price received appreciation and backlash at the same time. Being a kid raised from a middle-class family, I know just exactly how much a raise can benefit everyday life. When Mr. Price read the studies that had concluded families and people are happy if they make $70,000 a year, he decided to drop his current business model and send employee happiness to the very top. By doing this, he believed that he would get a beter work
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  • Fall '12
  • Shepard
  • Management, Gravity Payments, Dan Price

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