Right after announcing he was taking a pay cut to raise employees' salaries, business is booming.

Here's a story to show your boss. When it comes to taking care of his employees, Gravity Payments CEO Dan Price is going above and beyond (and business has never been better).

You might have heard a story from a few weeks ago about a CEO named Dan Price and his plan to raise the starting salary for his employees to $70,000 per year.

He told his employees about the change at Gravity Payments, his credit card processing company, during their quarterly staff meeting.


Needless to say, they were pretty excited about the news, giving him a standing ovation.

CBS News interviewed 29-year-old equipment supervisor Jose Garcia about the change. He said that he cried when he told his mom about the raise.

Before the announcement, Garcia's salary was $33,000 per year. The raise was a huge deal to him and others at the company.

Over the next two years, salaries will increase periodically.

Effective immediately, everyone in the company will make at least $50,000 (or, if they already make more than $50,000, they'll get a $5,000-per-year raise). From there, all employees will be bumped to $60,000 next year, and $70,000 the year after.

How is Price doing this? To start, he took a huge pay cut.

He had been making $1 million per year. But now? He'll take home just $70,000 per year.

Price was motivated to change the salary structure after reading a 2010 study that suggested people have the highest emotional well-being at $75,000.

Would raising the salary of someone like Jose Garcia from $33,000 to $70,000 have a tremendous impact on his happiness? Likely! Is it the same for someone already making well over $75,000 per year? According to this study, no.

Business has never been better.

Price tells CNN Money that in the 11 years he's been running Gravity Payments, he's never seen a better week for new business after bringing in dozens of new clients.

"In the short-term, [news reports about the pay] could help demand for our services, but clients won't stay with a company that's not providing a superior value."
— Dan Price

Morale is high, and applications are flying in faster than ever before.

It turns out that offering people a living wage with competitive benefits makes people want to work for you. Who knew?

They've received about 3,500 job applications for the company's two open positions (a sales representative and a support staffer), which is around 10 times as many as they're used to.

He's putting people before profits.

Based on that study, he realized that making less than ideal wages is emotionally taxing on a person. So if he's in a position to help make the world a better place for the people around him, why wouldn't he?

He cut the company's immediate profit projections in half, but he seems pretty happy with how that's working out so far.

After all, there's a reason Price was named 2014's "Entrepreneur of the Year" by Entrepreneur Magazine.

And it probably has to do with making gutsy decisions like this (and possibly looking ridiculously good in a blazer).

Check out the CBS News report about Price:

More

Disney has come under fire for problematic portrayals of non-white and non-western cultures in many of its older movies. They aren't the only one, of course, but since their movies are an iconic part of most American kids' childhoods, Disney's messaging holds a lot of power.

Fortunately, that power can be used for good, and Disney can serve as an example to other companies if they learn from their mistakes, account for their misdeeds, and do the right thing going forward. Without getting too many hopes up, it appears that the entertainment giant may have actually done just that with the new Frozen II film.

According to NOW Toronto, the producers of Frozen II have entered into a contract with the Sámi people—the Indigenous people of the Scandinavian regions—to ensure that they portray the culture with respect.

RELATED: This fascinating comic explains why we shouldn't use some Native American designs.

Though there was not a direct portrayal of the Sámi in the first Frozen movie, the choral chant that opens the film was inspired by an ancient Sámi vocal tradition. In addition, the clothing worn by Kristoff closely resembled what a Sámi reindeer herder would wear. The inclusion of these elements of Sámi culture with no context or acknowledgement sparked conversations about cultural appropriation and erasure on social media.

Frozen II features Indigenous culture much more directly, and even addressed the issue of Indigenous erasure. Filmmakers Jennifer Lee and Chris Buck, along with producer Peter Del Vecho, consulted with experts on how to do that respectfully—the experts, of course, being the Sámi people themselves.

Sámi leaders met with Disney producer Peter Del Vecho in September 2019.Sámediggi Sametinget/Flickr

The Sámi parliaments of Norway, Sweden and Finland, and the non-governmental Saami Council reached out to the filmmakers when they found out their culture would be highlighted in the film. They formed a Sámi expert advisory group, called Verddet, to assist filmmakers in with how to accurately and respectfully portray Sámi culture, history, and society.

In a contract signed by Walt Disney Animation Studios and Sámi leaders, the Sámi stated their position that "their collective and individual culture, including aesthetic elements, music, language, stories, histories, and other traditional cultural expressions are property that belong to the Sámi," and "that to adequately respect the rights that the Sámi have to and in their culture, it is necessary to ensure sensitivity, allow for free, prior, and informed consent, and ensure that adequate benefit sharing is employed."

RELATED: This aboriginal Australian used kindness and tea to trump the racism he overheard.

Disney agreed to work with the advisory group, to produce a version of Frozen II in one Sámi language, as well as to "pursue cross-learning opportunities" and "arrange for contributions back to the Sámi society."

Anne Lájla Utsi, managing director at the International Sámi Film Institute, was part of the Verddet advisory group. She told NOW, "This is a good example of how a big, international company like Disney acknowledges the fact that we own our own culture and stories. It hasn't happened before."

"Disney's team really wanted to make it right," said Utsi. "They didn't want to make any mistakes or hurt anybody. We felt that they took it seriously. And the film shows that. We in Verddet are truly proud of this collaboration."

Sounds like you've done well this time, Disney. Let's hope such cultural sensitivity and collaboration continues, and that other filmmakers and production companies will follow suit.

popular

Gerrymandering is a funny word, isn't it? Did you know that it's actually a mashup of the name "Gerry" and the word "salamander"? Apparently, in 1812, Massachusetts governor Elbridge Gerry had a new voting district drawn that seemed to favor his party. On a map, the district looked like a salamander, and a Boston paper published it with the title The GerryMander.

That tidbit of absurdity seems rather tame compared to an entire alphabet made from redrawn voting districts a century later, and yet here we are. God bless America.

Keep Reading Show less
popular
Facebook / Maverick Austin

Your first period is always a weird one. You know it's going to happen eventually, but you're not always expecting it. One day, everything is normal, then BAM. Puberty hits you in a way you can't ignore.

One dad is getting attention for the incredibly supportive way he handled his daughter's first period. "So today I got 'The Call,'" Maverick Austin started out a Facebook post that has now gone viral.

The only thing is, Austin didn't know he got "the call." His 13-year-old thought she pooped her pants. At that age, your body makes no sense whatsoever. It's a miracle every time you even think you know what's going on.

Keep Reading Show less
popular
Wikipedia

Women in country music are fighting to be heard. Literally. A study found that between 2000 and 2018, the amount of country songs on the radio by women had fallen by 66%. In 2018, just 11.3% of country songs on the radio were by women. The statistics don't exist in a vacuum. There are misogynistic attitudes behind them. Anyone remember the time radio consultant Keith Hill compared country radio stations to a salad, saying male artists are the lettuce and women are "the tomatoes of our salad"...? Air play of female country artists fell from 19% of songs on the radio to 10.4% of songs on the radio in the three years after he said that.

Not everyone thinks that women are tomatoes. This year's CMA Awards celebrated women, and Sugarland's Jennifer Nettles saw the opportunity to bring awareness to this issue and "inspire conversation about country music's need to play more women artists on radio and play listings," as Nettles put it on her Instagram. She did it in a uniquely feminine way – by making a fashion statement that also made a statement-statement.

Keep Reading Show less
popular