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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).

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

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:

Courtesy of Verizon
True

If someone were to say "video games" to you, what are the first words that come to mind? Whatever words you thought of (fun, exciting, etc.), we're willing to guess "healthy" or "mental health tool" didn't pop into your mind.

And yet… it turns out they are. Especially for Veterans.

How? Well, for one thing, video games — and virtual reality more generally — are also more accessible and less stigmatized to veterans than mental health treatment. In fact, some psychiatrists are using virtual reality systems for this reason to treat PTSD.

Secondly, video games allow people to socialize in new ways with people who share common interests and goals. And for Veterans, many of whom leave the military feeling isolated or lonely after they lose the daily camaraderie of their regiment, that socialization is critical to their mental health. It gives them a virtual group of friends to talk with, connect to, and relate to through shared goals and interests.

In addition, according to a 2018 study, since many video games simulate real-life situations they encountered during their service, it makes socialization easier since they can relate to and find common ground with other gamers while playing.

This can help ease symptoms of depression, anxiety, and even PTSD in Veterans, which affects 20% of the Veterans who have served since 9/11.

Watch here as Verizon dives into the stories of three Veteran gamers to learn how video games helped them build community, deal with trauma and have some fun.

Band of Gamers www.youtube.com

Video games have been especially beneficial to Veterans since the beginning of the pandemic when all of us — Veterans included — have been even more isolated than ever before.

And that's why Verizon launched a challenge last year, which saw $30,000 donated to four military charities.

And this year, they're going even bigger by launching a new World of Warships charity tournament in partnership with Wargaming and Wounded Warrior Project called "Verizon Warrior Series." During the tournament, gamers will be able to interact with the game's iconic ships in new and exciting ways, all while giving back.

Together with these nonprofits, the tournament will welcome teams all across the nation in order to raise money for military charities helping Veterans in need. There will be a $100,000 prize pool donated to these charities, as well as donation drives for injured Veterans at every match during the tournament to raise extra funds.

Verizon is also providing special discounts to Those Who Serve communities, including military and first responders, and they're offering a $75 in-game content military promo for World of Warships.

Tournament finals are scheduled for August 8, so be sure to tune in to the tournament and donate if you can in order to give back to Veterans in need.

Courtesy of Verizon

via CNN / Twitter

Eviction seemed imminent for Dasha Kelly, 32, and her three young daughters Sharron, 8; Kia, 6; and Imani, 5, on Monday. The eviction moratorium expired over the weekend and it looked like there was no way for them to avoid becoming homeless.

The former Las Vegas card dealer lost her job due to casino closures during the pandemic and needed $2,000 to cover her back rent. The mother of three couldn't bear the thought of being put out of her apartment with three children in the scorching Nevada desert.

"I had no idea what we were going to do," Kelly said, according to KOAT.

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