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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:

True

Shanda Lynn Poitra was born and raised on the Turtle Mountain Reservation in Belcourt, North Dakota. She lived there until she was 24 years old when she left for college at the University of North Dakota in Grand Forks.

"Unfortunately," she says, "I took my bad relationship with me. At the time, I didn't realize it was so bad, much less, abusive. Seeing and hearing about abusive relationships while growing up gave me the mentality that it was just a normal way of life."

Those college years away from home were difficult for a lot of reasons. She had three small children — two in diapers, one in elementary school — as well as a full-time University class schedule and a part-time job as a housekeeper.

"I wore many masks back then and clothing that would cover the bruises," she remembers. "Despite the darkness that I was living in, I was a great student; I knew that no matter what, I HAD to succeed. I knew there was more to my future than what I was living, so I kept working hard."

While searching for an elective class during this time, she came across a one-credit, 20-hour IMPACT self-defense class that could be done over a weekend. That single credit changed her life forever. It helped give her the confidence to leave her abusive relationship and inspired her to bring IMPACT classes to other Native women in her community.

I walked into class on a Friday thinking that I would simply learn how to handle a person trying to rob me, and I walked out on a Sunday evening with a voice so powerful that I could handle the most passive attacks to my being, along with physical attacks."

It didn't take long for her to notice the difference the class was making in her life.

"I was setting boundaries and people were either respecting them or not, but I was able to acknowledge who was worth keeping in my life and who wasn't," she says.

Following the class, she also joined a roller derby league where she met many other powerful women who inspired her — and during that summer, she found the courage to leave her abuser.

"As afraid as I was, I finally had the courage to report the abuse to legal authorities, and I had the support of friends and family who provided comfort for my children and I during this time," she says.

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via Matt Radick / Flickr

Joe Biden reversed Donald Trump's ban on transgender people serving in the military earlier this year, allowing the entire LGBTQ community to serve for the first time.

Anti-gay sentiment in the U.S. military goes as far back as 1778 when Lieutenant Frederick Gotthold Enslin was convicted at court-martial on charges of sodomy and perjury. The military would go on to make sodomy a crime in 1920 and worthy of dishonorable discharge.

In 1949 the Department of Defense standardized its anti-LGBT regulations across the military, declaring: "Homosexual personnel, irrespective of sex, should not be permitted to serve in any branch of the Armed Forces in any capacity, and prompt separation of known homosexuals from the Armed Forces is mandatory."

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