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CEO on why giving all employees minimum salary of $70,000 still ‘works’ six years later: ‘Our turnover rate was cut in half’ | CBS News

It was six years ago when CEO Dan Price raised the salary of everyone at his Seattle-based credit card processing company Gravity Payments to at least $70,000 a year. Price slashed his own salary by $1 million to be able to give his employees a pay raise. But that has not happened; instead, the company is thriving. Andrew Hafenbrack, assistant professor of management and organization at the UW, is interviewed.