Four bosses who did something great for the sake of staff

(3) Dan Price of Gravity Payments

In April 2015, Dan Price, CEO of Gravity Payments, announced that he was going to pay all his staff a minimum wage of $70,000 (the average salary had been $48,000) – he decided the amount was needed for staff to live a “normal life”. But here’s the real clincher: to help pay for this, he slashed his own wages to the same amount.

Effectively, Price gave up his $1.1m salary to take a stand against income inequality. It’s definitely not a concept you would find at most companies.

We only get to live this life once,” Price said in a Time. “I want everybody that I’m partnered with at Gravity to really live the fullest, best life that they can.”

His project has been heralded as starting a pay revolution, inspiring the likes of CEO Andrew Green from Green Solutions to respond in kind after he read about it. He increased his employees’ wages by 30-50 per cent and cut his own by 30 per cent. 

CEO who cut own pay to boost employee minimum wage is being sued by co-founding brother

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(4) Ken Grenda of Grenda Corporation

Grenda may have failed where Sibley succeeded when it came to keeping staff employed, but he made sure they went out with a bang. In 2012, the 66-year-old Australian family business was sold to Ventura, another transport company, for A$400m. 

But instead of keeping all of profits, he decided to share it with his employees to make sure their families were well-looked after while they searched for new jobs. 

He did so secretly, however, and staff were stunned when they suddenly found  $11.4m in their bank accounts. In fact, some were so surprised that several called their banks to make sure there wasn’t a mistake.

“A business is only as good as its people, and our people are fantastic,” he said in an interview with news.com.au. “This is to recognise that.”

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