Run ran across some fresh news about this company, I remember a few years ago when the news came out of the first pay hike there was a lot of debate over whether the pay hike was sustainable, and the CEO was caught up in a lawsuit. Well they've since acquired another company in Boise, Idaho and they're raising everyone's pay there to $70k/yr too:
"Gravity Payments was co-founded in February 2004 by Lucas and Dan Price. [2]
By June 2008 the company was the largest credit card processor in Washington, serving over 15,000 clients country-wide.[2]
In 2013 Dan Price increased pay for all employees earning less than $100,000 by 2%, as a response to the lapse of the Middle Class Tax Relief and Job Creation Act of 2012.[3] The company also provides unlimited paid time off to employees.[4]
In April 2015, Dan Price announced that over the next three years, the company would raise the pay of all employees to at least $70,000 per year, stating this was the minimum needed to secure them from financial hardship when hit by unexpected expenses. Price, who previously paid himself a $1 million yearly salary, cut his own salary down to $70,000 to partially cover the increased pay for employees.[1][5] The change lost the company two long-standing employees due to the flat payment structure.[5][6]
In October 2015, Dan Price was sued by his brother and co-founder Lucas Price over claims that Dan received excessive compensation and that he had been working against Lucas' interests. Dan prevailed in the case on July 8th, 2016 and was awarded attorney's fees and other expenses incurred from the lawsuit.[7]
The company processed $3.4 billion in payments in 2014 and $10.2 billion in 2018.[8]"
My guess is that while Dan is only taking a $70k salary, he probably makes a lot more than that from other means of income.
But wait there is more:
"According to court filings, Dan earned $1.1 million in 2014 and 2013, $2.04 million in 2012, $909,000 in 2011, and $958,000 in 2010. The brothers are the only two members of Gravity's board, and Lucas acknowledged in depositions that he approved Dan's $800,000 cash bonus in 2012, based on the company's high performance, a bonus Dan continued to receive in subsequent years." From: https://www.inc.com/paul-keegan/dan-price-gravity-lawsuit-win.html
Price decided to hike his employees' pay after he read a study about happiness. It said additional income can make a significant difference in a person's emotional well-being up to the point when they earn $75,000 a year.
That study has to be at least 10 years old. I think he owes his employees a raise 
I think during the court proceedings w/ the lawsuit, he said he rose the employee wages to spite his brother and not pay him.
That headline makes no sense.
How do you raise the minimum salary of your employees to $70K, and then do it again? If the minimum salary is already $70K, you can't raise it again to $70K.
There's a lot of stuff fishy here.
In reply to SVreX :
They purchased another company and are raising the salary for the employees at that office. Not the same ones that got the raise previously.
SVreX said:That headline makes no sense.
How do you raise the minimum salary of your employees to $70K, and then do it again? If the minimum salary is already $70K, you can't raise it again to $70K.
There's a lot of stuff fishy here.
They're talking about doing it for their original office in Seattle (first time) and then for employees of this company they acquired in Boise (second time). Yes it's a silly word game.
SVreX said:That headline makes no sense.
How do you raise the minimum salary of your employees to $70K, and then do it again? If the minimum salary is already $70K, you can't raise it again to $70K.
There's a lot of stuff fishy here.
Gotta read more than the headlines. They raised the minimum salary to $70k at their office a few years ago in Seattle. They just bought another company in Boise and are now raising those salaries to $70k as well - although I read in a different article that they're doing it over a 4 year period, I think everyone below a certain amount gets $10k more right now, and it is raising over 4 years.
EvanB said:In reply to SVreX :
They purchased another company and are raising the salary for the employees at that office. Not the same ones that got the raise previously.
Yep. I read the article.
So, they absorbed this company 3 years ago, and never raised the staff's salaries to the company minimum salary. Sucks for Boise.
Looks to me like they needed more publicity.
Dan Price is a master of spin.
I'm not saying it didn't happen. I'm saying it didn't happen the way it looks like it happened.
Dude reads article about how happiness is increased with $75K salaries.
Dude raises his company's minimum salary to $70K, insuring that everyone falls just short of happiness.
I wouldn't mind working for a master of spin who's figured out a sustainable business model of turning publicity into generous salaries for employees, I already work for something like an advertising company (until Monday)
SVreX said:EvanB said:In reply to SVreX :
They purchased another company and are raising the salary for the employees at that office. Not the same ones that got the raise previously.
Yep. I read the article.
So, they absorbed this company 3 years ago, and never raised the staff's salaries to the company minimum salary. Sucks for Boise.
Looks to me like they needed more publicity.
Poorly written article with too many questions. They bought the company 3 years ago, they did not absorb them until this year. Having been through a few acquisitions, 2 in this same exact industry no less, for a company their size 3 years is a pretty normal time table for integration.
The Boise office was previously an independent subsidiary, ChargeItPro, acquired by Gravity three years ago.
SVreX said:Dude reads article about how happiness is increased with $75K salaries.
Dude raises his company's minimum salary to $70K, insuring that everyone falls just short of happiness.
golf clap
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