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In April, Dan Price, the founder of Gravity Payments, a credit card payment processing company, took a leap of faith. He instituted a new minimum salary policy — one that raised the wages of his lowest-paid workers to an astounding $70,000 per year.
Now, six months later, Gravity appears to be doing just fine.
A recent story in Inc magazine included a rundown of the most glowing statistics. According to the company, revenue growth is twice as strong and the company’s profits have increased twofold since the salary hike. Customer requests ballooned from 30 per month to 2,000 in just two weeks, and customer retention rate went from 91% to 95% in the second quarter of 2015.
Gravity’s employees also appear to be happy with the changes. “People back in Idaho said he was nuts,” Garret Nelson, who does sales for Gravity Payments in Idaho, told Inc. “But it really energized the employees.”
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