April 16, 2015

Living His Faith: CEO Models Wage Parity

The more you have, sometimes the more complicated your life gets."   - Dan Price

On April 13, 2014, 30-year-old CEO Dan Price of Gravity Payments made a startling announcement  to his 120-person staff. Over the next three years, Price intends to raise the minimum rate across the company from to $70,000. Today, his company pays an average wage of $48,000. 

To ensure all of his employees are compensated at this amount, he anticipates a decrease in his salary to $70,000 from about $1 million dollars. He plans to keep his salary at this amount until the company earns back the profit it made when the new salaries came in to affect.

What motivated him? Not politics---instead what drove him was inequality. Price is more concerned about the well being of his employees then his own salary. He notes, “Of all the social issues that I was in a position to do something about as a business leader, this was a worthy one to go after”

Dan Price first started his company while enrolled at Seattle Pacific University (SPU), a Christian liberal arts college. Seattle Pacific University’s mission is “engaging the culture, changing the world.” Dan Price is a product of this mission out into the world.

His story is an inspirational one--- a millennial exploring what was “eating him up inside” and sacrificing his own salary for others. I think this also is a story about Christian formation.
What is evident in all interviews (links found below) is that Dan Price has adopted a theology of giving and abundance. He notes that at $70,000 he has enough---he no need for more. 

This theology informed his decision and impacts the lives of 120 staff members.
How does your theology of abundance impact the lives of those around you? How are you forming Millennials at your parish to adopt a theology of giving?

Links to news stories about Dan Price announcement:

ABC News

Business Insider

NBC News 

New York Times 

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