How would you feel about bringing home an annual salary of $70,000?
That’s the new minimum wage for employees of Gravity Payments, a credit-card payment processing company that just moved to the top of our gotta-work-there list.
The company’s CEO Dan Price announced Monday he’s raising the salary of each of his employees to $70,000 a year, The New York Times reported. That applies to every one of the company’s 120 workers, for whom the average salary is about $48,000. About 30 employees will see their salaries double, and 70 will see an increase, the NYT notes.
Um, can you say CEO of the year? Turns out Price was named 2014 Entrepreneur of the Year by Entrepreneur magazine.
Why Is Gravity Payments Offering Such Impressive Salaries?
The change will go into effect over the next three years, and Price plans to pay for it by cutting his $1 million salary to $70,000 and reallocating the majority of the $2.2 million in profit the company expects to earn this year, according to the NYT piece.
“We need more of these CEO’s. #props,” a Twitter user wrote after reading the news.
While some people say Price is pulling a publicity stunt — a expensive one, but it’s effective! — the CEO says he made the decision because of research he read on how happiness relates to income. Princeton University researchers concluded money can make a difference in how happy you are, but only up to a certain point: $70,000.
This salary threshold is way beyond the federal minimum wage of $7.25 an hour, which works out to about $15,000 a year. (The poverty level for a family of four, by the way, is $23,850.)
Is Gravity Payments Hiring?
Now for the big question: how can you get in on this goodness if you don’t already work at the company?
Gravity Payments is hiring! Their careers page details job openings for sales representatives, as well customer-service positions called Support Representatives.
While the company’s based in Seattle, these jobs are available in a number of cities in Hawaii, Idaho, Oregon, Washington, Arizona and Oklahoma.
In addition to the new minimum salary, plus benefits, Gravity Payments offers unlimited vacation time after one year, according to its career page. The company gets solid reviews on Glassdoor, with employees saying it’s challenging but rewarding to work there.
In the words of Price, as quoted by the New York Times, “Is anyone else freaking out right now?”
Want more details? Read the full story, including how Price started the company as a 19-year-old college student, at The New York Times.
Your Turn: Would you consider applying for a position with Gravity Payments? What would an annual salary of $70,000 mean to you?