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Episode
61

The Boss Who Paid Everyone $70,000

First published on
June 9, 2020
Business
-
14
minutes
USA
Business
Income inequality
Pandemic

In 2015, the boss of an American company decided to pay every employee a minimum wage of $70,000, and cut his salary from $1.1M to $70,000.

Some people said he was mad, and it would never work. Others thought it was a fantastic decision.

In today's episode we tell the story of this company, and find out how it is doing 5 years later.

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Transcript

[00:00:04] Hello, hello, hello and welcome to English Learning for Curious Minds by Leonardo English. 

[00:00:11] The show where you can learn fascinating things about the world and listen to interesting stories at the same time as improving your English. 

[00:00:21] I'm Alastair Budge, and today we are going to be talking about the boss of an American company who did something pretty radical, and that was to set the minimum salary at his company to $70,000, more than double the normal minimum wage.

[00:00:41] When he first did this in 2015 it was widely mocked, made fun of, as an act that would never work. 

[00:00:50] Paying people more for doing the same job would make them lazy and inefficient, and people said it made no sense. 

[00:00:59] But others thought it was an enlightened move, a welcome deviation from the winner takes all form of capitalism that runs through American culture and dictates that companies should pay people as little as possible while bosses and shareholders grow fat on the company profits. 

[00:01:20] Today we are going to find out what really happened five years after this radical new idea was introduced. 

[00:01:29] We'll tell the story of why this man made the change, what happened to the company, how it affected people, and what he is doing now in the time of coronavirus. 

[00:01:42] It's going to be quite an interesting one. 

[00:01:46] So let's get started. 

[00:01:49] Our story starts in 2015 in Seattle, in the west of the United States, there was a company called Gravity Payments. 

[00:01:59] It had been set up by a young man called Dan Price and had grown into a big company, processing billions of dollars of card payments for small businesses and employing 120 people. 

[00:02:15] Dan Price was, in many ways, a classic American success story. 

[00:02:20] He had started this company in his teenage years and was now on a salary of over a million dollars a year.

[00:02:29] He was living the high life, living in a beautiful house, drinking champagne, with all of the trappings, all the signs of a successful businessman. 

[00:02:40] Yet something wasn't quite right. 

[00:02:44] After speaking to his employees, he realised that lots of them were still struggling to pay the bills. 

[00:02:52] Although he paid them what was considered a fair market rate, for lots of them, this wasn't enough, and they were still struggling financially. 

[00:03:04] Some were even doing two jobs, working for Gravity Payments and working part time outside of their main job in order to make ends meet

[00:03:17] Dan thought long and hard about this and decided that he wanted to do something about it.

[00:03:25] The easiest thing for him to do as an employer would be to increase the salary of his employees, but he soon realised that this wasn't just a simple calculation. 

[00:03:39] Do you increase everyone's salary by a certain percentage? 

[00:03:44] Do you only increase it for the people who need it the most? 

[00:03:47] And if that's the case, how do you calculate the need?

[00:03:53] He did a lot of research into this and found a 2010 study by a Princeton behavioural economist called Daniel Kahneman that suggested that there was a correlation, a connection, between income and happiness, where you get increasingly happy with a higher income until $75,000 but above $75,000 there is no correlation between income and happiness.

[00:04:24] People don't get any happier when they are paid above $75,000. 

[00:04:31] Price crunched the numbers, he did his calculations, and figured out that he could afford to pay every employee a minimum of $70,000. 

[00:04:44] This would mean that he, as CEO, needed to take a big pay cut from $1.1 million to the minimum of $70,000, but it was possible.

[00:04:59] This was in 2015 and when he announced it, it was all over the major news networks. 

[00:05:08] Some people praised him saying that this was a fantastic development and a great example to all bosses and owners of companies. 

[00:05:18] Others thought it was ridiculous and predicted that his company would go out of business as employees became lazy because they were being paid too much.

[00:05:30] The right wing radio presenter, Rush Limbaugh called Price a communist and said, 'I hope this company is a case study in MBA programs on how socialism does not work because it's going to fail'. 

[00:05:46] So what actually happened to the company, to Gravity Payments? 

[00:05:52] Immediately after the $70,000 minimum wage was introduced, a few things happened.

[00:05:58] Firstly, a couple of senior employees resigned, they handed in their notice, saying that they weren't happy that their junior employees' salaries had been raised so much as it would make them lazy and the company uncompetitive. 

[00:06:16] Secondly, there was a big influx of job applications. 

[00:06:21] This minimum wage was significantly above the average for the area, and, understandably, it made the company a place that a lot of people suddenly wanted to work for. 

[00:06:35] After the dust had settled, the initial results suggested that this had actually been a clever move by Price, and Gravity Payments. 

[00:06:46] According to Price, employees were more motivated and focused on their jobs.

[00:06:52] He thinks this was because they didn't have to always worry about money and were happier at work. 

[00:07:01] Employees were able to spend more money on their own health, exercising more and eating more healthily, which of course made them happier and more productive at work. 

[00:07:13] It has also allowed people to do things like start a family without the same financial concerns.

[00:07:20] Before the increase in minimum wage, the company had between zero and two babies born every year, and since the change they have averaged about 10 babies born per year. 

[00:07:35] And it's not just about employees being happy; all of this seems to have translated into business success as well.

[00:07:44] The company now employs twice the number of people and has almost tripled the amount of payments that it processes, so the amount of money that it processes for its clients has gone from $3.8 billion to $10.2 billion. 

[00:08:01] You might think, well, it obviously seems to be working - happier employees, bigger business, more clients, I guess lots of companies are now copying this example.

[00:08:15] Actually, despite the media coverage and favourable press that Price got, very few companies have followed his lead, have copied his example of raising their minimum wage to such a large extent. 

[00:08:30] And indeed the most famous business based in Seattle, Amazon, is one that has famously fought against wage rises for its staff, and only relatively recently agreed to raise its minimum wage to $15 an hour.

[00:08:50] Of course not every business can afford to do this, and Gravity Payments was in the fortunate position of already having quite a large cushion, it had a large customer base, was making a lot of money, which makes it easier to do things like guarantee everyone a high minimum wage. 

[00:09:11] For lots of small businesses, this is just a luxury that they simply don't have. 

[00:09:18] But even for Gravity Payments, the company run by the man once dubbed 'America's best boss', it is not always plain sailing

[00:09:30] Like hundreds of thousands of other businesses, the Corona Virus has hit it hard.

[00:09:36] Gravity Payments makes its money by processing card transactions for small businesses like restaurants, shops, and clinics, so the money it makes is directly linked to how much money its customers make. 

[00:09:53] And when businesses suddenly all had to close, revenue nosedived, it dropped dramatically and Gravity Payments started losing $30,000 a day. 

[00:10:05] The company was in trouble. 

[00:10:08] Price didn't know what to do, and asked his employees for help. 

[00:10:14] Fortunately, 98% of them agreed to take a pay cut, a reduction in salary, volunteering to give up between 10% and 100% of their salary. 

[00:10:28] They said that they were able to do this because they had enjoyed this higher minimum wage and were able to pay off some of their debts and set aside some money as savings.

[00:10:41] So they had money to spare and they were able to take this pay cut because of the fact that they had a higher minimum wage. 

[00:10:50] Price, in solidarity with his team, cut his salary to zero. 

[00:10:56] And he has become an even greater advocate for fairness in pay. 

[00:11:03] While CEOs in corporate America are still paid hundreds of times more than their employees and the value of their stocks has been going up significantly while lots of their employees are suffering, Price is a voice on the side of the employee. 

[00:11:21] And although he does seem to be a pretty lonely voice, he raises some very valid points, in my opinion. 

[00:11:28] In Seattle, the city where both Gravity Payments and Amazon are based, he questions why Amazon is spending millions of dollars on adverts thanking their employees while at the same time ending the $2 an hour hazard pay for people working on the frontline at the time of coronavirus, which would work out as only 0.02% of Jeff Bezos's net worth.

[00:11:59] And on a personal level, he says that taking this lower pay has made him happier; his employees are doing better, which makes him feel better about the job that he is doing. 

[00:12:12] And he is pushing this moral angle to the people he views as greedy CEOs, saying that having so much money while their employees suffer isn't making them happy, and the sooner they realise this, the happier they will be. 

[00:12:31] So it's certainly an interesting idea, and what started out as an admirable experiment has turned into what seems to be a successful strategy for happier, more productive, not just employees, but happier people. 

[00:12:48] And to me at least, that seems like a pretty big success.

[00:12:53] Okay then, that is it for today's episode on America's best boss, the man who raised everyone's minimum salary to $70,000. 

[00:13:03] Let's see how Gravity Payments manages to weather the rest of the CoronaVirus, but it seems at least that Price has bought himself enough goodwill with his employees that it should be in a position to do better than most.

[00:13:19] As always, I would love to know what you thought of the show. 

[00:13:22] You can email hi@leonardoenglish.com. 

[00:13:27] You've been listening to English Learning for Curious Minds by Leonardo English. 

[00:13:32] I'm Alastair Budge, you stay safe and I'll catch you in the next episode.

[END OF PODCAST]

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[00:00:04] Hello, hello, hello and welcome to English Learning for Curious Minds by Leonardo English. 

[00:00:11] The show where you can learn fascinating things about the world and listen to interesting stories at the same time as improving your English. 

[00:00:21] I'm Alastair Budge, and today we are going to be talking about the boss of an American company who did something pretty radical, and that was to set the minimum salary at his company to $70,000, more than double the normal minimum wage.

[00:00:41] When he first did this in 2015 it was widely mocked, made fun of, as an act that would never work. 

[00:00:50] Paying people more for doing the same job would make them lazy and inefficient, and people said it made no sense. 

[00:00:59] But others thought it was an enlightened move, a welcome deviation from the winner takes all form of capitalism that runs through American culture and dictates that companies should pay people as little as possible while bosses and shareholders grow fat on the company profits. 

[00:01:20] Today we are going to find out what really happened five years after this radical new idea was introduced. 

[00:01:29] We'll tell the story of why this man made the change, what happened to the company, how it affected people, and what he is doing now in the time of coronavirus. 

[00:01:42] It's going to be quite an interesting one. 

[00:01:46] So let's get started. 

[00:01:49] Our story starts in 2015 in Seattle, in the west of the United States, there was a company called Gravity Payments. 

[00:01:59] It had been set up by a young man called Dan Price and had grown into a big company, processing billions of dollars of card payments for small businesses and employing 120 people. 

[00:02:15] Dan Price was, in many ways, a classic American success story. 

[00:02:20] He had started this company in his teenage years and was now on a salary of over a million dollars a year.

[00:02:29] He was living the high life, living in a beautiful house, drinking champagne, with all of the trappings, all the signs of a successful businessman. 

[00:02:40] Yet something wasn't quite right. 

[00:02:44] After speaking to his employees, he realised that lots of them were still struggling to pay the bills. 

[00:02:52] Although he paid them what was considered a fair market rate, for lots of them, this wasn't enough, and they were still struggling financially. 

[00:03:04] Some were even doing two jobs, working for Gravity Payments and working part time outside of their main job in order to make ends meet

[00:03:17] Dan thought long and hard about this and decided that he wanted to do something about it.

[00:03:25] The easiest thing for him to do as an employer would be to increase the salary of his employees, but he soon realised that this wasn't just a simple calculation. 

[00:03:39] Do you increase everyone's salary by a certain percentage? 

[00:03:44] Do you only increase it for the people who need it the most? 

[00:03:47] And if that's the case, how do you calculate the need?

[00:03:53] He did a lot of research into this and found a 2010 study by a Princeton behavioural economist called Daniel Kahneman that suggested that there was a correlation, a connection, between income and happiness, where you get increasingly happy with a higher income until $75,000 but above $75,000 there is no correlation between income and happiness.

[00:04:24] People don't get any happier when they are paid above $75,000. 

[00:04:31] Price crunched the numbers, he did his calculations, and figured out that he could afford to pay every employee a minimum of $70,000. 

[00:04:44] This would mean that he, as CEO, needed to take a big pay cut from $1.1 million to the minimum of $70,000, but it was possible.

[00:04:59] This was in 2015 and when he announced it, it was all over the major news networks. 

[00:05:08] Some people praised him saying that this was a fantastic development and a great example to all bosses and owners of companies. 

[00:05:18] Others thought it was ridiculous and predicted that his company would go out of business as employees became lazy because they were being paid too much.

[00:05:30] The right wing radio presenter, Rush Limbaugh called Price a communist and said, 'I hope this company is a case study in MBA programs on how socialism does not work because it's going to fail'. 

[00:05:46] So what actually happened to the company, to Gravity Payments? 

[00:05:52] Immediately after the $70,000 minimum wage was introduced, a few things happened.

[00:05:58] Firstly, a couple of senior employees resigned, they handed in their notice, saying that they weren't happy that their junior employees' salaries had been raised so much as it would make them lazy and the company uncompetitive. 

[00:06:16] Secondly, there was a big influx of job applications. 

[00:06:21] This minimum wage was significantly above the average for the area, and, understandably, it made the company a place that a lot of people suddenly wanted to work for. 

[00:06:35] After the dust had settled, the initial results suggested that this had actually been a clever move by Price, and Gravity Payments. 

[00:06:46] According to Price, employees were more motivated and focused on their jobs.

[00:06:52] He thinks this was because they didn't have to always worry about money and were happier at work. 

[00:07:01] Employees were able to spend more money on their own health, exercising more and eating more healthily, which of course made them happier and more productive at work. 

[00:07:13] It has also allowed people to do things like start a family without the same financial concerns.

[00:07:20] Before the increase in minimum wage, the company had between zero and two babies born every year, and since the change they have averaged about 10 babies born per year. 

[00:07:35] And it's not just about employees being happy; all of this seems to have translated into business success as well.

[00:07:44] The company now employs twice the number of people and has almost tripled the amount of payments that it processes, so the amount of money that it processes for its clients has gone from $3.8 billion to $10.2 billion. 

[00:08:01] You might think, well, it obviously seems to be working - happier employees, bigger business, more clients, I guess lots of companies are now copying this example.

[00:08:15] Actually, despite the media coverage and favourable press that Price got, very few companies have followed his lead, have copied his example of raising their minimum wage to such a large extent. 

[00:08:30] And indeed the most famous business based in Seattle, Amazon, is one that has famously fought against wage rises for its staff, and only relatively recently agreed to raise its minimum wage to $15 an hour.

[00:08:50] Of course not every business can afford to do this, and Gravity Payments was in the fortunate position of already having quite a large cushion, it had a large customer base, was making a lot of money, which makes it easier to do things like guarantee everyone a high minimum wage. 

[00:09:11] For lots of small businesses, this is just a luxury that they simply don't have. 

[00:09:18] But even for Gravity Payments, the company run by the man once dubbed 'America's best boss', it is not always plain sailing

[00:09:30] Like hundreds of thousands of other businesses, the Corona Virus has hit it hard.

[00:09:36] Gravity Payments makes its money by processing card transactions for small businesses like restaurants, shops, and clinics, so the money it makes is directly linked to how much money its customers make. 

[00:09:53] And when businesses suddenly all had to close, revenue nosedived, it dropped dramatically and Gravity Payments started losing $30,000 a day. 

[00:10:05] The company was in trouble. 

[00:10:08] Price didn't know what to do, and asked his employees for help. 

[00:10:14] Fortunately, 98% of them agreed to take a pay cut, a reduction in salary, volunteering to give up between 10% and 100% of their salary. 

[00:10:28] They said that they were able to do this because they had enjoyed this higher minimum wage and were able to pay off some of their debts and set aside some money as savings.

[00:10:41] So they had money to spare and they were able to take this pay cut because of the fact that they had a higher minimum wage. 

[00:10:50] Price, in solidarity with his team, cut his salary to zero. 

[00:10:56] And he has become an even greater advocate for fairness in pay. 

[00:11:03] While CEOs in corporate America are still paid hundreds of times more than their employees and the value of their stocks has been going up significantly while lots of their employees are suffering, Price is a voice on the side of the employee. 

[00:11:21] And although he does seem to be a pretty lonely voice, he raises some very valid points, in my opinion. 

[00:11:28] In Seattle, the city where both Gravity Payments and Amazon are based, he questions why Amazon is spending millions of dollars on adverts thanking their employees while at the same time ending the $2 an hour hazard pay for people working on the frontline at the time of coronavirus, which would work out as only 0.02% of Jeff Bezos's net worth.

[00:11:59] And on a personal level, he says that taking this lower pay has made him happier; his employees are doing better, which makes him feel better about the job that he is doing. 

[00:12:12] And he is pushing this moral angle to the people he views as greedy CEOs, saying that having so much money while their employees suffer isn't making them happy, and the sooner they realise this, the happier they will be. 

[00:12:31] So it's certainly an interesting idea, and what started out as an admirable experiment has turned into what seems to be a successful strategy for happier, more productive, not just employees, but happier people. 

[00:12:48] And to me at least, that seems like a pretty big success.

[00:12:53] Okay then, that is it for today's episode on America's best boss, the man who raised everyone's minimum salary to $70,000. 

[00:13:03] Let's see how Gravity Payments manages to weather the rest of the CoronaVirus, but it seems at least that Price has bought himself enough goodwill with his employees that it should be in a position to do better than most.

[00:13:19] As always, I would love to know what you thought of the show. 

[00:13:22] You can email hi@leonardoenglish.com. 

[00:13:27] You've been listening to English Learning for Curious Minds by Leonardo English. 

[00:13:32] I'm Alastair Budge, you stay safe and I'll catch you in the next episode.

[END OF PODCAST]

[00:00:04] Hello, hello, hello and welcome to English Learning for Curious Minds by Leonardo English. 

[00:00:11] The show where you can learn fascinating things about the world and listen to interesting stories at the same time as improving your English. 

[00:00:21] I'm Alastair Budge, and today we are going to be talking about the boss of an American company who did something pretty radical, and that was to set the minimum salary at his company to $70,000, more than double the normal minimum wage.

[00:00:41] When he first did this in 2015 it was widely mocked, made fun of, as an act that would never work. 

[00:00:50] Paying people more for doing the same job would make them lazy and inefficient, and people said it made no sense. 

[00:00:59] But others thought it was an enlightened move, a welcome deviation from the winner takes all form of capitalism that runs through American culture and dictates that companies should pay people as little as possible while bosses and shareholders grow fat on the company profits. 

[00:01:20] Today we are going to find out what really happened five years after this radical new idea was introduced. 

[00:01:29] We'll tell the story of why this man made the change, what happened to the company, how it affected people, and what he is doing now in the time of coronavirus. 

[00:01:42] It's going to be quite an interesting one. 

[00:01:46] So let's get started. 

[00:01:49] Our story starts in 2015 in Seattle, in the west of the United States, there was a company called Gravity Payments. 

[00:01:59] It had been set up by a young man called Dan Price and had grown into a big company, processing billions of dollars of card payments for small businesses and employing 120 people. 

[00:02:15] Dan Price was, in many ways, a classic American success story. 

[00:02:20] He had started this company in his teenage years and was now on a salary of over a million dollars a year.

[00:02:29] He was living the high life, living in a beautiful house, drinking champagne, with all of the trappings, all the signs of a successful businessman. 

[00:02:40] Yet something wasn't quite right. 

[00:02:44] After speaking to his employees, he realised that lots of them were still struggling to pay the bills. 

[00:02:52] Although he paid them what was considered a fair market rate, for lots of them, this wasn't enough, and they were still struggling financially. 

[00:03:04] Some were even doing two jobs, working for Gravity Payments and working part time outside of their main job in order to make ends meet

[00:03:17] Dan thought long and hard about this and decided that he wanted to do something about it.

[00:03:25] The easiest thing for him to do as an employer would be to increase the salary of his employees, but he soon realised that this wasn't just a simple calculation. 

[00:03:39] Do you increase everyone's salary by a certain percentage? 

[00:03:44] Do you only increase it for the people who need it the most? 

[00:03:47] And if that's the case, how do you calculate the need?

[00:03:53] He did a lot of research into this and found a 2010 study by a Princeton behavioural economist called Daniel Kahneman that suggested that there was a correlation, a connection, between income and happiness, where you get increasingly happy with a higher income until $75,000 but above $75,000 there is no correlation between income and happiness.

[00:04:24] People don't get any happier when they are paid above $75,000. 

[00:04:31] Price crunched the numbers, he did his calculations, and figured out that he could afford to pay every employee a minimum of $70,000. 

[00:04:44] This would mean that he, as CEO, needed to take a big pay cut from $1.1 million to the minimum of $70,000, but it was possible.

[00:04:59] This was in 2015 and when he announced it, it was all over the major news networks. 

[00:05:08] Some people praised him saying that this was a fantastic development and a great example to all bosses and owners of companies. 

[00:05:18] Others thought it was ridiculous and predicted that his company would go out of business as employees became lazy because they were being paid too much.

[00:05:30] The right wing radio presenter, Rush Limbaugh called Price a communist and said, 'I hope this company is a case study in MBA programs on how socialism does not work because it's going to fail'. 

[00:05:46] So what actually happened to the company, to Gravity Payments? 

[00:05:52] Immediately after the $70,000 minimum wage was introduced, a few things happened.

[00:05:58] Firstly, a couple of senior employees resigned, they handed in their notice, saying that they weren't happy that their junior employees' salaries had been raised so much as it would make them lazy and the company uncompetitive. 

[00:06:16] Secondly, there was a big influx of job applications. 

[00:06:21] This minimum wage was significantly above the average for the area, and, understandably, it made the company a place that a lot of people suddenly wanted to work for. 

[00:06:35] After the dust had settled, the initial results suggested that this had actually been a clever move by Price, and Gravity Payments. 

[00:06:46] According to Price, employees were more motivated and focused on their jobs.

[00:06:52] He thinks this was because they didn't have to always worry about money and were happier at work. 

[00:07:01] Employees were able to spend more money on their own health, exercising more and eating more healthily, which of course made them happier and more productive at work. 

[00:07:13] It has also allowed people to do things like start a family without the same financial concerns.

[00:07:20] Before the increase in minimum wage, the company had between zero and two babies born every year, and since the change they have averaged about 10 babies born per year. 

[00:07:35] And it's not just about employees being happy; all of this seems to have translated into business success as well.

[00:07:44] The company now employs twice the number of people and has almost tripled the amount of payments that it processes, so the amount of money that it processes for its clients has gone from $3.8 billion to $10.2 billion. 

[00:08:01] You might think, well, it obviously seems to be working - happier employees, bigger business, more clients, I guess lots of companies are now copying this example.

[00:08:15] Actually, despite the media coverage and favourable press that Price got, very few companies have followed his lead, have copied his example of raising their minimum wage to such a large extent. 

[00:08:30] And indeed the most famous business based in Seattle, Amazon, is one that has famously fought against wage rises for its staff, and only relatively recently agreed to raise its minimum wage to $15 an hour.

[00:08:50] Of course not every business can afford to do this, and Gravity Payments was in the fortunate position of already having quite a large cushion, it had a large customer base, was making a lot of money, which makes it easier to do things like guarantee everyone a high minimum wage. 

[00:09:11] For lots of small businesses, this is just a luxury that they simply don't have. 

[00:09:18] But even for Gravity Payments, the company run by the man once dubbed 'America's best boss', it is not always plain sailing

[00:09:30] Like hundreds of thousands of other businesses, the Corona Virus has hit it hard.

[00:09:36] Gravity Payments makes its money by processing card transactions for small businesses like restaurants, shops, and clinics, so the money it makes is directly linked to how much money its customers make. 

[00:09:53] And when businesses suddenly all had to close, revenue nosedived, it dropped dramatically and Gravity Payments started losing $30,000 a day. 

[00:10:05] The company was in trouble. 

[00:10:08] Price didn't know what to do, and asked his employees for help. 

[00:10:14] Fortunately, 98% of them agreed to take a pay cut, a reduction in salary, volunteering to give up between 10% and 100% of their salary. 

[00:10:28] They said that they were able to do this because they had enjoyed this higher minimum wage and were able to pay off some of their debts and set aside some money as savings.

[00:10:41] So they had money to spare and they were able to take this pay cut because of the fact that they had a higher minimum wage. 

[00:10:50] Price, in solidarity with his team, cut his salary to zero. 

[00:10:56] And he has become an even greater advocate for fairness in pay. 

[00:11:03] While CEOs in corporate America are still paid hundreds of times more than their employees and the value of their stocks has been going up significantly while lots of their employees are suffering, Price is a voice on the side of the employee. 

[00:11:21] And although he does seem to be a pretty lonely voice, he raises some very valid points, in my opinion. 

[00:11:28] In Seattle, the city where both Gravity Payments and Amazon are based, he questions why Amazon is spending millions of dollars on adverts thanking their employees while at the same time ending the $2 an hour hazard pay for people working on the frontline at the time of coronavirus, which would work out as only 0.02% of Jeff Bezos's net worth.

[00:11:59] And on a personal level, he says that taking this lower pay has made him happier; his employees are doing better, which makes him feel better about the job that he is doing. 

[00:12:12] And he is pushing this moral angle to the people he views as greedy CEOs, saying that having so much money while their employees suffer isn't making them happy, and the sooner they realise this, the happier they will be. 

[00:12:31] So it's certainly an interesting idea, and what started out as an admirable experiment has turned into what seems to be a successful strategy for happier, more productive, not just employees, but happier people. 

[00:12:48] And to me at least, that seems like a pretty big success.

[00:12:53] Okay then, that is it for today's episode on America's best boss, the man who raised everyone's minimum salary to $70,000. 

[00:13:03] Let's see how Gravity Payments manages to weather the rest of the CoronaVirus, but it seems at least that Price has bought himself enough goodwill with his employees that it should be in a position to do better than most.

[00:13:19] As always, I would love to know what you thought of the show. 

[00:13:22] You can email hi@leonardoenglish.com. 

[00:13:27] You've been listening to English Learning for Curious Minds by Leonardo English. 

[00:13:32] I'm Alastair Budge, you stay safe and I'll catch you in the next episode.

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