FastCompany: Back in April, Seattle credit card processing company Gravity Payments announced it would raise the minimum wage for its 120-person staff to $70,000. For CEO Dan Price, the bump up from the average $48,000 salary was an attempt to ensure the happiness of his employees, based on a Princeton study that measured the dollar figure that triggered contentment among 450,000 U.S. residents.
At the time, the move prompted praise for more equitable salaries (the CEO took a pay cut to enable the change), as well as concerns that productivity would plummet along with employees’ willingness to strive for the next level.
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