Page 27 - Gravity Payments News Today : Breaking News, Live Updates & Top Stories | Vimarsana

Martha: the ceo and founder of the seattle company called gravity payments. he took a 90% pay cut. he's pledging to pay each of his employees a minimum salary of $70,000 a year. >> you might be making $35,000 a year right now. but everyone in here will definitely be making $70,000 a year and i'm super excited about that. martha: when a ceo brings in a camera for the announcement you know something is going to happen. stuart is your take on this? >> reporter: why are you pouring cold water on this guy who is being generous. martha: he's getting ton of

Cool -- pronoun for cool guy. >> that was great. >> the seattle-based ceo announced the minimum salary will be raised to $70,000. that's right. my new boss, the founder of gravity payments lowered his paycheck from $1 million to $70,000 to make the increases possible. wow. he made the announcement to his employees on monday. 70 people will see their paychecks increase and 30 will see it double. it will double. he is a good boss. >> it is amazing. look, that's how you incenti vies people. no one will want to leave this job now. this is a baseline salary for like your basic -- this is not even s...

That we didn't self-regulate and self-govern. had we done things like this, there would be no need for -- >> so a ceo doing right by his employees sounds great, right? not so fast. this is a publicity stunt. gravity payments is only making $2 million per year profit. he just dropped the minimum payroll 9 million onto his books. so he gets pr for doing the cool thing will ultimately ruin the company. and god help the next ceo. gravity will pull them down into the dust pile of great ideas on paper but not in business. sorry kids. no free lunch. the smartest anyone ever said about business simple...

Something people don't realize. you hear about how women don't get paid as much but not sure about the figure. to hear that number, every company should do that. that's a great way to bring attention to it. >> you didn't bring me any flowers. >> i didn't know the whole thing was happening. >> there's always tomorrow. >> i would just bring you flowers just because i want to bring you flowers. >> how come that's never happened? >> you haven't gotten flowers. >> from you, no. >> you're on the fifth floor, right? >> i'm on the fourth floor. >> there it is. there it is. some lady on the fifth floor...

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