{"id":65,"date":"2020-03-10T08:52:07","date_gmt":"2020-03-10T08:52:07","guid":{"rendered":"http:\/\/www.ernestgordonrecruitment.com\/archives\/65"},"modified":"2020-05-22T15:04:16","modified_gmt":"2020-05-22T15:04:16","slug":"would-you-consider-doubling-your-employees-salaries","status":"publish","type":"post","link":"https:\/\/www.ernestgordonrecruitment.com\/blog\/would-you-consider-doubling-your-employees-salaries\/","title":{"rendered":"Would you consider doubling your employees salaries?"},"content":{"rendered":"\n\n\n

Raising your employees\u2019 salaries is not always the first thing a director thinks of when considering ways to boost company revenue. Often, it is the complete opposite \u2013 making financial cuts where possible.<\/p>\n\n\n\n

A company owner taking a pay cut in order to give staff a pay rise is not something you see every day.<\/p>\n\n\n\n

But this is exactly what Dan Price, owner of card payments company Gravity Payments in Seattle has done.<\/p>\n\n\n\n

When he realised his staff were struggling to pay bills, despite the company being worth millions of dollars, he knew something had to change.<\/p>\n\n\n\n

He didn\u2019t think it was fair that he was a millionaire whilst much of his staff was struggling to make ends meet. After some research, he decided that a salary of $70,000 was what his workers needed to live comfortably. This would have been double the current salary of some workers. As well having to take a pay cut to achieve this, Price\u2019s two houses needed to be mortgaged, and his stocks and savings given up.<\/p>\n\n\n\n

So, did Price\u2019s gamble pay off?<\/p>\n\n\n\n

The results speak for themselves!<\/p>\n\n\n\n

The value of the payments the company processes a year has gone from $3.8billion to $10.2billion, and the headcount of the company has doubled.<\/p>\n\n\n\n

That\u2019s not to mention the more personal effect the salary increase has had on the employees. There has been a 9% increase in employees being able to buy their own houses, 70% of employees have been able to pay off debt, and the number of employees having babies has risen from 1-2 a year to 40 in 4 and a half years.<\/p>\n\n\n\n

For Price, this was the most important part \u2013 helping to improve his employees\u2019 quality of life.<\/p>\n\n\n\n

Of course, doubling every employee\u2019s salary isn\u2019t a viable option for every company owner, but it definitely something to consider. $70,000 isn\u2019t feasible for most companies, but it\u2019s amazing to see what even a small incentive can do to help boost company productivity and culture.<\/p>\n\n\n\n

Source:  https:\/\/www.bbc.co.uk\/news\/stories-51332811<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

Raising your employees\u2019 salaries is not always the first thing a director thinks of when considering ways to boost company revenue. Often, it is the complete opposite \u2013 making financial cuts where possible. A company owner taking a pay cut in order to give staff a pay rise is not something you see every day. … <\/p>\n

Continue reading “Would you consider doubling your employees salaries?”<\/span><\/a><\/p>\n","protected":false},"author":6,"featured_media":17,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_blt_blocks_post_featured_content":""},"categories":[20],"tags":[],"acf":false,"yoast_head":"\nWould you consider doubling your employees salaries? - Ernest Gordon Recruitment<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.ernestgordonrecruitment.com\/blog\/would-you-consider-doubling-your-employees-salaries\/\" \/>\n<meta property=\"og:locale\" content=\"en_GB\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Would you consider doubling your employees salaries? - Ernest Gordon Recruitment\" \/>\n<meta property=\"og:description\" content=\"Raising your employees\u2019 salaries is not always the first thing a director thinks of when considering ways to boost company revenue. 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