Worth It: How a Million-Dollar Pay Cut and a $70,000 Minimum Wage Revealed a Better Way of Doing Business

by Dan Price

Dan Price gained worldwide attention in 2015 when he announced that he was instituting a $70,000 minimum wage at his company, Gravity Payments, and would slash his $1 million salary in order to pay for it. While many praised the decision as a bold step toward combating income inequality in the United States, others vilified Price as a radical socialist whose "experiment" was doomed to fail. But behind the headlines and controversy lay a much more nuanced and personal story--a story of an entrepreneur who realized he could no longer claim to be sticking up for his values if he continued to pay his employees anything less than a living wage. How could a business dedicated to helping small businesses succeed fulfill its mission if the people responsible for helping those businesses were struggling to meet their own most basic needs? In this book, Price shares the experiences and events that shaped his decision--from his conservative, Christian upbringing in rural Idaho to the milestones that made him rethink the true purpose of business--and shows how taking a huge risk ultimately helped his company become more resilient and competitive. Calling on leaders to set and execute on their own purpose-driven visions, Price forces readers to question traditional market-centric business wisdom in favor of a more human--and much more sustainable--approach. It’s not easy, he argues, but, in the end, the rewards will be worth it.

Genres: Nonfiction, Business, Economics, Biography Memoir, Biography, Book Club, Memoir

148 pages, Kindle Edition

Published April 13, 2020

Reviews

[Nicole Wilson · Rating 5 out of 5]

This is my first written review on Goodreads. No disgrace to the books that are dearest to my heart!! But, I am here to say that Dan Price tactfully challenges our country's employment system. In my humble opinion, earning a livable wage should not be a radical thought. I hope that his not-so-magical magic catches on in the coming years so that our future is bigger and brighter. Do yourself a favor; read this book (and the appendices).

[Greg Burrell · Rating 4 out of 5]

It's a refreshing alternative to the either/or capitalist vs. socialist arguments. Dan Price is not against capitalism. He's NOT against making profits and NOT proposing that all employees earn the same amount. His main point is: a living wage benefits the business because your employees don't have to work multiple jobs or stress about making ends meet. Those employees will feel more connected to the business' mission. Aside from the moot ethics debate, paying a living wage makes business sense. The discussion around investing in employees resonated with me: employees are the heart of your business, why wouldn't you invest in them? Isn't it just investing in your business?

[Drew Hawkins · Rating 5 out of 5]

This book was fantastic. A really healthy approach to capitalism that I think requires a lot of humility, self-confidence and could do the world a lot of good. Really enjoyed the honesty here.

[Natalie · Rating 4 out of 5]

Great story. I was surprised at how much Dan’s personal religion played into the story of the company, but it was authentic and helped display how he arrived at the values that Gravity stands for.

[Nicholas J Nabhan · Rating 5 out of 5]

This book is worth it. An excellent story about success!

The author tells his story of success with a clear and easy to read style. He provides fantastic information and detail about his decision to pay his employees a living wage, and the results of that decision. This is a truly all-American story of success, that everyone should aspire to.

[Dan Plumeri · Rating 5 out of 5]

Dan Price is one of best modern examples of leadership that should be aspired to. His book helps to dispel certain assumptions in finance where "this is the way business is done." And aims to spread human capitalism to other businesses. Key themes to summarize: focus on the well being of employees, prioritize purpose over profit, and overcoming fear of going against the status quo.

[Ken E. · Rating 5 out of 5]

TL;DR - Pay people a living wage and watch as those same people work harder and are more loyal to your business. Thank you Dan for being a great executive example and helping your employees to live a more fulfilled life.

[Kyle Talbot · Rating 2 out of 5]

While I agree with many of Mr. Prices ideologies, this book comes off as somewhat narcissistic. I started to question the motives of this book after the lack of mention of Dan's wife and the way that he portrayed himself as the victim throughout the squabble with his brother. Before picking this book up I had only known him for his tweets which flood the social media outlet Reddit. Again, I agree with most of what he has to say on Twitter, hence why I picked up the book in the first place. I began to do some digging to make a more rounded evaluation and discovered the allegations made by his wife. It's hard to see someone in the same light after reading the allegations against him. Does that mean that he's not doing something noble and good for his employees? Absolutely not. However, it does leave one questioning Dan's motives for instituting some of these changes and wanting to hear other sides of the story. Overall, this book reads more as a mediocre autobiography than a business book. You don't necessarily need to read it to gain profound wisdom on closing the inequality gap. He sums it up well throughout his promoted Reddit posts.

[Kari Guedea · Rating 5 out of 5]

conversationally written

I enjoyed reading this book- Dan Price is a inspiration- I hope that more CEOs embrace is values and priorities.

[Connor Laigaie · Rating 4 out of 5]

I loved the concept that the book is written about. I believe it is important to pay your employees in order to boost efficiency and productivity while lowering employee turnover.

I was not a business major in college but I have tutored and taken some managerial accounting/business administration classes and the goals for those classes seem to be in direct opposition to the ideas in this book. I remember having to run simulations and the goal was to capture maximum market share, raise prices as high as the market would allow, and cut costs as much as possible. This author kind of did the opposite. He works primarily for/with small businesses, offers lower prices, and tries to invest in his employees in order to generate more revenue. I believe that this company should be included as a case study for some university coursework either from an ethics or managerial perspective.

Aside from the content, the book read like a fairy-tale that maintained a pretty positive tone even when Dan was facing some adversity. The book was easy to read because even though it is about business it limits the in depth analysis to a level that any reader can understand.

[Nick Acosta · Rating 5 out of 5]

Great story about how we as business leaders can make business better by looking out for our employees best interest, rather than solely growing profit margins as high as possible.

[Michelle · Rating 5 out of 5]

A wonderful person

[Cindy Lou · Rating 4 out of 5]

Earning a living wage should be an inalienable human right. Dan Price's story, and the advice he provides after the Epilogue should be required reading for all Americans.

[Wuttipol✨ · Rating 1 out of 5]

Dan Price acts like he didn't know $40K wasn't a living wage. His wokenees is nothing but a mere performance, both for himself and others.

[Martin Roy · Rating 4 out of 5]

A new insight..and worth reading it.

[Michele James roberts · Rating 5 out of 5]

Inspiration and Hope For Increasing Equality

Dan Price shares his personal experience and how his values shaped business decisions that led to good outcomes for all. This is a great reminder of how responsible, caring business owners can make a positive difference when they focus on more than profit ans shareholder value.

[Eric · Rating 3 out of 5]

Inspiring work. Love what Dan is doing in the world. Could have been a little better written but an easy read. Every employer should consider what he has to say. (Edit: so grieved by the recent revelations, but still moved by any intention to compensate workers well)