In 2015 Dan Price made a decision to raise the minimum wage at his Seattle based card payments company.

At the time Price was a millionaire, but the change still required him to cut his salary by $1,000,000, mortgage his two houses and give up his stocks and savings.

But what effect did this have on the business?

Five years later staff numbers have doubled to 240 and the value of payments processed per year has gone from $3,800,000,000 to $10,200,000,000.

Perhaps the most interesting change, however, is in the employees themselves.

Seventy percent have paid off their debts. Ten percent (as opposed to less than one percent before) have bought their own house. And the productivity of junior staff members noticeably increased while the case load for senior workers decreased.

But that's not the whole story.

The biggest change is that staff don't come to work because they have to earn money. They come to work because they want to work well. Accordingly, stress levels have dropped and productivity has risen.

When we consult with firms we often present ideas not disimilar to this as the mindful way to operate a business.

If you want to know more (or if you want your boss to know more) please feel free to click below.