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Dan Price, CEO of Gravity Payments, cuts his salary by 90% to increase wages of his team

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By NewsGram Staff Writer

Can you ever think of a CEO who reduced his own salary so that his team earns more? Mr. Price is the one who broke the stereotype and cut his salary by 90% to increase the salary of the whole team.

Dan Price, CEO of Gravity Payments gathered the team of 120 employees to tell the news that he is doubling the salary of some employees and by December 2017 the whole team’s salary will be doubled.

The average salary of an employee was $48000 but now after this decision 70 of them will be getting $70000 and in order to avoid bankruptcy, those who earn less than $70000 will be getting $5000 increment every year or a minimum of $50000, whichever is suitable.

To implement this, the salary of CEO will be reduced to $1 million a year to the same minimum like everyone else, until the company’s profits recoup.

Mr Price told an English newspaper that he settled on the figure of $70,000 for all after reading a study published by the University of Princeton, which found that increase in income above that number did not have a significant positive impact on a person’s happiness.

According to The Independent, Mr Price said he “hadn’t even thought about” how he was going to adjust to earning 90 per cent less, adding: “I may have to scale back a little bit, but nothing I’m not willing to do – I’m single, I just have a dog.

“I’m a big believer in less,” he added. “The more you have, sometimes the more complicated your life gets.”

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Survey Reveals that Indian Youth Prefer Job Stability Over Salary

79 per cent of the survey respondents were from tier 2 and tier 3 cities, the study revealed

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Youth
Research reveals that job security, followed by a healthy work-life balance, drives Indian youth to opt for banking and government jobs. Pixabay

A survey on Monday revealed that job security, followed by a healthy work-life balance, drives Indian youth to opt for banking and government jobs.

Based on the responses from 5000 banking and government jobs aspirants across the country, the survey from the online competitive exam preparation space — Oliveboard found that 44.3 per cent respondents voted for job stability, while 36.7 per cent chose better work-life balance over other popular considerations, such as good salary (11.1 per cent).

79 per cent of the survey respondents were from tier 2 and tier 3 cities, the study revealed.

“When we speak of the aspirations of Indian youth, it is important to look beyond the mega cities, teeming with MNCs and startups. The majority of Indians live in small towns and villages, where public sector jobs are most sought after,” said Abhishek Patil, CEO and Co-founder, Oliveboard.

Youth
When we speak of the aspirations of Indian youth, it is important to look beyond the mega cities, teeming with MNCs and startups. Pixabay

“Our survey sheds light on the dreams and motivations of this oft-ignored section of society,” Patil said.

According to the survey, 23 per cent of the respondents opted for a mock test in Hindi instead of English.

In terms of preferred mode for exam preparation, 58.7 per cent voted for online mock tests, while YouTube classes and videos (44.5 per cent) came second, and traditional coaching institutes (8.4per cent) were the last choice.

A majority of the candidates (39.4 per cent) prepare for three or more competitive exams at the same time, the study said.

The survey also found that access to online coaching for competitive exams, such as JEE, NEET, Banking, SSC and GATE, has gained greater momentum.

Youth
Job security, followed by a healthy work-life balance, drives Indian youth to opt for banking and government jobs. Pixabay

Online learning and personalised education tools are replacing traditional coaching methods.

Social media is definitely a game-changer, offering easy access to discussion forums and study groups.

ALSO READ: Pakistan Pushes Cyber Warfare Against India on Twitter

According to the data, Telegram groups (31.5 per cent), WhatsApp groups (31.5 per cent) and Oliveboard discussion forum (27.1 per cent) are the most popular platforms to interact with peers and educators. (IANS)

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Salary hike correlated to ease of falling asleep: Survey

The survey, conducted across Delhi, Mumbai and Bengaluru, indicates that there is also a direct correlation between productivity and sleep.

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Sleep
Those that are familiar with stress, know that stress can have you up all night. Wikimedia Commons
  • Your salary and sleep may be connected
  • High salary means more ease while falling asleep
  • the survey also shows at what time people go to bed usually in different cities

Having trouble sleeping? Your salary might be one of the reasons behind it. There is a direct correlation between increasing salary and ease of falling asleep, according to a survey.

Listening to white sounds can helps us to get oriented towards calm thoughts
High salary means more ease at falling asleep.

The India Sleep and Wellness survey, released ahead of the World Sleep Day, was commissioned by Sunday Mattresses and was conducted among 345 working professionals above the age of 25, read a statement.

The survey, conducted across Delhi, Mumbai and Bengaluru, indicates that there is also a direct correlation between productivity and sleep.

Also Read: Sleep spindles may help in improving memory retention

Over two-thirds of the sound sleepers believe they are 100 per cent productive at work. whereas more than half of those who reported getting insufficient sleep, believed they were only 75 per cent (or less) productive.

People below the age group of 30 sleep better compared to those who are older. Adults over 30 are twice as likely to have sleep-related problems and adults over 45 years are three times more likely to have sleep-related issues. Almost 40 per cent of people use an alarm to wake up. This is significantly high in Mumbai where 50 per cent of the respondents use an alarm on a daily basis.

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Sleeping is very important for one’s mental and physical health.

People in Bengaluru go to bed the earliest (between 10 p.m. and 11 p.m.), whereas Mumbai has the highest proportion of night owls who sleep after midnight. Bengaluru also has a better record of falling asleep as compared to Delhi and Mumbai and this is mainly attributed to relatively lower noise levels.

The research demonstrates that people who eat less than two hours before going to sleep are 50 percent more likely to have sleep-related issues. IANS

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Google India-born CEO Sundar Pichai receives stock award of $199 million in 2016, almost double his 2015 stock award of $99 million

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Sundar Pichai, Wikimedia

New York, April 29, 2017: Google’s India-born CEO Sundar Pichai received a stock award of $198.7 million in 2016, almost double his 2015 stock award of $99.8 million, a media report said.

That brought his total compensation in 2016 to $199.7 million, almost twice the $100.6 million he earned in 2015.

Pichai received a salary of $650,000 in 2016, slightly less than the $652,500 he earned in 2015, CNBC reported on Friday.

NewsGram brings to you current foreign news from all over the world.

Pichai’s massive pay package came even as his two bosses and Google co-founders Larry Page and Sergey Brin, once again drew salaries of only one dollar for their roles as CEO and President, respectively, of parent company Alphabet.

But Page and Brin are each worth more than $40 billion through their stock holdings.

According to the report, Pichai’s raise came during a year when Google’s sales rose 22.5 per cent and net income rose 19 per cent as it maintained its position as the top seller of internet advertising. (IANS)