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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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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.

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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.

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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)