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CEO Dan Price made headlines when he cut his own salary from 1.1 million to 70,000 and set a $70,000 minimum wage for all employees. This unconventional move boosted employee morale, productivity, and customer retention. It also attracted top talent and free publicity. The company’s revenue tripled, showing that prioritizing employee well-being can lead to business success.
Ricardo Semler transformed his family’s traditional manufacturing company into a radical democracy. Employees set their own salaries, choose their managers, and vote on major decisions. This unique approach resulted in increased productivity, innovation, and employee satisfaction. Semco’s success demonstrates that trusting employees with significant autonomy can lead to remarkable business outcomes.
By Marcel Schwantes | SEP 25, 2024
Read the original article at INC
