CEO who raised minimum wage to $70,000 sees revenues double

With revenue growing at twice the previous rate, and profits doubling, the CEO who raised his company’s minimum wage to $70,000 (£46,000) has been justified in his decision.

According to Inc, the increase in revenue and profits has been accompanied by the loss of a few customers, but Gravity's customer retention rate has risen four per cent in the second quarter, from 91% to 95%.  

On top of this, only two employees have quit.

Dan Price, Founder and CEO of Gravity, said the biggest challenge he currently faces is his brother, who is suing him. The lawsuit was filed 11 days after the minimum wage announcement, although Lucas Price’s Attorney says the case is unrelated to the pay rises.