Dan Price’s $70K Minimum Wage: The Leader’s Mindset in Action

Motivating a workforce requires more than just perks and policies – it demands vision, conviction, and purpose-driven leadership.

At The Humphrey Group, we teach that leadership is about inspiring others through thoughtful, audience-centered communication. Successful leaders don’t just tell their employees what to do; they inspire action by connecting emotionally and purposefully.

This article is part of a new series where we will break down the leadership decisions of notable figures. Today, we focus on Dan Price, CEO of Gravity Payments, whose bold decision to raise his company’s minimum wage to $70,000 serves as a powerful example of leadership grounded in vision, conviction, and courage.

Aligning Pay with Purpose — Dan Price and the $70K Minimum Wage

When Dan Price, the CEO of Gravity Payments made the bold and unprecedented decision to ensure that every employee of his company would make a minimum of $70K, a more livable minimum wage, many thought it would backfire. Recognizing that financial insecurity was a significant barrier to his employees’ happiness and productivity, he cut his own salary, just north of $1M to make it possible.

But Price didn’t just see this as a compensation decision. He saw it as part of a larger vision to create an equitable workplace where financial stress wouldn’t limit employees' potential. His conviction in this purpose was strong enough that he cut his own salary to make it happen, showing true courage in pursuing a path many thought was unsustainable.

The results were remarkable. His company saw increased employee engagement, retention, and even profitability. This leadership decision was about having the vision to see a better future for his employees, the conviction to believe in that vision even when facing skepticism, and the courage to follow through despite risks.

How Dan Price’s Decision Connects to The Leader’s Mindset

At The Humphrey Group, The Leader’s Mindset emphasizes starting with purpose and vision. Price exemplifies this by focusing on a larger purpose. In this case, financial equality for his team, rather than short-term profit margins, demonstrate Price’s core values, which aligns with The Leader’s Mindset in several key ways:

First, Price had a clear vision. He believed that by addressing financial insecurity, he could foster a more productive, loyal, and motivated workforce, which is central to the Leader's Mindset approach of linking actions to a bigger picture.

Second, despite critics and industry backlash, Price stuck to his belief that fair wages were the right course of action. The Leader’s Mindset teaches that when leaders communicate and act with conviction, they inspire loyalty and commitment.

And last, his decision wasn’t easy — it required personal sacrifice and risk. In The Leader’s Mindset, courage is critical; it’s the willingness to pursue what you believe is right, even when faced with opposition or uncertainty.

How Leaders Can Apply The Leader’s Mindset To Their Own Organizations

While not every leader will have the ability to create a change as large-scale as Price’s $70K minimum wage decision, the principles behind his actions apply across multiple varied leadership settings. His decision was grounded in a strong vision, conviction, and courage, which offers a replicable framework for leaders at all levels.

In fact, at The Humphrey Group we teach that effective leadership is less about grand, one-time gestures and more about the consistent alignment between purpose, action, and communication. Price’s case study is impressive, but the key to his success lies in the principles guiding his leadership.

Here are four key principles from The Leader’s Mindset that can help you bring your vision to life and motivate lasting results, like Price:

Articulate your vision with clarity

At The Humphrey Group, we teach that leaders must communicate a compelling vision to give direction and purpose to their teams. Doing so clearly fosters alignment and motivation. By consistently communicating the underpinning belief in his decision, Price’s team understood how they fit into the bigger picture.

• Apply the lesson: Think beyond immediate goals. Ask yourself what kind of team or company you want to build in the long term, then communicate that vision consistently. A leader who values innovation might consistently emphasize how each project pushes the team toward that vision. By aligning day-to-day decisions with the larger goal, you can show that every action contributes to a bigger purpose.

Conviction: back your vision with action

Vision, alone, is not enough. Leaders must turn their vision into tangible, bold actions. Price didn’t just talk about creating a fairer workplace; he took the unprecedented steps to make it happen, sending a clear signal to his employees about how serious he was.

The Leader’s Mindset emphasizes conviction. Leaders must not only believe in their vision but act on it decisively. When you follow through on your vision with real actions, you build trust within your team and inspire them to commit to the larger purpose.

• Apply the lesson: Bring your vision to life. Don’t just talk about values – implement policies and make decisions that demonstrate your commitment to them. If your company values work-life balance, take concrete steps to offer flexible working hours or remote options. Demonstrate that your vision goes beyond words.

Stay Committed Despite Challenges

While Price faced backlash, he stayed committed to his decision because he believed in its long-term value. This commitment to his vision, even in the face of adversity, inspired confidence in his employees and ultimately proved successful.

Courage is a critical part of The Leader’s Mindset. Leaders who are committed to their vision must be willing to face opposition and push forward, knowing that meaningful change often comes with challenges.

• Apply the lesson: Be prepared to face resistance or short-term challenges. Stick to your beliefs, even when it’s difficult. If your organization is committed to sustainability, don’t abandon environmentally friendly practices in favor of short-term costs. Show your team that you’re willing to make sacrifices for a greater good, reinforcing their belief in your leadership.

Lead by Example

Perhaps the most powerful element of Price’s leadership was his willingness to lead by example. By cutting his own salary to ensure his company could meet the new minimum wage, he demonstrated that he wasn’t asking his employees to make sacrifices he wasn’t willing to make himself. This personal investment built credibility and loyalty within his team.

The Leader’s Mindset emphasizes the importance of leaders being authentic and demonstrating their commitment through action. By leading by example, you show your team that you’re fully invested in your vision and that you’re willing to make personal sacrifices to achieve it. This builds trust and loyalty, as employees see that you’re not just giving directives, but living the values you promote.

• Apply the lesson: If you’re asking your team to prioritize a key project or embrace a new initiative, be equally committed. Be visible, contribute your time, and offer support. If you ask your team to dedicate extra hours to a critical initiative, make sure you put in the same effort. Be the living proof that you’re as invested in the outcome as they are.

Conclusion: Apply The Leader's Mindset in Your Leadership Practice

At The Humphrey Group, we emphasize that leadership isn’t just about big, headline-grabbing moves. While Price’s decision to raise his employees' wages was extraordinary, the principles behind it are universally applicable. It’s about aligning your actions, vision, and communication in a way that inspires and motivates those around you, which was evident in Price’s bold leadership.

Inspired by Dan Price’s leadership example? At The Humphrey Group, we teach leaders how to align vision, conviction, and courageous action with thoughtful communication to create meaningful impact. Discover how our Leadership Communication Training can help you motivate your workforce, foster loyalty, and lead by example—just like Price did. Start your journey to purpose-driven leadership today!