CEO on why giving all employees minimum salary of $70,000 still "works" six years later: "Our turnover rate was cut in half"

It was six years ago when CEO Dan Price raised the salary of everyone at his Seattle-based credit card processing company Gravity Payments to at least $70,000 a year.

Price slashed his own salary by $1 million to be able to give his employees a pay raise. He was hailed a hero by some and met with predictions of bankruptcy from his critics. 

But that has not happened; instead, the company is thriving. READ MORE