In April, Dan Price, CEO of the of the credit card payment processor Gravity Payments, left employees, customers, and the media dumbfounded when he announced he would raise minimum pay for all employees to at least $70,000 a year. The move drew the ire of his brother Lucas, who claimed that, as co-founder, the pay raise infringed upon his rights as a minority shareholder. But Price's unorthodox strategy has paid huge dividends for the company. Revenue and profits have doubled since, with customer retention rising from 91 to 95 percent. A few weeks after Price made the initial announcement, the company was barraged with over 4,000 resumes and saw a huge surge in customer inquiries. Price began giving out 20 percent annual raises to his staff after in 2011 after an employee complained over low pay. Thanks in part to a productivity increase of 30-40 percent, profit was still comparable to that of the prior year. He handed out the same raised the next year and achieved the same o...

Society has perpetuated this notion that you haven't really made it in life unless you've risen to the top of your field -- that in order to truly be respected by your peers, you have to become a business owner or president, vice president, or director of a company. To me, this is pure hogwash. Not everyone wishes to be in a senior level position in which they're tasked with making pivotal decisions for their department or for the company as a whole. Nor do most people feel drawn to the idea of running their own company. Why? For one, people have different personalities. Introverts tend to be drawn to behind-the-scenes, production-oriented positions where they can let their work do all the talking. Let's not forget that the higher you move up in the chain of command, the less specialized your job is likely to become. For example, instead of only handling, say, research and development, you'll now have to worry about budgeting and assume other responsibilitie...