Sarah Blakley, the CEO of the apparel firm Spanx, decided to implement this change in order to show her staff appreciation for all of the hard work they had put in to establishing and managing the company.
Blakely founded Spanx while she was still in her late 20s and worked full-time as a door-to-door salesperson of fax machines at the time.
She had just $5000 to her name at the time, but she put it all in a business that would eventually be worth several billions of dollars.
She says: “When I first began this firm in Virginia Highlands, on the whiteboard in my room, I set down a goal and indicated that I wanted this company to one day be worth $20 million.
I have worked hard to achieve that objective and everyone laughed at me, and I responded, “you know what, I believe that.
The fact that I cared the most about the client and had the least amount of money when I began this firm gave me the guts to do it despite the fact that I had no prior expertise in the business world.”
Spanx has been one of the market leaders in the sector for the last 20 years, despite the challenges it has faced and its success has been founded on high-quality goods, devotion, and collaboration.
Forbes magazine recognized Blakley as the youngest self-made female billionaire in 2012, and her current net worth is believed to be somewhere around $1.2 billion.
According to her, it was her modest origins that prompted her to make sure that all of her workers were appropriately rewarded as the company evolved. She surprised everyone by announcing the present to the staff members while they were having fun at a party.
“The floodgates opened when I revealed that I had surprised everyone with two first-class aircraft tickets on Delta to anyplace in the globe as well as $10,000 cash to spend on the trip.
I sincerely want each and every employee to mark this occasion in their own special manner and make a recollection that will stay with them for the rest of their lives. A toast to the 21 years of magic that have passed and the many more that are still to come.”