"When David Risher became CEO of Lyft, he drove part-time to get a feel for the job. Two and a half years later, he still drives at least once a month to, as he puts it, "learn, not earn." In the latest episode of Leadership Next, taped at Fortune's Brainstorm Tech conference in Deer Valley earlier this month, Risher talked to me and Kristin Stoller about how his part-time gig has shaped policy:"
"Fixed Prices: Risher says a passenger named Anne from Sausalito inspired him to let customers lock in a price for their morning commute after she talked about the stress of not knowing what she would have to pay every morning. "I began to realize people really don't like surge pricing," he says, "so we developed a product called price lock that allows people to lock in a price over a given route, and it's been a game changer for commutes.""
"Earnings Guarantee: "One of the things that really frustrates drivers is when they make too little versus what the rider pays," he said. "Last year, we put in something called a 70% earnings guarantee. It means over the course of a week, drivers will never earn less than 70% of what riders pay after fees." One result: "We now have a 19-point advantage over the other guys in terms of driver preference.""
David Risher drove part-time when he became CEO of Lyft and continues to drive monthly to learn rider and driver experiences. Passenger feedback inspired the price lock product, which lets commuters lock in a set fare to avoid surge pricing. Lyft introduced a 70% earnings guarantee ensuring drivers earn at least 70% of rider payments after fees across a week. Deep analysis of driver cancellations and customer wait times led to targeted fixes that reduced cancellations and wait times. Those measures produced a 19-point advantage in driver preference, 25% more riders, and a reversal from losing market share to gaining it.
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