Pay structure is important, but tricky. How do you show your staff how much you value them without burning your profit? Find out here: adventuretoprofit.com
Thank you so much Greg! I just found this TH-cam page as I am in the hiring process within my business. You have taught me so much so fast. I am sad to see that you have transitioned from the earth side but I am so thankful that you pumped out 3 videos a week and uploaded them to TH-cam university for small business owners like me to come and learn from you. Thank you sooooo much.
I'm glad this was valuable for you! I’d like to invite you to join our free community, where business owners and entrepreneurs connect, share, and grow together. Here’s the link if you’d like to join: www.skool.com/growth-hub-for-entrepreneurs-6013/about
We have drivers as independent contractors and we are debating switching to have employees instead. I love this video; it helps me understand what to do right if I switch. However, I was just thinking...do you think you can do this kind of structure with contractors? Or does that blur the lines to much between contractors vs employees?
There can be pluses and minuses to each of those scenarios and in most cases it can come down to different laws in different states. It may be best to get a consult with a business attorney in your area to see what would be best in your state. We can potentially recommend one to you depending on your state you are in
I have a problem with this paygrade idea. Everyone usually tends to want the higher paygrade, but nobody really keeps in mind the quality of life. I work in a factory that is understaffed, when I signed up there was optional overtime, but now it's mandatory. With the option of volunteering to work. Even then you are working 12 hour days regardless. I don't want a $1 raise to worry about more things. But they insist that I do. I'm happy where I'm at, How does this effect the business? And does this make me a reliable employee.
Pretty much every promotion I was ever offered, the extra responsibility and hours where in no way made up for by the pay increase. Thankfully I became a contractor and work for myself. Now I get to decide what to pay people and I offer a living wage even for entry level. I dont get to have a vacation house or a cool boat, but at least I can look at myself in the mirror.
This is a gross oversimplification of how to determine how much to pay for a position. This doesn't account for two main factors - years of service and intangibles. I know of a situation where someone worked many years in a low paying yet highly visible position - When they left, the business suffered a significant losses because many people were so unhappy with the changes after the departure, they took their business elsewhere. People aren't interchangeable parts and finding opportunities to pay them the least amount of compensation is ultimately short-sighted - Focus on developing a high performing team. That will create the greatest likelihood of generating in a tight-knit, highly motivated, and more productive team, all of which leads to additional opportunities to grow an organization based on trust and mutual respect.
Pay structure is important, but tricky. How do you show your staff how much you value them without burning your profit? Find out here: adventuretoprofit.com
Thank you so much Greg! I just found this TH-cam page as I am in the hiring process within my business. You have taught me so much so fast. I am sad to see that you have transitioned from the earth side but I am so thankful that you pumped out 3 videos a week and uploaded them to TH-cam university for small business owners like me to come and learn from you. Thank you sooooo much.
Amazing tips. This makes everything so easy. Thank you very much!
I'm glad this was valuable for you! I’d like to invite you to join our free community, where business owners and entrepreneurs connect, share, and grow together. Here’s the link if you’d like to join: www.skool.com/growth-hub-for-entrepreneurs-6013/about
This was SUCH a helpful video! Thank you for posting!
You’re welcome!
💕 I’m looking to add on some additional staff soon as some of our team have left for college. Thank you
Amazing!! Thank you!
This is excellent
Very good video. Thank you.
incredible video
Very helpful. Thanks
I love this video! Great information!
Glad you enjoyed it!
We have drivers as independent contractors and we are debating switching to have employees instead. I love this video; it helps me understand what to do right if I switch. However, I was just thinking...do you think you can do this kind of structure with contractors? Or does that blur the lines to much between contractors vs employees?
There can be pluses and minuses to each of those scenarios and in most cases it can come down to different laws in different states. It may be best to get a consult with a business attorney in your area to see what would be best in your state. We can potentially recommend one to you depending on your state you are in
I have a problem with this paygrade idea.
Everyone usually tends to want the higher paygrade, but nobody really keeps in mind the quality of life.
I work in a factory that is understaffed, when I signed up there was optional overtime, but now it's mandatory.
With the option of volunteering to work.
Even then you are working 12 hour days regardless.
I don't want a $1 raise to worry about more things.
But they insist that I do. I'm happy where I'm at,
How does this effect the business?
And does this make me a reliable employee.
If you want to stay at the level you are at then you should definitely be allowed to do that.
Pretty much every promotion I was ever offered, the extra responsibility and hours where in no way made up for by the pay increase. Thankfully I became a contractor and work for myself. Now I get to decide what to pay people and I offer a living wage even for entry level. I dont get to have a vacation house or a cool boat, but at least I can look at myself in the mirror.
This is a gross oversimplification of how to determine how much to pay for a position. This doesn't account for two main factors - years of service and intangibles. I know of a situation where someone worked many years in a low paying yet highly visible position - When they left, the business suffered a significant losses because many people were so unhappy with the changes after the departure, they took their business elsewhere. People aren't interchangeable parts and finding opportunities to pay them the least amount of compensation is ultimately short-sighted - Focus on developing a high performing team. That will create the greatest likelihood of generating in a tight-knit, highly motivated, and more productive team, all of which leads to additional opportunities to grow an organization based on trust and mutual respect.