How To Compensate Your Employees (Properly)

Compensation.

It’s a sticky subject and most people do it wrong.

In this video I talk about how to pay your employees properly - in a fair and objective way.

I also talk about:
-how to strategically decide your compensation philosophy
the difference between a “value hire” and an “out of the box” hire
-how to determine the “pie chart” of compensation you can offer
-What DOES and DOES NOT effect compensation (this is super important - so many horror stories here)

Hope you find this helpful in making better compensation decisions with your team!

P.S. as an entrepreneur, you ARE an employee in your business…so pay yourself like one (not too little or too much). I have another video on this ;)

[ChandlerBoltOfficial]

How do you compensate your employees? What's your process? Comment below and let me know!

[selfpublishingdotcom]

This has been extremely important as we scale / grow as a company. Tough conversations, but great to have an objective and fair process.

[BriceGump]

I like that pie chart of traditional vs non traditional benefits that's a good mental model to use thanks man. Going to add that into the next one

[MarcyPusey]

This was interesting! Having been one of your value hires, it was fascinating to hear the process and thinking that goes along with it. I'm really grateful for the ways you've given me opportunities to grow and develop. The balance between feeling "over-paid" and then feeling "under-paid" is interesting, too. I appreciate your thoughtfulness and intentionality in how you run this company!

[lachance]

Love watching this video before every eval! Great breakdown of traditional vs non-traditional benefits, too.

[scottallanpublishing]

Fantastic breakdown on employee compensation and the process/structure for how this is determined. I appreciate the thought and organization that goes into this.

[GrowWithWill]

We always base ours based off the median salaries in our home base city; we want employees who choose to be here, not necessarily looking for optimization of salary and only that. We offer more than that as a work place and that comes with trade offs.

[BoardroomtoBounceHouse]

So since you are fully remote and you don’t have a geographical factor, how do you decide what market to benchmark to? Do you use national average?