How to Pay Your Employees in a Small Business

Paying employees in any business is a difficult task.

And it could be extremely stressful if you don’t know what you’re doing. Mostly because there are 3 sides of paying your employees...

1) determining how much to pay your employees
2) designing your comp plan to actually motivate them to work hard for you and retain them
3) compliance - which is making sure you’re paying your employees correctly to avoid big hefty penalties from the government

In today’s episode, I’m going to help you understand how to do this in your business, so you don’t make the same mistakes we've made.

Outline:

Intro: (0:00)
Small Business Mistakes We Made: (2:07)
Difference Between Independent Contractor and Employee: (4:20)
How to Setup a Payroll System: (8:40)
Hourly Pay vs. Salary Pay: (9:10)
When to Use Bonuses and Commissions: (10:22)
How Much to Pay Your Employees: (14:00)
Recap: (17:00)

[PaluMom]

I spent 20 minutes looking for videos about payroll and your video was the best by far. Thank you for that information so useful.

[heathertoomey]

I love that you always use wholesome language! Thanks for keeping it clean, pure, professional, and friendly!

I have not been able to find this Info anywhere. You are such a blessing!

[CapitalWorksPro]

Nobody on YouTube EVER mentions that you need to consider cost of labor in your pricing, and I'm here to say I love that you did! Great job getting that out there, guys!

[autumnjoy]

This is by far the most helpful video I have watched as a small business owner. You have one more faithful subscriber!

[alisonthrives]

This is exactly what I was looking for. Your video quality is so high I have to subscribe immediately

[hernandezasia]

Thank you for providing this amazing info✨🙏🏼
Everything I was hearing was what I needed to know!!

[marclemar]

I’m a compensation professional. This video popped up as a result of my search for small business compensation. I’m starting a company to assist small businesses with their compensation not to be confused with payroll or taxes. This is a great video and it helps me understand what my future potential clients may be looking for. the one thing that I do want to point out. Paying hourly or salary is not a decision made by any company or business owner. It’s regulated by the FLSA if you are a business owner, please protect yourself by reading the FLSA to determine whether an employee is hourly or salaried. Failure to do so will leave you open to some huge risk and potential lawsuits.

[LAREALNAE]

Wow, great video! So needed! Thanks for this!

[AdelitaWilliam-dlci]

I like your video presentation. It is informative too, at the same time. Thanks a lot for your guidance!

[stalwart]

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[rtanaka]

Fantastic, high quality content. Thanks Sherman.

[GunninRebel]

So much helpful and practical information. Thank you so much for sharing the knowledge. I subscribed a few weeks ago and have been learning a lot.

Thanks again!

[ionmarketing]

Wonderful video, whole lots taking place in that field recently

[Luuvkev]

Love this video, very informative!:))

[sandrabalogun]

This video was so helpful for some mistakes I've already made. Now I know how to fix them and move forward productively! Awesome content. Thank you for sharing and for your level of transparency. I'm sure this will help many!

[cwcleaningcompany]

This was such an amazing video! Thank you so much for your wealth of knowledge! 👏🏼👏🏼👏🏼

[shirinsaghaie]

Thank you so much, this is so helpful.

[soulwhistler]

Mannn u just gave so much I’m going tokeep watchin it to take correct notes thank you so much…

[sandywray]

Great information just what I was looking for.