How to Pay Your Employees
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- Опубліковано 14 лис 2016
- For detailed notes and links to resources mentioned in this video, visit www.patrickbetdavid.com/how-to...
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The way you pay your employees will determine how much of your talent you retain and how much you increase loyalty in your company.
In this video I’ll cover different ways to pay your employees and I’ll also talk about different strategies you can use including hourly pay, salary, profit and bonuses, and equity.
Different Types of Employees:
Hourly Employees - 1:03
Salary - 2:51
Profits/Bonuses - 3:55
Equity - 5:18
Sales - 6:23
Comp Plan - 8:13
Strategies for Knowing How to Pay Your Employees
#1: Know What You Can Afford - 19:14
#2: Always Keep a Look Out for Free Agents - 20:54
#3: Know the Market for the Position You’re Hiring For - 21:39
#4: Learn How to Customize Pay, Depending on Talent - 23:09
#5: Set Up a Comp Plan in a Way to Incentivize Loyalty and Longevity - 24:40
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For detailed notes and links to resources mentioned in this video, visit www.patrickbetdavid.com/how-to...
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Valuetainment Will do. Because I’m seeing a disconnect with those who “have money” and their ability to cheat those without it.
Wealth has absolutely NOTHING to do with hard work, nor education.
But, however, working for someone for pay does not equal up.
A cheap employer will always have an excuse for not compensating properly/fairly, yet always has money for himself/herself.
The money game, which is what this is, is not fair and most employers Will steal wages salary when given the opportunity.
Just my experience when I hear “employers” brag about pay.
Sir one question the department of a company that pays salary is called what
You prolly dont give a damn but does any of you know a way to log back into an instagram account?
I stupidly forgot the login password. I appreciate any assistance you can offer me
Everyone that works a low wage job needs to understand this. You get paid for your skills not because u work hard
What if through a set of skills, someone has more expeirence, doing it long but can outperform, create a team dynamic because of said level? What about outside and around the corner thinking, planing but not over anticipating. 😅 I work for much less now! doing entrylevel stuff I did in the military as a SPC. Europe! I can't get out of recreuting agencies, because I have a residance in Germany. Local secter feel threatend by my expierence but want to hire and fire me to keep a bottom feeder mentality. I can't get a good job because I over stayed as an American but can't really work as a Local National. I get a hassle because protected employees sleepwalk through their job! The sad truth, I am living on the verge of poverty, can't get ahead. I will eventually file bankruptcy.
How to Pay Your Employees
Key Takeaways:
Pay Levels:
1.Hourly: Low skill and transactional job, good starting point to know who want to go to the next level
2.Salary: 40h/week, hourly has a skill set, eligible to promotion and raises
3.Profits: salary+profits/bonus, work during weekends if needed
4.Equity: best executives coming on board
5.Sales: sales is king
Strategies:
-Know what you can afford
-Always keep a look out for free agents
-Know the market value for the position you are hiring for
-Learn how to customize pay depending on talent
-Setup a compensation plan in a way to incentivize loyalty and longevity
Bredou Alban Brice Where do You, as employer, get the money to pay?
Do much talk about pay, salary etc, where you get Your money?
Please don’t say sales! BS!
@@AllHandlesRTaken Only hire what you can afford.
@Billy B Then you aren't ready to hire anyone. Or pay people under the table.
this was one of the greatest videos you have ever done Patrick.
+Alloy Jack thanks. What did you like most about it?
knowing how to balance salary and equity.
VALUETAINMENT I agree you painted a very a clear picture and your transitions were on point. I loved the free agent comparison, that helps with getting another perspective.
Alloy Jack hi what to do revert one is in a world I'm not in
Agree! God bless you and the whole Valuetaiment team! ❤️
I can't believe this guy doesn't have more views.
BECAUSE MOST PEOPLE DO NOT UNDERSTAND WHAT HE IS TALKING ABOUT AND THEY ARE HAPPY MAKING MINIMUM WAGE WORKING ONLY 8 HOUR PER DAY
@@juantrejo8672 really?
In my opinion this video should have millions of views as it is very helpful.
@@mandystop1077 i agree with you what i siad is most people dont understand what hes talking about thats why they dont like the video
Haha 5 years later, he's got ALLL the views in this industry of UA-cam 😄
6 years later and he’s sold his company for hundreds of millions
Amazing
The thing about giving equity to superstars is a game changer! Opened my eyes on how to approach and hire people I cannot afford right now, but those are exactly the necessary and highly motivated people that will get you to the next level!
I totally agree - Never put a cap on sales! It's awful. Give people the unlimited opportunity to grow at a company. That's the real freedom people deserve!
+Lillian Okoye 👍🏼
+Lillian Okoye 👊🏼
Hey Lilian. Ngozi here. I love your comments. would you like to meet with Pat in person? he'll be with us this Monday. inbox me fit details.
this may not be the most exciting video you say?this was extremely informational and interesting!
Great wisdom here. Compensation structure can be used to drive growth and longevity based on the value of employee/member contribution and loyalty. It's always a measurable value proposition.
Another great one!! Very timely too. We own a small but growing business and we are struggling with finding good employees. As a small business, we don't have a ton of $ for payroll but its a learn on the job position. We do hand out bonuses for particularly long hours or a difficult gig. The jobs are entry level but with the company growing this fast, there is plenty of future ahead and skills to learn.
One of the things we encourage is sales with commission- anything they bring in completely organically, they get a cut. We don't have to front the money so it saves the payroll, but it also incentivises them to CREATE their own bonus. They also tend to take ownership of those jobs, proud of them, and they reach a little higher.
Its a 3 way win and it helps team build because they actually have emotional skin in the game and are personally invested in building the company. We really hope they stay and grow with the company.
There's definitely a generational divide in work ethic and the snowflake influence on our employee base.
This is really a great video explaining how and why to pay people and how to incentivise employees to bring out their best ;)
Thanks so much!!
Man I just love you. I learn more from you the others because of the way you teach/talk. You clearly know your shit. Most UA-cam videos just don't go into that much detail. You seem genuine and authentic too. I wish I would have found you and this channel sooner. Thank you!
Brilliant. After listening to your video I have a better understanding of the different levels. From transaction hourly employee to Top Sales. Gives me more insight for future growth and where to align our team as we grow. We are a small 4 person team now but are excited to see where we can take it. Thanks for all you and your team does to provide excellent content. By far you all are a step above.
Thank you very much for this awesome video, I always had this doubt about how much to pay to my employees and now I know it, thanks Patrick, you're great.
That front desk clerk story.
That’s really cool to think that how you set up your business can change people’s life.
PBD …. Thank you for giving us “the viewer” food for the mind, a different perspective and approach to every day subjects like this one. You are a magnetizing soul…. Thank you for your contribution to society.
It’s crazy to think you’d have to pay for this kind of content a decade ago. Great advice, information, and all around brilliant! From one Patrick to another, keep it up sir! Let me know when you’re in need of a tech guru
Love the vision you and your team had 6 years ago! Amazing how far you have come. Thanks for all the great content!
Hat off yet again.... Mentor Patrick... thank you very much...
+Victor Moyo 👊🏼
I'm actually watching this to be hired by a company for a marketing position. Good stuff in order to have the admin point of view for my interview and negotiation for salary. Pat is the best!
Top video. Pat is a leader. Practices empathy, gratitude and humility throughout his videos. Very strong minded guy. Props to him. Only weak minded leaders don't believe in the progress of their employees
Thank you very much for what you do Mr Betdavid. This is incredibly useful and valuable. Much appreciated.
You are really a Champ of all Champs 🙌🏾
I get hooked and I implement and if I forget you my mentor are always there..
26:10 You ARE the best on UA-cam 100% actionable and real mindset shifting content, no BS. Love it and super grateful I stumbled across one of your videos a few weeks back!!!
Today while making the salary plan for my company I needed this. Thank you Sir.
This actually was a great video to learn from.
I love how you also shared the realistic value of a sales person and also knowing their field value in the market. This really is a great way to share with employees and can help to motivate them when they ask for a raise or feel their value is at some point.
But also knowing who to value which is just as important.
Thank you for sharing this PBD!
Incentives like bonuses are important. And always be sharing the vision and look to see if they are focusing on the vision or the money. Great points Pat. Thank you!
Very informative to learn how salary, profits and equity depend on each other and work together.
Yup. Checking in a year later. Definitely the best channel, and the ONLY one going in to these these topics in depth for entrepreneurs. Thank you PbD!!!!!!!!!!!!!!!!! 🤩🤩🤩🤩🤩
I can't believe this guy is teaching all this for free. Thank youuuuuuuu That's gonna help a lot. BTW I have a Solar Company in Brazil
This is the most realistic entrepreneur channel, you may not like some of the vids. thats cause it aint all sunshine and rainbows, but its def. worth it
More videos like these, Pat. I really like the in-depth experience.
Inspiring! Thank you for your time to tell us from your experience.
Very comprehensive. You covered everything around this topic in a very short video. Thank you so much!
Very informative and eye opening. I'm not an entrepreneur or business person.
This video will help me to be more realistic regarding my pay.
Hi! Your videos are great and so full of knowledge.I have learned a lot just by watching your videos. Thanks for the great work. You really are a support to the new entrepreneurs!
This really helped me with my business. Thank you!
Hands down the best channel ever. Back then and even now.
When the student is ready the teacher appears. Best video on the subject. so thankful for the info.
This video was exactly what I was looking for especially the part about being irreplaceable.
Love your work Pat, appreciate your knowledge sharing
Fantastic video! One of the best I've ever seen. Thanks man. You rock!
your content has quality and good value.you deserve million subs.
another piece of great advise i have taken and used to full extent, find old retired people who would love to get out of the house for a while. offer them none to a tiny bit of workload and sincere respect to advise young unexperienced workers. they often don't want much money from you if they want any and they greatly enhance unexperienced workers.
Thanks for the value and advice that you deliver in each single video
Thanks Pat. Love your stuff. I'm going to be one heck of an entrepreneur one day.
Thank you so much for the information presented in this video. It really helped me understand how to pay my employees and has help me develop new strategies.
Im going to come back to this video soon. Thank You Pat
Hi Pat. I am just transitioning company to better and more aggressive bonus scheme because we are already growing by 30% and I want minimum 130% yearly. Your advices are great.
Thank you, Patrick for clarifying an opaque or murky area.
I recruit the rock stars of the insurance world. My clients are the CEOs or presidents of large insurance organizations and to make the decision making easier or more smooth, I’ve come up with a scorecard called Avatar. Avatar is one who is great in their echo system as defined by their skills, traits, tenure, and pain.
My clients and I collaborate and create his/her avatar, I’ll go fetch them, they interview multiple times and when it comes to make a decision, these CEOs and their hiring team each rate the candidate in a scale of 1-10 and let the numbers be a strong guiding light. I’ve had 99.11% success rate when it’s come to tenure
These Videos were GOLD. You are my MBA Sir..
always with pen and paper great tips i need bigger board to hold all this information so i can read daily to master this great video
Hi Patrick, your work is amazing! I've been following your channel for a quite a while and I can say I learn so much that I can't even handle at one. I take notes every time when I watch your video, sometimes I go and watch the video more than once! I have noticed you always talk the "sales" is the key, "sales" is the king, but what about the other people who are not on the product side. Running a software company without good product is not decent strategy as well. What is your advice to those who develop/produce the great product and make it literally easier for the salespeople to sell it? Thank you for your amazing work and knowledge you provide to all of us!
Hi Pat, another great video! Just a thought, I would like to see a day in the life of Patrick Bet-David . I know you did a day in the life of an entrepreneur which was very motivational but I would like to see your day to day life style. For example, the time you wake up, the time you go to the gym, the time you start work, the time you finish work etc... Just a thought Pat. Keep up the good work!
Thank you for all your videos Patrick,I'm only 15 but I'm really looking forward to become an entrepreneur.I want to say thank you for all the khowledge you give in this videos!
THats awesome man, but remember theres nothing stopping you, from starting already today!
Hi Patrick, would love to see some of these charts or notes from the board available in the description. Would help us as we keep digging through. Thanks for all the help thus far.
Amazing Patrick !! Thanks for sharing this champ!!
hey Patrick, can you talk about finding the right co-founders, the equity you should give to them, etc. thanks!
Les Zeris The right co-founders shouldn't be all to worried about it. Their enthusiasm should propel them to help grow a great business and if you make money they make money. Apple wasn't founded based on who got what if it ever took off.
This education is priceless Pat!!
Thanks a ton! :)
Hello Patrik,I've been watching and studying the messages on your videos for a couple days now. I've notice a drastic change in my life since I started to apply many of the lessons from here and many other similar sources on a daily basis. I hope to at some point in life do the same for many others, and to impact them in the best ways possible. I personally want to thank you for sharing your knowledge and experience at this subjects. It is clear a lot of people continues to be influenced and thankful for the extraordinary tips and advises people like you have to offer. I wish you, and your team the best vibes. Let's keep the awesome work flowing!Cheers!
+Tony Recinos (El Pintor Poeta) 👊🏼👍🏼
Patrick, can you do a video on "how to do an interview" I saw the interviews that you've made and they are excellents.
Your videos really help me alot. Thanks so much 🤗
Pat, just wondering how can this be applicable in health care business. We can't really give commission to doctors or healthcare providers because it will be the conflict of interest. Thanks.
Absolutely loved this Pat!!!
Please do a video on knowing when to hire more people and scaling. Would love to hear your opinion on this topic
How to raise funds to start your own business? - video idea. Another great video Pat.
Thanks a lot for your great videos 👍🏼
That was enlightening
Thanks for sharing this information. I am glad to see this.
Hey that was exciting to know .Thank you for sharing your experience.
OMG....best video I've seen ALL YEAR!
Hello! Patrick, can you do a video about how to find the right people to work with you in a start up? like how to know if this person is going to work with you and he/she have the same vision and etc. please? love your videos
would love that to as I am in a startup myself
Please do a video on advertisment
king cash gamer that would be great.. I agree with you
king cash gamer He has on standing out on Social Media.
king cash gamer Agree
Awsome content, excellent presentation
Rock on Mr. Bet-David!
Hey Pat, thanks for making this highly important video!
At 20:35 you mention that if one can't afford to hire, bring him/her on the Advisory board.
My question - How much does one pay an Advisor?
Most often equity is given. If so, how much percentage and how do we decide this number?
+Akshay Hattarki you simply bring them on as someone who gives you feedback as they watch you grow the company.
Thanks for the insight Patrick...Very informative
Thanks for the video. Amazing info!
quality time spent with you sir. learner some good strategies.
Indeed you're the best. Thanks, Patrick! :)
+Mark Anderson 👍🏼👊🏼
This WAS very very very exciting. And very very very important.
Many many many thanks :)
this is pure gold
Hey Mr. David.... it was amazing
This is quite an interesting information, but waiting on a monthly salary is frustrating somethings.
we Don't have to depend on one source of income. Investing create a safe haven for the future.
I concur 💯 to what you're saying, show me someone without investment and I will tell you how long it's going to take to go bankrupt.
the wisest thing that should be on every individual list is to invest in different stream of income and don't depend on government or company for salary.....
Investing is an important decision to be made for the future.
If you don't mind, can you please make me understand how you made profit investing in cryptocurrency, thanks.
Investment are the steppingstones to success especially if you been guided by a professional. Investment is good but investing in the right place is the key to financial freedom.
who's your pro.?
There are so many investors out there but if profits must be considered then not all investment are go to go.
I have made up to $ 30k in just 3 weeks and 2 days.
Thank you, Pat. 🙏🏽
Thank you ! It cleared my mind.
Great! My business is growing too fast for my little self! Patrick is the best thanks!
Wooooow! This advice is amazing!
Great video....soo much knowledge for budding entrepreneurs
David you know you are a life transformer and a walking mba which is free thanks for educating us.
I know this is totally unrelated, but what do you use on your blackboard? It's so much more visible than chalk. If they used that in school, I would have done better in classes.
yeh i would like to know too
bang shot Seems like it's something called chalk markers, or chalk pens.
Liquid Chalk Pen
Taking notes to prepare for my business
Indeed the best channel for entrepreneurship. You and your team is not just better than the rest of the channels but it's also giving competition to Entrepreneurship Universities and Colleges. You being experienced and Into-the-Industry makes you so much better when it comes to imparting knowledge, maybe someday you can open up your own university where only the entrepreneurs can come and share good information. I've been following your content from quite a long time now... Keep up the Good Work Sir. Special Thanks for sharing this :)
+Satyam Shrey Gupta 👊🏼👍🏼 stay tuned. 😉
Really great content. Thanks, Pat!
Great topic! This is the secret sauce! Comp and operations
That shirt looks so good on you Pat and i guess it's time to get the black for me too. Thanks for the good job always.
+Bayonle Arashi 👍🏼👊🏼 you can get one on www.valuetainmentstore.com.
the best education out here
Great Video Patrick! Thank you
This guy can talk you out of bonus in heartbeat...if he would sell words he become millionaire. Respect!
Awesome info, love it. Thank you 🙏
Awesome video need to ask I have a fast food and I’m having problems with employee turnover do you think adding profit salaries to it will increase motivation ?
Brah. I really appreciate this content. I have to share