What We Pay Our Employees
Summary
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I pay my team very well, mostly in the 75th to 90th percentile of industry standards. This helps attract and keep top talent.
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To figure out what to pay, I use websites like PayScale to look at industry standards for different levels of experience.
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I have a system where some people, whom I call "stars," can earn even more if they directly impact revenue.
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If someone has exceptional skills, like being able to sell something no one else can, I'm willing to pay them up to three times more than the average salesperson to keep them on the team.
Video
How To Take Action
I would suggest implementing some smart compensation strategies to keep your best talent. First, check out websites like PayScale to figure out the industry standards for pay in your field. This is a free and easy way to make sure you’re offering competitive salaries.
A good way to retain top talent is by paying them in the higher range, around the 75th to 90th percentile. This helps in keeping great employees and attracting new ones.
For those employees who have an exceptional ability to directly impact your revenue, you can consider creating a "star" system. These stars can be compensated even more if they bring extra value to your business. For example, if you have a salesperson who can close deals that others can’t, it might be worth paying them up to three times more than a typical salesperson.
This approach is not just about throwing money at people; it's about being strategic with your funds. By investing more in the right people, you’re making sure that your business continues to grow. All of these steps can help you build a strong team without spending too much time or money upfront. It’s all about focusing resources on what truly matters to your business success.
