James Schramko here. Today, we’re going to be talking about how you pay your team. A big question I get asked is, do you need to pay everyone in the team the same amount? And the answer is no.
Nobody in your team is exactly the same and it’s not communism. So just like you, the owner, probably get paid differently, other people in the team will get paid differently. It might depend on when they start. It might depend on their experience. It might depend on how much value they bring to the business. Certainly, some roles can be harder to replace and more valuable in the market. And then there are people who you just don’t want to lose. And I often suggest you pay a little bit more than the industry standard so that you create a situation where you are an employer of choice. So review it individually just like Marie Kondo does with the magic of tidying up. Think about each team member and if they bring you joy and if you want to keep them, then make sure they know that you value and appreciate them.
Hopefully, this is helpful for you. I’m James Schramko. If you want more help like this check out SuperFastBusiness membership.
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