How to Pay Your Employees

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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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Valuetainment- The best channel for new, startup and established entrepreneurs.
Schedule: New episodes every Tuesday and Thursday on a broad array of entrepreneurial topics.
For detailed notes and links to resources mentioned in this video, visit www.patrickbetd...

Опубликовано:

28 сен 2024

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Комментарии : 412

@VALUETAINMENT 4 года назад

Share your thoughts with Patrick Bet-David by texting 310.340.1132 or click here my.community.com/patrickbetdavid

@AllHandlesRTaken 4 года назад

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.

@Maphip 3 года назад

Sir one question the department of a company that pays salary is called what

@koajairo2356 3 года назад

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

@REEVOTIC 7 лет назад

this was one of the greatest videos you have ever done Patrick.

@VALUETAINMENT 7 лет назад

+Alloy Jack thanks. What did you like most about it?

@REEVOTIC 7 лет назад

knowing how to balance salary and equity.

@butterbruhh 7 лет назад

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.

@juradaree3759 6 лет назад

Alloy Jack hi what to do revert one is in a world I'm not in

@naohursepuny4331 4 года назад

Agree! God bless you and the whole Valuetaiment team! ❤️

@mrcarterfx885 5 лет назад

Everyone that works a low wage job needs to understand this. You get paid for your skills not because u work hard

@charlesmichaelschmitt6412 Год назад

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.

@thorstenhunsicker9302 4 года назад

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!

@diptidixit4 4 месяца назад

Today while making the salary plan for my company I needed this. Thank you Sir.

@wuzgoanon9373 6 лет назад

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.

@sappysamurai5170 3 года назад

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!

@King-qi1vg 7 лет назад

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!

@janfredrikhalvorsen3611 7 лет назад

THats awesome man, but remember theres nothing stopping you, from starting already today!

@anthonyboss3686 7 месяцев назад

Hands down the best channel ever. Back then and even now.

@Tigerdude7798 7 лет назад

hey Patrick, can you talk about finding the right co-founders, the equity you should give to them, etc. thanks!

@nicholassanborn1625 7 лет назад

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.

@perfectbeat 7 лет назад

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.

@vika.k.avictormoyo6718 7 лет назад

Hat off yet again.... Mentor Patrick... thank you very much...

@VALUETAINMENT 7 лет назад

+Victor Moyo 👊🏼

@akhi85 5 лет назад

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

@nobodyimportant9781 7 лет назад

Please do a video on advertisment

@amoldhamale3202 7 лет назад

king cash gamer that would be great.. I agree with you

@essennagerry 7 лет назад

king cash gamer He has on standing out on Social Media.

@dankmemes6611 7 лет назад

king cash gamer Agree

@kiddcuti 11 месяцев назад

Love the vision you and your team had 6 years ago! Amazing how far you have come. Thanks for all the great content!

@maxwellswanson9657 7 лет назад

I can't believe this guy doesn't have more views.

@juantrejo8672 3 года назад

BECAUSE MOST PEOPLE DO NOT UNDERSTAND WHAT HE IS TALKING ABOUT AND THEY ARE HAPPY MAKING MINIMUM WAGE WORKING ONLY 8 HOUR PER DAY

@mandystop1077 3 года назад

@@juantrejo8672 really? In my opinion this video should have millions of views as it is very helpful.

@juantrejo8672 3 года назад

@@mandystop1077 i agree with you what i siad is most people dont understand what hes talking about thats why they dont like the video

@hipplel Год назад

Haha 5 years later, he's got ALLL the views in this industry of RU-vid 😄

@Shaqir Год назад

6 years later and he’s sold his company for hundreds of millions Amazing

@plctrainerallen-bradleysie5812 Год назад

Great! My business is growing too fast for my little self! Patrick is the best thanks!

@talentsherpa 3 года назад

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

@dennisreed4927 4 года назад

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.

@Ynotra1 7 лет назад

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!

@VALUETAINMENT 7 лет назад

+Tony Recinos (El Pintor Poeta) 👊🏼👍🏼

@OGTrollTroll8 4 месяца назад

Im going to come back to this video soon. Thank You Pat

@aarongaffney725 4 года назад

26:10 You ARE the best on RU-vid 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!!!

@yvonneruvinski8065 7 лет назад

Very informative to learn how salary, profits and equity depend on each other and work together.

@FDJustin 7 лет назад

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.

@bangshot2794 7 лет назад

yeh i would like to know too

@FDJustin 7 лет назад

bang shot Seems like it's something called chalk markers, or chalk pens.

@MrDjLawless 6 лет назад

Liquid Chalk Pen

@longspear584 5 лет назад

Thank you very much for what you do Mr Betdavid. This is incredibly useful and valuable. Much appreciated.

@nunolibanio8926 7 лет назад

Fantastic video! One of the best I've ever seen. Thanks man. You rock!

@rimmasspace 7 лет назад

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

@janfredrikhalvorsen3611 7 лет назад

would love that to as I am in a startup myself

@keasenne 5 лет назад

You are really a Champ of all Champs 🙌🏾 I get hooked and I implement and if I forget you my mentor are always there..

@MrSimincity 7 лет назад

your content has quality and good value.you deserve million subs.

@shiwei5976 2 года назад

Great video! just what I need now. Thank You !

@jungleGSC 3 года назад

I like to pay my employees a flat rate so that way they work harder to get done faster instead of hourly where they work slower to make more

@adarika55 6 лет назад

Well, hourly employees can also be very skilled professionals who are independent enough to set their own hours. Lawyers are hourly, programmers can be hourly.

@googleplex7097 3 года назад

Alotta times the hourly employees make more than the salary ones.

@muffinmanmdor4 5 лет назад

Bring back case studies with the biz doc!!

@chris123chris82 7 лет назад

How do you find out your numbers? How would you know what you can and cannot afford to pay someone?

@hitediting8644 7 лет назад

Businesses that are just starting up are difficult to advertise for because they have no credibility yet, if you could make a video on how to advertise for a business starting up that'd be great

@pentrubarbati 7 лет назад

Act like you do it for long term / i never heard nobody saying things like I didn't bought from them because they are new ...

@RealHomeRecording 6 лет назад

Well then build some credibility then through free customers.

@investinurself3445 5 лет назад

I know it's been awhile but I'll answer. I got laid off about 4 years ago, sold a car and started an mobile auto detailing business ($5k). Within a week I had 2 customers a day for 6 days a week (only bc I didn't want to work on sunday) and all I did was go on FB yard sale sites and put ads on every yard sale site in my area (probably about 25-30 of them) and I was good to go. So maybe do that, any other social media... it's all free.

@filmy.gaaney 4 года назад

Thanks for sharing this information. I am glad to see this.

@hglhugodiaz780 7 лет назад

How about a video on: how to pay yourself as a business owner?

@AOVIPNZ 2 года назад

Really great video, thank you 😊 🙏

@Jamal-oy6wc 6 лет назад

Thanks a lot for your great videos 👍🏼 That was enlightening

@mnuh9980 7 лет назад

Hi Patrick....i'm really inspired by your videos..valuetainment is definitely the best thing that has happen for me so far....i have a suggestion and a request..could you also if possible at all make your videos deaf friendly...American Sign Language would be Awesome...i'm an entrepreneur and i'm training deaf people to employ them in the future and i really want them to watch, absorb and most importantly Understand your content.

@VALUETAINMENT 7 лет назад

Thank you for your suggestion. I'm not sure we'll be adding ASL, but we added subtitles for that purpose. Hope that helps! ~ Rebecca (VT support)

@drjennyli 7 лет назад

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.

@noboit 6 лет назад

Great Video Pat. Really you are a real Leader

@matthieucarpentier7142 7 лет назад

Do a video on which formations we should do after hightschool

@nreyntje 4 года назад

Question: How do you ensure employees don't run off with you company? Take the code, take the data... run off. ?

@thomasburgess4834 7 лет назад

I don't know that I would like to give equity, I would rather give a higher amount of salary and profits to get a good employee.

@josephmaas3742 3 года назад

Seems so easy in theory.... ever worked with REIG's? good luck

@jmreynosof 7 лет назад

Amazing Patrick !! Thanks for sharing this champ!!

@jaykongo4062 7 лет назад

Absolutely loved this Pat!!!

@dtdcayyappanagar1731 7 лет назад

This education is priceless Pat!! Thanks a ton! :)

@nicholasfoli6112 7 лет назад

Thanks for the insight Patrick...Very informative

@tenniswithric 6 лет назад

Love your work Pat, appreciate your knowledge sharing

@MrSlumville 6 лет назад

Your videos really help me alot. Thanks so much 🤗

@justacompletelyrandomguy999 Год назад

Gamefam needs to see this

@BakedUp 7 лет назад

This WAS very very very exciting. And very very very important. Many many many thanks :)

@joshuahooper3389 4 года назад

Awesome video!

@viewme6598 4 года назад

Correctly

@thepowerofyou6065 2 года назад

what do you do when you are struggling to get people to take you serious enough in business to work with you?. I have been looking for an assistant for way too long now

@Cory_P 6 лет назад

Great video, but I have a more specific question that I'm hoping someone can help me with. My business product is $100, the employee takes 70% of profits and I take 30% profits. Are their software that can automatically send the employees their income without me having to go through the process? We have multiple packages and employees, so it would be much easier to automatically disperse the earnings. I look forward to hearing back from you.

@scottdawson3307 2 года назад

I too could use something similar. Keeping track of bonuses and commissions can be cumbersome

@rickdiaz5508 3 года назад

Brah. I really appreciate this content. I have to share

@markgalperin6160 3 года назад

Good video on WHAT to do, but light on HOW to do it. "Incentivize longevity"... how?

@System0Error0Message 6 лет назад

i like your videos, sometimes the market value for a position may actually be harmful, for instance a programmer in india or china or in east asia may be paid lower or less than their own local living wage. I know this because its what i experienced while a programmer decently paid in the US may be hard to find as more companies outsource to the low paid east. In 1 case i wasnt even paid and said it was just a trial while i was actually building their product. Hence i stopped working and just made my own company. A lot of people in the east dont think like what you're presenting in your video, like how much value is this person and position worth, rather how they can reduce costs and make the most amount of money. Market value for a position is a tricky thing, the actions of many can cause it to be too high or too low that it harms either the person or the company.

@degreeless6138 7 лет назад

Degreeless is setting out to create the absolute BEST entrepreneurial education program! Designed BY entrepreneurs, FOR entrepreneurs

@mariapolanco3649 5 месяцев назад

Hey Patrick I know I'm not special but I've watched your videos for over a year now. I was wondering if you'd be interested in making a video of the time line of the businesses you have created. It would be helpful for me to learn more about strategy, I hope others are interested and you get enough people asking who are interested that it would be valuable for you to make one. If there is already one may some please link it to me or one by someone else similar. Thank you!

@saadbasim5025 7 лет назад

Great video Patrick!!

@keazen1 3 года назад

didnt understand the baseball references but good video!

@Aqifimtiaz 7 лет назад

Hey Mr. David.... it was amazing

@tulasikrishna2223 7 лет назад

Really great content. Thanks, Pat!

@NotTheBestPvP 7 лет назад

I'm $16.25 + profits.

@joancheng8639 6 лет назад

Great if you could suggest an example of a long term comp plan that encourages loyalty

@richardunachukwu11 7 лет назад

What should be the pay structure for the founder of a company?

@Arguez123 5 лет назад

Great Video Patrick! Thank you

@suriantothosirou3742 4 года назад

Thanks you for the informations is realy helpful

@CDKparkour 7 лет назад

can't wait to use this info in the future... for now I only have two employees.

@Bronco8779 7 лет назад

Nathan Cantu you could still implement it now to get the two people you have motivated to do more, to be better, always keep growing!

@Mnguyen120 4 года назад

Awesome info, love it. Thank you 🙏

@powerof3online733 4 года назад

Patrick you should know this

@code-dredd 6 лет назад

I'd really like to see a video on non-compete agreements. Why are non-competes even _allowed_ and _legal_ ?... These are usually one-sided things that the employee has no real choice, leverage, and/or negotiating power --unless being unemployed and potentially ending up homeless is claimed to be a valid "choice". Non-competes seem abusive towards employees... so, why are they not illegal nationally across the US?

@mateohouse123 6 лет назад

I just recently hired my first employee, they have a full time salary job which they hate but they like the vision of my company, and so she works for 2 companies. How do you get your employee to stay committed and enthused because sometimes there are gaps where things get a little boring...I have thought of a company dinner? It's hard to gauge but how about a monthly bonus for their performance?-Im still somewhat in the beginning of my company so how do I leverage overpaying + bonuses...

@monjier 7 лет назад

Thanks Pat. Love your stuff. I'm going to be one heck of an entrepreneur one day.

@edwardpaulsen1074 6 лет назад

This is all great *IF* you stick only with your rather narrow definitions for each level... I have worked as an "hourly" engineer for decades... at the "low end" I made $22/hour and the high end is more than $50/hour.... the primary factor is that Hourly gets paid an agreed amount for every unit of time worked... true, no (or less) hours worked is no (or lesser) pay, but the overtime is the bonus for putting in that "extra effort"... Salary is cute... One set rate you get all the time... even if you are not working... HOWEVER, one can also be worked 60, 70 or more hours with NO further recompense for their time and or efforts... That can very rapidly lead to burnout and/or jumping ship to work at a "better place"... your loss... loss of investment, talent, and even skills.... Your "Equity: or even share in profits or bonuses can be done for both Salary or hourly... there is also Salary non-exempt which is base salary *Plus* overtime pay... no mention of that.... then you bring in sports (of all things) which has very little actual relationship to the real business world.... I'm glad that things are working for you, but this is fairly shaky way to build good relations with employees...

@SimbarasheMukoreraSimboyy 7 лет назад

very precise thanks Pat

@stevec404 5 лет назад

Excellent! Subscribed.

@markanderson8995 7 лет назад

Indeed you're the best. Thanks, Patrick! :)

@VALUETAINMENT 7 лет назад

+Mark Anderson 👍🏼👊🏼

@reoki5451 4 года назад

Brilliant.

@KB_theauthentic 5 лет назад

Good stuff.

@mrdetailing9406 7 лет назад

Thanks. Was really informative

@diontaedaughtry974 5 лет назад

Great video

@manofallmasterofnone1020 4 года назад

I start a company, myself and 2 employees. How do I diversify my income between myself, employees and business?

@jimmyjack7141 4 года назад

I have only ever been paid hourly and usually clear 80k a year. This is for a skilled trades job. Not a burger flipper.

@mcnairmetcalfe2801 7 лет назад

Awesome info!

@simeonpetrov5296 5 лет назад

Actually very exiting video :)

@lotusflower7597 7 лет назад

Hello Pat! i learned in my MBA class that there is a market whenever there's supply and demand so there is a market for every input and for every output except for entrepreneurship! so why is it a part of the four factors of production??

@ईपिएसकोरियाकामदार 7 лет назад

great video sir. I just subscribed.

@FOH45 3 года назад

thank you

@servantofourlordjesuschris6456 5 лет назад

I have a question. Could you hire people that give expert advise to other businesses? For tax reasons, you must categorize your worker as an independent contractor, common-law employee, statutory employee or statutory nonemployee. Misclassification can result in fines equal to one-and-a-half percent of the questionable wages, plus the withholding taxes. Criminal charges can apply as well. Because what Im looking at. Is putting a group of people who come up with stratagies for other businesses together and make them work for me by giving other businesses help and professional information. But according to tax categorization it says those kinds of people work by them selves. They are the independent contractors. Could i still hire them?

@illiteratequinn1268 7 лет назад

I need some help, I'm 16 and starting a lawn care business. I would like to know if I have to copyright, trademark, etc the name and/or logo. Also, would I have to pay for that? I've been looking online and it seems pretty expensive.

@timrowley4508 4 года назад

Late to reply but hopefully helps someone: No, none of that is required while you are starting your business. Begin earning income as soon as possible (eg. get clients).

@jamesadair7273 4 года назад

Hey Patrick , would you pay sales team members salary + bonus + commission when selling in the service industry ?

@mjwmontgomery 3 года назад

Hmm, overpaying sales can be counterproductive.

@IOS2012 7 лет назад

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 ?

@jessicamedina2733 6 лет назад

Hi so I work for sales and our Comission was a certain percentage of what we made. For example 2percent of 10000 and 3 percent we hit 15000 in sales. My question is now it changed to were we only make strictly two percent on the gross profit not the total but also include 1 percent of other things like extensions pawns etc I feel like they tried to make it sound good but it sounds like a ripoff but I would love more understanding to it