233: {Best of} How do I pay my team {so I can actually make a profit}?

In this episode you'll learn: How my first hire was a gamble, but necessary for the overall growth of the company There are 7 major types of compensation plans you can use for your employees, and they all have their pros and cons A Schedule "A" is used to detail not only the specific compensation plan, but the scope of work and expectations for a new hire Setting an initial salary for a pre-determined period of time can help ensure if it's the right fit for both the company and the person hired Why employee retention needs to be a focus for the business to actually get ahead How employee motivation must be considered when determining which plan to use (it isn't always just about money)!