Wealthy Way How I Pay My Employees For My 7 Figure Businesses... | Ep. 036
How I pay my employees for my six and seven figure businesses!
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When it comes to paying your employees, there are four main ways to pay people. You can pay hourly, salary, commission, or bonus.
As far as deciding which one of these payment methods you are going to implement, you have to look at the requirements for that position and see which one fits best! If you’re employing a janitor, there isn’t much of a way for them to generate revenue for the company, so commission doesn’t make sense; you probably don’t need them outside of their shift hours, so salary doesn’t make sense, hourly would be the most logical method for a janitor.
On the other hand, I pay most of my employees on salary because they understand that I may need them outside of their work hours at the office. Because of that, it is only fair if I pay them salary.
With my sales team, it wouldn’t make sense to pay them hourly or salary because then they’re not incentivized to sell more! When you’re running a business, you need to decide what payment methods works best for each desired role. As a bonus tip, I encourage you to give your employees bonuses, or any sort of compensation that encourages them to go above and beyond their daily tasks. In this episode, I talk about why I recommend using that strategy.
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About Ryan Pineda:
Ryan Pineda has been in the real estate industry since 2010 and has invested in over $100,000,000 of real estate. He has completed over 700 flips and wholesales, and he owns over 650 rental units. As an entrepreneur, he has founded seven different businesses that have generated 7-8 figures of revenue.
Ryan has amassed over 2 million followers on social media and has generated over 1 billion views online. Starting as a minor league baseball player making less than $2,000 a month, Ryan is now worth over $100 million. He shares his experiences in building wealth and believes that anyone can change their life with real estate investing.
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