The Formula to Setting a Fair Salary

Рет қаралды 17,581

8 ай бұрын

The Formula to Setting a Fair Salary
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Пікірлер: 47

@nevea.4621 8 ай бұрын

I'm a bit confused that he doesn't know what is the pay scale in his area 🤔

@sarscov9854 8 ай бұрын

If you have low turnover rate, you're probably doing fine.

@mroberts566 8 ай бұрын

Low turnover means your pay isn’t too low. It still may be too high though.

@sarscov9854 8 ай бұрын

@@mroberts566 are you suggesting slashing wages of existing employees? I wonder what that would do.

@mroberts566 8 ай бұрын

⁠@@sarscov9854of course not, but there is such thing as paying your employees too much. That can cause major problems for a company that is trying to survive and grow. We business owners walk a fine line.

@chinhuawang8141 8 ай бұрын

I use glassdoor and indeed for comp estimate.

@chasesandler456 8 ай бұрын

This is an old fashioned way of thinking. I love Dave and you are BRILLIANT but I am 29, been working in corporate Manhattan for 10 years now, no one is safe. You can work somewhere 30 years and provide all the value Dave has described, but when push comes to shove if the numbers don't work you are gone. Thanks again Dave!

@TheVoidstonz 7 ай бұрын

Which is why Dave always says that the corporate world doesn't care about their employees and wouldn't recommend working there.

@chasesandler456 7 ай бұрын

I'm pretty sure Dave wouldn't suggest giving up a 300K salary because of risk... I'll keep my corporate job and grow my wealth thanks though :) @@TheVoidstonz

@swackhammer2139 4 күн бұрын

Corporate vs small business my man. Shareholders don't care about experience, loyalty, knowledge, or efficiency. It's 100% about the bottom line and nothing else.

@michaelsmith5583 8 ай бұрын

Low volt tech in 78130 usually pays around 45$/hr.

@wagon9082 8 ай бұрын

Good Video

@TheKyle36969 8 ай бұрын

I just want the presidential salary

@JoeyNYSDnomad 8 ай бұрын

A major consideration should be how long the employee has worked for you and cost of living in that particular State

@csx6910 7 ай бұрын

Duration is important but cost of living is questionable depending on the job. Their position has to bring enough value to justify whatever is paid regardless of where it is. NY City has a high cost of living but you wouldn't pay the floor cleaner $60 an hour, for example.

@dcg590 7 ай бұрын

Nope. You don’t just get a bunch of money according to where you live.

@kabloosh699 7 ай бұрын

@@dcg590 you say that, but if you want to operate in that area you're going need to pay a fair market value for someone to provide their skills to your business. Otherwise you will experience high turn over and struggle to retain employees which has costs associated it as well, not to mention the headache of adjusting schedules, work overload of those who are currently there, and paying for all the associated costs involved in hiring a new employee. Turnover is costly. It's also a tell tale sign of a poorly ran business. Those of us with valuable skills see this and you treat your employees poorly by not paying them enough they will go elsewhere where they do get paid fairly. Ultimately we do these things for the wages we earn. If you're the guy who pays really well, the employee's tolerance to accept a little more bullshit such as working an extra hour or knocking out that project a little faster goes up. If you pay slave wages and demand people to be on call all the time and you're going to be in an adversarial relationship with your employees. People quit bosses more than they quit jobs.

@eprofessio 7 ай бұрын

I have my HVAC contractors license and was thinking of starting up a new business. A tech that makes $22 can bill out $75 an hour about 1000 hours a year working 2000 hours. By the time I pay workman’s comp, tax, fuel, insurance, truck and other overhead there is almost nothing left for me except a headache. I keep thinking of doing it and the problem is billable rates for HVAC haven’t increased in over a decade. I make more money as a house dad because running my business will just cost my wife and I money.

@cam-vv4lc Ай бұрын

Bill more

@wittenberg5 7 ай бұрын

Take whatever Ramsey would call fair then double it!

@gtileo 8 ай бұрын

you're paying your techs enough. i'm and IBEW member in Toronto and top journeyman salary for a ICI electrician is $105k CAD which includes 12% vacation pay (because we have to in our Province) a year if you work 37.5 hrs a week, plus pension and benefits. foreman are 15% higher, 1st term apprentice is at 40% of journeyman salary 10% for each term higher until 5th term at 80% instead of a raise, look at giving them a bonus based on their performance/tenure and based on company profits

@SicSemperTyrannisx9 7 ай бұрын

What kind of business owner describes employee pay weekly?

@fishmonger7020 7 ай бұрын

Someone in construction. That’s no unheard of

@user-mf4gz3sp1q 7 ай бұрын

...nearly all of them...

@kalenreichert 7 ай бұрын

Small business owners

@user-fp8xc8lf3f 2 ай бұрын

Literally every single company in construction

@charlesbradshaw810 8 ай бұрын

How do you account for the anti trust- Sherman Act that prohibits calling each other to "fix" the market?

@MrTmenzo 8 ай бұрын

They don't fix they try to outcompete each other.

@peterrose5373 6 ай бұрын

I wonder why you can't have your employees go see what they're offered by other companies, and match that plus 5%, if you want to keep them, or encourage them to take it if you don't. That way both you and your employees have a realistic idea of what they're worth, and your employees are more likely to keep current.

@MiguelNoyola1 8 ай бұрын

A salary is another wage of taking advantage of employees. The companies who take care of their employees tend to reflect low turn over rate. Most companies don’t look to pay what’s a livable wage they want to make a profit. Something to consider.

@michaelpalumbo4880 7 ай бұрын

Figuring out a fair salary is simple - all you do is determine what you want to pay a person - say it's $80,000.00 a year. Then, you take $1,000,000.00, and put it into your unicorn mutual fund that "easily" gets you 12% growth year-after-year with no sequence of withdrawal risk. Then, you pay that employee the $80k annually, and every year that million grows. Case closed.

@MichaelHasebroock 7 ай бұрын

Bunch of spammers up in here, get out and learn from Dave!

@matthill2957 8 ай бұрын

How bout instead of giving fair give slightly above average if you actually care about your emplyees

@dcg590 7 ай бұрын

Why? So they can call out sick, not do their job, slack on the job? People are lazy and entitled. Either you make yourself worth paying or you don’t.

@user-mf4gz3sp1q 7 ай бұрын

...why don't you do that with your employees...?...

@user-mf4gz3sp1q 7 ай бұрын

...not to mention...this is exactly what Dave suggested in this video...

@TheVoidstonz 7 ай бұрын

Get a union . The union will develop a collective agreement between workers and management, which will lay out clearly how workers should be compensated.

@aaronadamson7463 5 ай бұрын

I think you mean how workers WANT to be compensated... Big difference

@giolrz8237 8 ай бұрын

Everyone deserves a living wage. It is that simple. No need for a formula

@kelarly 8 ай бұрын

It is not that simple at all. Who decides that? It’s up to individuals to make the income they take in… livable.

@StephanDavisson 8 ай бұрын

How much is the living wage?

@jasonfields4663 8 ай бұрын

Got a price tag on that

@theburnetts 7 ай бұрын

Why does everyone deserve a living wage? Everyone? People who don’t show up to work on time? People who are terrible at their job? People who aren’t skilled at all?

@dcg590 7 ай бұрын

Nope. Either you’re worth a raise or you aren’t. So much entitlement. You don’t just get money because you think you deserve it and things are expensive. 🤡