Profit First Show- Bonus or Raise (Ep- 02)
In this episode of The Profit First Show Shannon and GG discuss how to use your financial compensation structure for your employees in a way that makes them emotionally stable, excited and motivated.
00:31 We are looking for a better name and we need your help
01:37 GG’s theory to save the world from fossil fuel and obesity
02:41 Topic: Do you give your employees Bonuses or Raises?
03:15 Bonuses are better than raises
04:23 Cost of living Increases
06:30 A raise is a medal for mediocrity
08:43 Ways to do Bonus compensation
09:52 Bonuses doesn’t have to be monetary
11:51 Learn your employees love language
14:51 How to structure bonus compensation in a gym
21:31 Raise your rates annually
23:41 Wrap Up