045 - The Bonus Brain Ache

'How, When and Who to Pay Bonuses'

One of the biggest challenges I have with Property Entrepreneur is taking what could otherwise be confusing or complex topics and breaking them down into easy to understand, step by step blueprints and methodologies that enable people to understand how they work, and then execute them in practice.

One that keeps cropping up is, how do we pay our teams? And within that, how much do we pay them as a basic? How much do we pay them as a bonus? When do we pay them? How is it calibrated? It can be hugely confusing if you don't know how to approach it.

In this podcast, I'm going to take you through three simple steps to understand: how to pay your team, when to pay them, and how to use salaries, bonuses, and performance-related pay to ensure your business has a win, win, win organisational structure, whereby the company wins, the business owner wins, and the team members win. This will not only provide longevity in the culture and performance but also provide regular accountability spikes to ensure that at every juncture the business is performing to the best of its ability.

How much to pay people, when to pay them, bonuses, salaries, and performance-related pay can be hugely confusing if you don't understand the basics and in this podcast, I'm going to take you through the three steps and give you four tips into how to build a high-performance team using bonuses, salaries and performance-related pay.

I hope you enjoy.

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