192 - Team Member Pay And Breakdown
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Hello! In this video, I'll be discussing the importance of team member pay and benefits. As a business owner, managing expenses is crucial, and team member wages can be a significant cost. It's important to ensure that team members are compensated fairly for their work and that they have access to benefits that help support their well-being.
At Lister Pros, we pay our media specialists a starting wage of $15-20 an hour, and we provide them with work vehicles, cell phones, and all the equipment they need. We also offer paid time off and holiday pay to support their work-life balance. If you're struggling to find quality applicants, increasing the pay rate may be necessary.
For managerial roles, we pay between $20 and $30 an hour, and we prioritize promoting from within the organization to give our high-performing team members opportunities to become trainers and leaders.
It's important to note that the actual cost of an employee is more than their wage, as there are additional expenses such as benefits, vehicle expenses, insurance, unemployment, and taxes. At Lister Pros, our actual cost is 35% more than the employee's wage.
Regarding photography contractors, we pay them half of what we charge customers since they only shoot the property, while we handle the admin and editing.
When it comes to raises, we've learned from past mistakes and made the process more structured. We base raises on customer experience scores, efficiency metrics, and skill proficiency. This reinforces our vision and values, keeps our team focused on what we value most, and we currently provide annual raises for team members on their anniversary dates.
We also understand the importance of managing salaries for supporting roles, as it can impact profitability. We prioritize paying our top performers in these roles but keep it at a level that makes sense for our business.
Overall, team member pay and benefits are crucial in keeping a happy and engaged team. If you have any questions, feel free to reach out to us. Thank you for watching, and we'll see you in the next video.
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