“Other people in your business are not responsible for obeying the feeling of guilt that you have.” Today, Leila (@LeilaHormozi) shares with us how companies often make the mistake of compensating employees inappropriately based on personal beliefs about money, which can lead to overpaying and setting improper expectations. She also suggests developing a pay methodology based on fair market value and avoiding paying people more incorrectly, which can set them up for failure in the long run.
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Timestamps:
(2:45) - Entitlement develops with pay & overpaying sets up failure
(5:21) - Pay should not be tied to emotions
(6:30) - False belief #1: more profit equals more pay
(8:12) - False belief #2: sudden increase equals raise
(10:06) - False belief #3: more money equals better people
(11:12) - Make a pay methodology to avoid guilt
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