Mike Andes ditched hourly pay at his company, calling it lazy and ineffective. He switched to profit sharing, added medical benefits and gym reimbursement, and raised average employee wages by over 40% in four years.
Over the past four years.
By more than 40%.
I'm going to explain today why paying your employees by the hour is lazy, ineffective, unprofitable, and again, all your best talent is not going to be going to a dollar per hour business in the future.
People said I was cheating my employees when I made this video last year about pay for performance. However, because of pay for performance, over the past four years we've been able to do profit sharing, have medical benefits, have a gym reimbursement program, and increase the average wage of employees by more than 40%.
