228: Pay your team fairly

Comp plans- whenever I find myself talking with other entrepreneurs around comp plans, they always seem to be at a loss for how to structure this with their team.

They are trying to find some mathematical formula that will drive perfect alignment with their team. 

And, often, they are trying to figure out how to pay them the least while motivating them the most.

While a good comp plan can be useful to motivate your team, it's not the holy grail.

What, if instead, you just paid your team fairly?
And, what if you had open communication with them, and structured their pay based on market rates and the value they bring to the company?

And instead of trying to negotiate them down to pay them as little as possible... what if you tried to pay them the best you could for their role?

Negotiating your team members' salaries down hurts you all around.
Pay them what they are worth, treat them well, and they will work wonders for you.