Dr. Mike on compensating and incentivizing your team:
Dr. Mike:
…and, again, I was starting this as a broke medical student not really knowing what I was doing but, essentially, my goal was to say,
‘Everyone should have a really good salary working here, because we do really well. But then, on top of it, not only should there be a bonus structure, but after a certain period of time that bonus structure should reflect on how well the channel’s doing.’
So, we created performance incentives that, if the channel’s doing something, your salary is going to reflect that.
And not just thinking about salaries — because that’s one part of it — the health insurance. Every employee has the best health insurance.
The food that everyone eats is always top tier food.
So, travel. if I’m traveling somewhere and I’m traveling first class, everyone in the crew is flying first class. Most people are not doing that, but I was like,
‘We’re all a team and we’re all doing this together, so we all should celebrate in the wins.’
Jon:
What— what’s some of those bonus structures, for creators thinking about incentivizing their teams?
Dr. Mike:
Either percentages of total revenue, or specific parts of the revenue. Because we have different revenue streams. Whether it’s AdSense, brand deals, speaking engagements— now we have the course that we’re selling.
And because we have these different avenues, there’s different incentives depending on which team you’re on.
— end of vid clip: @ minute 37:04
Either make sure your team’s compensation and incentives reflect how valuable they are to you, or cross your fingers that they never see this clip or another one like it.
— Tang
Jon Youshaei’s owned platform is: Created.
Dr. Mikhail “Mike” Varshavski’s owned platform is: DoctorMikeMedia.com.
