The Million Dollar Question (and Answer)
DarrenDaily On-Demand
Darren Hardy LLC
4.9 • 1.8K Ratings
🗓️ 14 December 2023
⏱️ 5 minutes
🧾️ Download transcript
Summary
Leaders, it's time to rethink pay raises. Dig into this crucial leadership dilemma posed by Carl Watson: how to handle requests for pay raises. Learn the art of balancing fair compensation with performance and why money isn't just about the amount, but the value it brings.
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Transcript
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| 0:00.0 | Welcome to Darren Daily on demand, your most trusted resource to help you become better every day. |
| 0:07.0 | Here's your success mentor Darren Hardy. |
| 0:10.0 | Good morning. So we have a great question submitting. By the way, thank you for |
| 0:17.1 | sending in all your great questions. It is likely that if you have the question, |
| 0:21.0 | many of the other high achievers here on Dair and Daily probably have as well, |
| 0:24.7 | and would benefit from the answer. So this question was written in by Carl Watson of Bedford, New York. |
| 0:29.9 | He asked, how do you handle a team member who asks for more money? |
| 0:34.5 | Well, let's start off with, money is never a problem. |
| 0:38.8 | There is plenty of money against results. |
| 0:42.2 | If you hire and lead right, everybody is free. No matter what it is that |
| 0:46.8 | you pay them. Would you pay somebody $500,000, a half a million dollars, would you pay somebody a million dollars, would you pay somebody a million? Would you pay somebody a million dollars a year? |
| 0:57.5 | The answer is, of course! If they earned you $5 million more, then you would have earned otherwise, that's a smoking deal. |
| 1:06.3 | First off, it is never what you pay. It is what is return. It is the ROI on that person's performance. You want to change your mindset about that right off before we get into this discussion. |
| 1:18.5 | You see, you buy employees at wholesale and then sell their work and production to the marketplace |
| 1:24.4 | against your product or service at retail and the difference is your profit. |
| 1:29.6 | Is that fair? How can you do that? How can you sell somebody's labor that you bought at wholesale for retail? |
| 1:37.0 | Well, you can do that because you are the one who has the economic engine that powers it all. |
| 1:42.0 | You have the goose that lays the golden eggs. |
| 1:46.6 | So let me answer the question directly. What do you say to somebody who asks for more money? |
| 1:51.8 | There's three key points, and you want to write this down. |
| 1:54.4 | Here's number one. Start with yes. What would it take for their request to be a yes |
| 1:59.6 | for you? In other words, how do you make their pay increase free for you in the business based on and agreed upon increase in vital and valuable production? |
... |
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