Question
We are an LLC based in Colorado. We would like to grow our enterprise and take on more "manpower". I'd like to know what the best way would be to give a first-class employee an incentive to work for us. As a startup, it is difficult to pay lofty salaries, but there is the option to give employees some stake in the company so they are motivated to turn it into something big, if I'm not mistaken. Other people in the startup scene often talk about "equity packages" and the like. How exactly does this work and what would be the best way to set up a compensation system like that?
Answers: 1 public & 0 private
Are you looking to attract development or sales? Sure, cash is King, but depending on the level of talent, you can make it attractive by having a work environment that aligns to their social needs: ability to work remote if they hit certain goals, growth path, & other non-monetary compensation, etc.
Equity Packages are nothing more than stake in the company like during the tech bubble in 2000. If they hit a certain goal, they get a certain % etc. But be careful .... if you're basing solely on comp/equity to attract new candidates, they're more likely to leave when they find something else that pays more. Instead give them a sense of ownership (project lead, lead a discussion, build a team, etc.) so folks can stake a claim for their accomplishments. Something as silly as a VP title can sway candidates
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