Here at Array Digital, we no longer bill by the hour. When we did, CEO Erik J. Olson had to do a lot of calculations to figure out – what is the correct hourly rate? There are so many factors at play, and it’s hard to determine what to base your rate on. Is it the going rate nationally or locally? Do you base it off the given skill set or resources use? Or, do you just pick a number you feel the service is valued at? This is only the beginning of the idiosyncrasies of determining wage.
To find the minimum, you need to know what your costs are. We still have the spreadsheet that helped us land on a number, but we’ve since switched to monthly charges and yearly salaries to ease on the process. In this episode, Erik will weigh the pros and cons of each method of paying employees and explain why Array Digital ultimately switched to salary to save time, paperwork, and give workers what they’re worth.