Startup Equity: It’s Actually Pretty Easy to Retain Top Talent Better Than 99% of Businesses!

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✎ In this video, Evan Carmichael tackles the question from Pacmedia about whether to pay your first employees with a salary or equity. Evan strongly advises choosing salary over equity for your first hires. He explains that early employees often don't stay long-term, and you don't want someone who leaves to have equity in your company. He emphasizes the importance of being cautious about who gets equity and how much they receive.

Evan shares practical tips for hiring when funds are tight. He suggests starting with part-time hires, like his first employee who worked just one hour a day. He recommends handling everything yourself initially to understand the business better and ensure you're committed before bringing others on board. Once you start making money, you can reinvest it into hiring. He also discusses paying employees based on the success of specific projects, which allows them to earn more without giving away equity.

For those rare cases where an employee seems like a good long-term fit, Evan advises a cautious approach to giving equity. He compares it to getting married, stressing the importance of shared values and vision. He suggests a vesting schedule where equity is earned over time based on meeting specific milestones. By following these guidelines, you can avoid costly mistakes and build a strong, committed team to support your business growth.

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Evan
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