Is this pay system fair to my employees?
I've been planning on changing the pay rate for my workers. The system my dad used was to over pay everybody, give everybody a job, and have little in profit to reinvest (%10 of revenue). Right now they make an average of $18 an hour. I.E.
$1000 in revenue, -$700 in wages, -$200 in expenses= $100 in profit (just an idea of how he ran it.)
My thought is to pay minimum wage then after the week. Take the total revenue, minus the wages and expenses. The remainder take 40 percent as profit and the remaining 60 percent divided to them as a bonus. I.E.
$1000 in revenue, -$320 in wages, -$200 in expenses= $480 x %40 for profit margin $192= $288 bonus pay.
Old System: $100 profit and $700 in wages
New System: $192 profit and $608 in wages
These are of course examples but I wanted to paint a picture of the idea I had. I figure the new system could allow me to invest in expansion of my business as well as provide an incentive. The less material they need and more efficiently they work the more we can make thus the bigger the bonus therefore paycheck.
I'm looking for feedback, any criticism will be greatly appreciated. :)
The job is services. We serve realtors and apartments in getting properties ready for market.