Cabbage. Dinero. Cash. Coin. Change. Dead Presidents. Moooolah.
Money. It’s the currency we use many times to measure value, worth, contribution, and success in business and our personal lives.
We work to earn it, try to save it, and never want to be without it. It greases life’s wheels and is necessary. It provides security for ourselves, our families and our futures.
So why, when going into the market in search of the BEST possible addition to their executive team, do companies become so thrifty?
If I had a nickel for every time a company made of bare bones, bare minimum offer to their first-choice candidate in an attempt to save money…well, let’s just say I’d have a lot of nickels! This misguided approach ties in with a previous blog that I wrote regarding internal equity issues and the drive to get off cheap when it comes to hiring and retaining employees. But is it really cheaper?
It’s about value. It’s about getting what you pay for. It’s important to make the distinction between value and cost when making hiring decisions.
As an employer, you want the best value for the dollars spent when adding to your workforce.
You want talent, commitment, enthusiasm, skill, contribution and employees who add VALUE. And those type of people cost money and know their value.
So if you’re in a position where you’re going to extend a job offer to someone, ask yourself these basic questions:
Would I accept this offer?
Would I be excited about this offer?
Would this offer make me feel valued?
Does this offer reflect the market value for this position? (regardless of ‘internal equities’)
Finally, remember that behind the salary is a person/family/human resource. If you want a top-dollar, first-choice candidate and performance, then be certain the offer is solid and one worthy of the person you’re asking to join your team.
Let your competitors be cheap while you collect the best talent on the market.