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| Jeff Haden |
Pay Your Best Employees Well, Even If You Can't Afford It
"Let me teach you a lesson...you can never overpay a good
player. You can only overpay a bad one."
It is difficult to overstate the value a great employee can add to one's
business. This year, we witnessed the rise of basketball superstar Jeremy Lin,
whose presence on the court "upended the landscape for [Knicks] ticket brokers."
"Great employees are worth a lot more — to your teams, to your customers, and
to your bottom line — than average employees," Haden writes. "Remarkable
employees are worth dramatically more."
So when you're considering pay scales, industry benchmarks, and the ability
to pay your outstanding employee beyond what is considered the norm, weigh in
the invaluable impact this person will bring to the table. Haden suggests
"pay[ing] them not just as if you want to keep them but as if you desperately
need to keep them."
"I don't mind paying a good player $200,000. What I mind is paying a $20,000
player $22,000," Rooney says.
Jeff Haden
Industrial manager and author of applied business books
Reference: Business Insider; Instant MBA
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