Is breaking the bank worth it when retaining the best employees? Find out how much you should pay your top performers and why it’s worth your company’s while.
Jeff Haden of Inc. advises expansion-stage CEOs to “forget pay scales; forget industry benchmarks; forget, ‘I can’t afford to pay any employee that much.’” When it comes to retaining the best employees, companies need to pay whatever it takes to keep the top talent.
As an example, Haden points to Hall of Fame football player Lynn Swann’s 1974 deal with the Pittsburgh Steelers. The owner pulled aside Swann’s agent to let him know that no matter how much it cost to sign Swann, the Steelers would come out the real winners. Retaining the best employees requires a smart CEO to “pay them not just as if you want to keep them but as if you desperately need to keep them. Because you do.”