We often hear managers complaining about the lack of talent and capability of their staff. Yet, when questioned they boast that they pay in the bottom quartile. Unfortunately, in many companies staffing is done on the cheap.
Someone told me a long time ago that you get what you pay for – in terms of quality, performance, and results. A mechanic when asked to build a car designed for winning drag races replied, "It costs money to go fast, how fast do you want to go?"
Similarly, when you want greater capability from your staff it will cost more. A foolish economy is to nickel and dime hiring salaries and promotional rewards. At the end of the day, you will get what you pay for – the brightest and the best cost more.
It is certainly not necessary to over hire or to pay for greater skill or experience than you need, but when you are clear about the level of competence required, you can and should staff correctly and pay what is mandated by the market for the talent you need, for if you pay peanuts, you will get monkeys! |
