Board Member, Corp-Governance, Global Ops, Sustainability, CSR, 30 yrs Inclusive /Impactful/Transformational Growth-Leadership, Biz Dev, Mktg, P&L, Strategy,-Mgmt Consulting, Startup Advisory-Success.Motivational Speaker
Most organizations are always under this false impression that they can get away with the package that they decide instead of paying the candidate what they are worth. They are under this myth that their candidates/employees will never come to know , what is the budget for the role. Such organizations live in a different world altogether without ears to the ground realities. They wake up only after the ground starts shaking right under their feet in the form of high attrition levels thanks to the low trust factor. Well if you don't pay, somebody else will so please recognize the worth of your employees and pay. We in our organization have followed a very strict policy of informing before the interview process itself of the budget of the role to the candidate. So if they are selected they get what they have been informed earlier or what they are worth so no trust gaps. This obsession of saving money from the budgets allocated to each role practically doesn't work coz you end up losing 3 -4 times more when the concerned person leaves after 6 months of training for a higher package and all your efforts/training goes down the drain and you have to start the process fresh.
The CEO Coach | CEO of the Year '19 | McKinsey, Skype | Author | Follow for posts about business, leadership & self-mastery.
Pay people what they're worth, or someone else will. Underpaying talent is a fast track to failure. Smart companies know this. They pay fairly because: 💰 It boosts morale. ↳ Happy workers are productive workers. 🚀 It drives innovation. ↳ Well-paid employees take more risks. 🏆 It attracts top talent. ↳ The best want to work where they're valued. 🤝 It builds loyalty. ↳ Fair pay = lower turnover. 📈 It improves performance. ↳ People work harder when they feel respected. Paying less might save money in the short-term. But long-term? It's costly. You lose: — Market competitiveness — Future growth potential — Company reputation — Your best people It's not just about the money. It's also about respect. And here's the hard truth: Talent talks. Your competitors? They're all ears. So, leaders, ask yourselves: Can you afford to lose your best people? Can you risk them feeling undervalued? Your team isn't just a line item on a budget. They're the engine of your success. Fuel them right. Invest in your people. Watch your business soar. ♻️ Repost to inspire your network. And follow Eric Partaker for more. 📌 Want hi-res PDFs of all my infographics? Try my free newsletter: ericpartaker.com/linkedin You'll get 60+ infographics for free.
