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There comes a point in every founder’s entrepreneurship journey when they realize they can’t go it alone and need help. The problem is, employees cost money, and many startups don’t have mountains of cash to spend on anything other than absolute necessities. At least at first.
A key part of establishing a business is learning how to staff that business, and how to negotiate salaries with prospective employees. Even though most startups have money issues, if you want to have any success at hiring the right people to help you grow your business, you’ll have to find a way to compensate them that makes them feel valued and appreciated.
Many startups prefer to hire young talent and pay them less due to age and inexperience. In exchange the employee gets a chance to cut their teeth in an industry, beef up a resume and polish a specific skill set. This can be an effective method of putting together a sharp, motivated staff on a budget, but youth and lack of work history are still not excuses for paying drastically below market rate. People still need to be paid close to what they are worth in order to do the best work they can for you. Nothing is less motivating than working hard for half of fair market value for your role.
If your employees are severely underpaid, expect to see high turnover rates and low employee satisfaction. When your business starts hemorrhaging employees, it can get expensive. According to the Society for Human Resource Management, the annual turnover rate for US companies is roughly 19 percent, and the cost of turnover is incredibly high, generally costing a company a full 20 percent of a worker’s salary to replace them. Other studies put that figure higher, up to as much as 40 percent. In other words, replacing an employee with a 60K salary costs between … Read More
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