As the saying goes “You get what you pay for”. If you are looking for the best talent, you need to be prepared to offer a salary that matches the responsibilities, experience and skills required for the role. An underpaid employee would seldom work to his or her full potential and is more likely to abandon the company in the first few months. It is often tempting for business owners in times of economic recession to think they can get the best employees for less money, after all demand for jobs is usually high and employers might feel they have the upper hand.
This short-sighted assumption can make people forget how fast a situation can change and when this happens it is often too late. The best way to achieve a long lasting and profitable business is to have a strong team of happy and loyal staff working together to weather any storm that might come their way. Employees are simply not going to do that if they feel undervalued. Other ways of showing your staff that you care are sometimes quite simple. For instance, offering flexitime, telecommuting, a company phone or car, a bonus and so on, might have a positive effect on their motivation and focus.