Pay your employees too little and your business will suffer.
It is unwise to pay too much, but it’s worse to pay too little.
When you pay too much you lose a little money – that’s all.
When you pay too little, you sometimes lose everything, because the thing you bought was incapable of doing the thing it was bought to do. The common law of business balance prohibits paying a little and getting a lot – it can’t be done.
If you deal with the lowest bidder, it is well to add something for the risk you run. And if you do that, you will have enough to pay for something better.
If your attitude towards paying your employees is “Pay them as little as possible,” just think of the consequences – high staff turnover, lack of talent attraction, poor productivity and low customer satisfaction.
All will significantly damage your business.
Tony Delaney, CEO Brownie Points
