Thursday, April 9, 2015

How much?

I doubt that I have often said enough about how much salary any employee is worth. How much should a company pay for a job to be performed correctly? I do not know the answer.

To obtain a “premier” hire, always indicate that for them to obtain pay raises, they must show you they have earned them! Take your new “hire” for lunch after the first month and give that person an unsolicited early pay raise. The employee will appreciate this!

The salary you offer should always be adequate for a new employee, but not excessive to put a strain on your budget! I received a few phone calls and e-mails this past week asking for my thoughts on the problem of “how much”?

When I operated my retail pharmacies, I always had the same team that worked for me! When I sold each pharmacy, they stayed with the company who bought it to train their replacements and then they joined me. This was explained to the purchaser and all agreed it was fair. When I left pharmacy to join with Max Goodloe at General Medical, my operations manager came with me. I drifted into a different part of the industry, HME, but he remained and I am very proud of the great reputation he earned.

It is very expensive to hire an employee away from another company particularly if it is one with whom you compete. Often this doesn’t work!

There are so many factors that go into making the decision of whom to hire and how much salary to offer. In the past 65 or so years, I have hired many employees! Before I looked for an addition to staff or a replacement, I spoke to my accountant and we agreed on a “reasonable” offering.

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