Money Matters

A friend of mine received a job offer last week Exciting, right? Well, not for him. He was offered less money than he's currently earning, even though this new opportunity provides more upside. He turned the job down.

People say pay isn't important. Have you noticed that the people saying this are living quite comfortably? However, the vast majority of workers aren't in that situation.

If you're looking to hire people in a full-employment market, then be prepared to pay competitive wages. If you're not, you'll find yourself spinning your wheels, as you continue to experience your job offers being declined.

Let's just say you get lucky and someone accepts your low ball offer. You're probably thinking, "Hey, this is cool. What a bargain!" That is until someone comes along and plucks this person right out of your organization.

Or, perhaps the reason why this person accepted your low offer in the first place is that you're his only option. That's not necessarily a bad thing unless, there's an underlying reason why others aren't vying for this candidate.

Before making a job offer, consider the following:

• How much does it cost your company, every day a job goes unfilled?
• What if you paid better wages than the competition? Would you be able to hire higher-quality candidates? Could you fill positions more rapidly? Would you now be freed up to increase revenues and profits?
• If people were being paid higher wages, would they remain with your organization for a more extended period of time? Would this help cut down on costly employee turnover?

No doubt, it's a tough hiring environment out there. Don't make it harder than it has to be. Do your homework. Know what the going rate is for the position you're trying to fill. Then do one better. Offer a bit more.

? Matuson Consulting, 2019.

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