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How to Afford Top Talent
Entrepreneur US
|October - November 2022
It's not easy to compete on price. But you can be more competitive than you think.
Q "I have a limited budget but big ambitions. How can I hire the best people?"
-KAREEN, CLEVELAND
"EVERYBODY WANTS to hire the best. Very few actually pay them like they're the best."
This quote by AngelList founder Naval Ravikant might feel defeating, but it's actually a roadmap. If you want to hire great talent, then you need to think seriously about what you can offer them to join you-and then make changes accordingly.
Money isn't everything, but let's start there. Most small and medium-sized businesses don't offer enough incentives to their employees, and even big companies with deeper pockets have limitations where they can't provide the same upside. If you think you can't afford it, then step back and ask yourself: Do I have a hiring problem...or a budgeting problem?
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