On attracting the talent to allow you to grow beyond your current borders. Today, let's pause the 'Great Resignation' conversation and focus on our crucial support teams. They are often invisible when it comes to 'pay' conversations.
💡 What is the hourly rate required to hire great talent today?
It's important to break it down like this when attempting to attract support teams.
👉 We don't blink an eye when paying salaries upwards of $150,000, but blanche at the thought of paying 'a whopping $20 an hour' for our critical customer care and team productivity services.
First up, your open roles. If you're like most companies, your hiring is at a frenzied pace.
💲 Up for some quick math?
$150,000 annually is $75 an hour. Did you ever think about it this way? It's okay...let's move forward, quickly.
😲An impactful support person can often support 3-10 of your team members who cumulatively are a $450k- 1.5m add to your payroll.
At these conservative estimates, this is $225- $750/hour.💲💲💲💲💲
Yet we often look at the role that supports them and decide that the $17 per hour seems generous.
You did give them a $1 raise again last year after all. (It sounds a little off now, doesn't it? Keep going...)
I know my audience well,🤣 so make no mistake...this is not about minimum wage 'requirements or mandates'.
Rather, this may provide greater clarity to the importance of our desperately needed support teams and a more realistic and thoughtful approach to hiring.
Customer experience, profitability and smooth operations often land squarely on the shoulders of those for whom we withhold financial stability and interest.
We also cut back on these resources when times get tough rather than offering our highly paid teams greater resources in an effort to give them more time to be productive and generate new business and increase profitability.
In an attempt to 'tighten your belts' are we choking our future instead?
We've all heard the phrases 'penny wise and pound foolish' and 'walking over dollars to pick up dimes', yet somehow we build a fortress around our HCEs and ignore or remove the very roles that make their work more profitable for the organization.
Paying well doesn't start at the top, it starts with every employee's role and contribution being evaluated mindfully with data and good business practices in view.
📈 Take a closer look at your payroll ratios and profitability indices. After the shock wears off, give us a call.
🎯 We are strategists armed with a full arsenal of solutions after all.
Attract great talent. End of story.
It starts with a culture of generosity and purpose.
Make this your strategy today.
Foster Strategies Group ⭐⭐⭐⭐⭐
We Increase Performance and Profitability.
