How much are you willing to pay your top professionals to stay with your organization? A New York business owner is willing to “pay to play” by offering his full-time employees $50,000 to stay with his company for five years and $250,000 if they stay for 25 years. First, I like his optimism to believe his company has the staying power to remain in business that long, and pull in that type of revenue. For many, this type of incentive would be enough to make them a lifer, but as we know, we live in a time where money and satisfaction are often at odds. Some are satisfied with a decent salary and working in an “okay” environment while others have to work in the right conditions all the time.
Dan Schneider, CEO of the consulting firm SIB, is willing to pay his employees the amounts mentioned above. He came up with the plan when he realized that training new employees was expensive. An even larger waste is to train a programmer, or developer, and watch them leave your company right when they are about to make a real contribution to the organization. What are you willing to do to compensate your top draft picks to remain with your company?