If you want extraordinary people working for you. You’re going to have to pay for it, but not as much as you might think. You don’t have to go overboard getting into debt, all you have to do is use your competitor’s greed against them.
Most people are not looking to buy expensive cars or homes, they just want peace of mind. And to be able to cover their expenses. If you allow them to live with a basic level of self-respect they will love you and will stay loyal to you for years.
By doing that you position your team in a way that they just won’t be able to leave you. If they go to someone else they will most likely not be able to cover their bills. That’s because most business owners see employees as chess pawns. Paying them the minimum the law allows. By paying them enough to cover their bills and provide for their families you put them in a cage of solid gold.
If you’re really smart you can take it a step further. Give them enough to cover their living expenses and bonuses for results. That way you’re not only eliminating your competition ability to steal them away from you, but also giving them a reason to care about the business as much as you do.
At the end of the day, we’re talking about money that will either go to your employees or to taxes. So the ball is in your court, what are you going to do?