I know plenty of business owners who have wildly profitable businesses who have told me that they overpay their people so that they don’t have to worry about turnover. For most of them, that seems to be working. But my guess is they probably have good cultures, too.
A few weeks ago I met a former big company executive who recently became an entrepreneur. She told me about several of her former colleagues that were making around $500k a year, who quit for lower paying jobs. Why did they quit? Simple. The culture sucked and no amount of money was worth spending time at those companies.
Money talks… to a point.
Robert Levin is the Editor-in-Chief and Publisher of The New York Enterprise Report. Levin has extensive experience with midsize and small businesses, having previously held CEO, CFO, and COO positions with companies in several industries. He is also a contributor for The Huffington Post. Levin can be reached at firstname.lastname@example.org and (212) 307-6760.