Danny asks: How to employ quality people if a start-up cannot afford huge wages?

Hi, My name is Danny from Lebanon and I’ve launched a new food concept. I need staff but I can’t afford huge wages. Will I still be able to get quality people to work for me? If so, how? Danny
By Abdul Rawuf
Thu 03 Jul 2014 09:07 AM

Dear Danny,

 

In terms of your most senior staff, though you might not be able to afford the big salary demanded by a seasoned industry professional, you should be able to attract them to join your company if you were to use a more entrepreneurial approach. There are various ways of doing so, such as offering a compensation scheme which correlates with the future profits of the company, or formulating some form of stock options (you can search online for more about this).

 

In such cases, very good talent can be brought on board in return for sharing some of the profits or compensation that is tied directly to their and the businesses’ performance. This type of person would not be your typical employee looking for a safe and secure job that generates a guaranteed income, but rather someone who is willing to be innovative and take a risk with you in hopes of bigger returns in the future. I would advise that you look for senior staff are entrepreneurial themselves and willing to take the risk with you in the early days of a start-up.

 

In terms of the junior staff required for an F&B business, it would be much harder to entice them the same way. Here you would probably need to pay market rates based on the quality you require.

 

Look forward to hearing how the concept develops.

Badr

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