As business managers, it is essential to keep a company profitable. With inflation, many roles are beginning to payout more than before. So how would you handle hiring a new employee with less experience but higher pay compared to the current team?
A couple of things to think about:
Current compensation for the current team?
Your department budget.
Would increased pay for the current team lead to future layoffs?
We want to ensure we can give everyone a raise in our department but understand that isn’t always an option.