Monday, January 25, 2010

Part II: How to Find Great Management Talent With Limited Funds

(This post is a continuation of the previous post.)
So how do you entice someone who makes very good money in Corporate America to join your small company at a fraction of the pay?

You can offer them a higher title. The prospect was a “Director of Logistics”, now he or she can be President or COO or something similar. (You, as the owner, will be the CEO.) Their area of responsibility will expand from just logistics to all the daily operations of the company. They can use what they learned at UPS to help put in processes and procedures in your company. How they do in helping to grow the company will directly impact the employees and enable job creation, thus directly impacting the economy. You can offer a small equity stake (5-10%) based on performance targets. And you can offer a profit-sharing bonus. If you use a PEO (personnel employment organization), you may be able to offer benefits that are not dissimilar from corporate America’s benefits. And you can offer a flexible schedule (i.e., occasional work from home, home by 6 or 7pm,…)

So you can see, if you look at what you have to offer as a total VALUE proposition, not just a SALARY proposition, you will be able to get the management team you seek much sooner than you may have expected. Ask your prospect what they want and you may be able to design an offer that brings them aboard in short order.

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