Why do startups pay more in salary than an established competitor?

[Setho]

As a start up founder, one of the things that you have to take very serious is retaining your best talents and at that you have to pay them in a way that wades of competitors.

 

[Grant]

Newly established businesses always want to get the best employees in the labour market. To beat established competitors, they need to offer better Pay package. Hiring a skilled labour with all necessary skill set goes a long way in helping a newly established business achieve their goals at start of the business.

Are there other ways to beat competition in hiring a skilled labour?

I don't know if startups pay more. If anything, I think an already established business would have more success, as they will have the budget and standing already to handle payments for their employees. I just don't see a startup paying as much. Sure, some may, but I don't see all of them.

 

[Richard92]

startups make more payment in salary than an established competitors because they want to meet up to standards and they want their workers to be motivated in order to bring out and give good output to the company.

 

[Setho]

A startup needs consistency in order to go to the top and there is no better way to get that than making the employees to stay long time hence the huge pay.
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When you are just starting a business, you will definitely have competition and to bridge the gap with that competitor you need high quality employees to do that.

 

[Jlife]

A new business does not make a company to pay a higher amount, already the company is just trying to gain ground and to make their business recognise, have not seen any company is paying a higher salary than an already established business with more profit.

 

[Lordfalcao]

Newly established businesses always want to get the best employees in the labour market. To beat established competitors, they need to offer better Pay package. Hiring a skilled labour with all necessary skill set goes a long way in helping a newly established business achieve their goals at start of the business.

Are there other ways to beat competition in hiring a skilled labour?

To me personally I really think that the reason behind it is that start up have freshes whose salaries much be high in other to make them keep up but established already have the name so they do not need alot salaries to make employees keep up

 

[akinlolu99]

To be real here, i am in a company were the man did not want to pay his programmers what is a minimum amount for programmers even if there is no specified minimum but he was not willing to pay, it was not funny because this was the kind of talks he talked with them and when it was time to do as he spoke he backed off, and things like that tire staff most especially when you don't give a reason but keep silent because you feel in charge.
So most companies focus on the amount because they know the kind of task they have at hand and the kind of talent that is needed to achieve such goal.

 

[babdud02]

Newly established businesses always want to get the best employees in the labour market. To beat established competitors, they need to offer better Pay package. Hiring a skilled labour with all necessary skill set goes a long way in helping a newly established business achieve their goals at start of the business.

Are there other ways to beat competition in hiring a skilled labour?

I think the only way to hire a skilled labour with all necessary skilled to be competitors is too have enough money to woo them into working for you

 

[joy101]

To start up a new business you need good hand to work the business to grow very faster, the reason while newly business use to pay well because them want to attract people.

 

[Lens]

One way to compete favourably with already established business is to produce a quality service or produce a quality product. Ensure that your product's quality surpasses that of your competitors . Having said that, your company will improve exponentially

 

[Shigobad20201]

Newly established businesses always want to get the best employees in the labour market. To beat established competitors, they need to offer better Pay package. Hiring a skilled labour with all necessary skill set goes a long way in helping a newly established business achieve their goals at start of the business.

Are there other ways to beat competition in hiring a skilled labour?

Since they are just starting up their business or company , and they knew they have competitor everywhere , the normally pay more salary so that workers can work harder in order to be able to compete with the established companies.

 

[Ralphjoe]

Newly established businesses always want to get the best employees in the labour market. To beat established competitors, they need to offer better Pay package. Hiring a skilled labour with all necessary skill set goes a long way in helping a newly established business achieve their goals at start of the business.

Are there other ways to beat competition in hiring a skilled labour?

Actually it's not all the new startup businesses that pays their staffs I had an already established businesses in fact most of them please lower done already established businesses but the only thing is that they will promise this house that I'm at the business start growing that they will improve or increase their pay.

 

[Bousine123]

I don't know how true this is but having higher wages will surely encourage your employees to work harder. It will also increase their creativity.

 

[Setfragil]

It is not all start-up companies that pays more than established ones. If a startup company pay more than her competitors in the business, the business plans to use the better salary offer to entice employees of established business competitors to work with them.

 

[Mayox25]

This is a strategy that startups use to get qualified and experienced employees in the same line of business. So as not to employ staffs that will be using the new business to learn the ropes. It affords the new business to gain momentum and achieve success quickly.

 

[Yusuf1]

Startup companies usually pay up high salary just because of the fact that they need to hire competent workers that will help them challenge their competitor and also Be an authority in the business

 

[Shaffy]

Newly established businesses always want to get the best employees in the labour market. To beat established competitors, they need to offer better Pay package. Hiring a skilled labour with all necessary skill set goes a long way in helping a newly established business achieve their goals at start of the business.

Are there other ways to beat competition in hiring a skilled labour?

It's logical but eventually it proves pointless to offer more than your competition when you are making less. Of course it's doesn't mean one should underpay his workers but unless you are generating enough revenue to pay the workers it's best to be careful

 

[Ralphjoe]

As a start up founder, one of the things that you have to take very serious is retaining your best talents and at that you have to pay them in a way that wades of competitors.

Yes I actually agree with you that one of the most important things for a startup business owner is to have the right thing and be able to retain his best hand under business because if he or she lose any of his best hands then that business May crumble.

 

[Sotherefore]

I don't think this is what is actually happening over here .Here most start up business do not pay more than the already established because they are just trying to be recognised in the society.

 

[Josemendez]

This is indeed something that newly established business use in fighting off competitors and also in convincing employees to work for their company