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Dan, You're right - we do know this to be true. It is cheaper to pay more to the right people than to lose them.

Of course, that presupposes that we've hired the right people in the first place.

And that point illuminates a corollary that is not true. Simply paying more does not get you the right people.

I've seen many examples where managers and HR have stated - implicitly or explicitly - "if we pay really high wages, we'll get really good people!" Of course, that logic is inferring a causality that doesn't exist.

Paying really high wages without having a really good talent assessment process is about as responsible as giving a high-end sports car to a 16-year old driver.

Thanks, Joe.

Excellent additional information. You are exactly right. Hiring and performance management are essential to this equation. In the end, pay cannot fix anything on its own.

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