As business managers, it is essential to keep a company profitable

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.