Whenever I don't read Seth Godin's blog for a day or so, I regret it. Here's a post in which he nails a simple, important, point.
Expensive people are just like expensive real estate. If you invest in them, you may just find they pay off. Some businesses work as hard as they can to pay people as little as they can (witness the fights over the minimum wage). What sort of growing business wants the minimum wage? If your business is people-based, as opposed to machine-based, why wouldn't you want people who command more than the minimum?
And, what kind of business brings in expensive people and then doesn't invest in things that enable their success, be that space, equipment, coaching or whatever? It's like renting a great mall location and then not painting the place.
Yet, I see it happen more times than you'd imagine.
Tags: Seth Godin
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