Paying Better Wages Pays Off
In his post “The Competitive Advantages of Overpaying,” Jim speculated about what happens when an organization pays better than market. He used actors as an example, but he also broadened the topic to include mention of Goldstar:
“I believe strongly that strategically overpaying for talent is one of the smartest things a business or organization can do. … In our own organization (Goldstar), we have deliberately raised starting salaries above market in several key areas over the years, especially customer service and editorial. These are places where the difference between the bottom and the top of the talent pool is huge. As a result, we do really well in these areas, and frankly, better people can get more done, learn faster, stay longer and do everything more successfully than the people you’d get by saving a few bucks a month.
The Stage News recently reported that Nottingham’s Theatre Royal and Royal Concert Hall have decided to pay their workers living wage. The same article noted that in September 2014 Theatre Delicatessen became the first theater company to be accredited as a living wage employer.
TRCH managing director Robert Sanderson told The Stage News: “Our staff work long hours, often unsociable hours, and they work very hard. They’ve been key to the success of the Theatre Royal and Royal Concert Hall in recent years … ”