“Pay them well and they will come. Pay them well and they will stay.”

As a business owner or leader, this is a phrase to live by, especially in an age where skilled tradespeople are few and far between. Another great maxim I’ve heard from a very successful Nexstar member is that he wanted his employees to “live as well as his customers.” I loved it then, and I love it even more today.

In the case of this particular member company, they wanted to create careers for valued associates that paid them top dollar and provided amazing benefits. Full family medical coverage, generous vacations, time off plans, with bonuses that are consistently earned and available to every employee.

While “overpaying employees” may sound like a bad business plan, it is actually a solid practice that should be a part of your overarching business strategy.

“Pay them well and they will come.” When the word is out that your company is paying top dollar for good employees, people will be flocking to your business looking for fresh opportunities. Trust me when I say that this is a very good thing for businesses in any industry. You’ll have more and better options when it comes to hiring new people. Having a long line of people waiting at the door to get into your business also makes it easier to remove low performers. You’ll know that you’ll always have capable and motivated people waiting to take their place.

“Pay them well and they will stay.” Nothing in business is more painful than losing a great employee. Great employees are ambitious. Great employees are noticed by others, including your competitors. Recruiting and holding on to great employees should be a top priority at your business, and when you pay them handsomely, the chances of them leaving you for more money or greater opportunity will fall dramatically.

I know what you’re thinking. “How can I pay top dollar for employees and still turn a profit?” Nexstar is here to help you figure out how. We have proven tools and resources that will teach both you and your employees to be the best — at the best possible price.

“Pay them well and they will come. Pay them well and they will stay.” It’s a message that is just as important today as it was back in 1990 when I first heard it.