You pay peanuts, you get monkeys??

Discussion in 'Growing and Managing a Business' started by VnhumR, Jun 6, 2015.

  1. VnhumR

    VnhumR
    uix_expand uix_collapse
    Member

    Joined:
    Jun 6, 2015
    Messages:
    44
    Likes Received:
    3
    This is a common English idiom, it can be explained that " If you pay a bad salary, you will get bad employees"
    So how do you think about this idiom if you become a boss?? :D
     
  2. tsubibo

    tsubibo
    uix_expand uix_collapse
    Premium Member
    Premium Member

    Joined:
    Apr 25, 2015
    Messages:
    108
    Likes Received:
    6
    I am not familiar with that expression. Where have you heard it? I think you are fairly accurate in your assessment of its meaning though.
     
  3. 60degreeDigital

    60degreeDigital
    uix_expand uix_collapse
    Member

    Joined:
    May 14, 2015
    Messages:
    30
    Likes Received:
    1
    You pay peanuts, you get monkeys

    How can you make someone work good, without paying proper dues to them. Well, with this you are making a workforce which would be highly excusable to every kind of work. Rather then peanuts, I would give them walnuts & in return would expect watermelon from them. :smile:
     
  4. Business Attorney

    Business Attorney
    uix_expand uix_collapse
    Premium Member
    Premium Member

    Joined:
    Mar 22, 2009
    Messages:
    604
    Likes Received:
    289
    I've generally found that you get what you pay for. If you pay less than than a normal going rate, the chances are you will get someone with skills below what you would normally expect as well. Sure, there may be times when you land a bargain because someone is desperate for work and will work for "peanuts" but in the long run that is a really bad strategy. The costs of hiring and training someone who lacks the skills you need will almost always set you back more than if you hired someone with the required skills and paid them their fair value.
     
    • Agree Agree x 1
  5. VnhumR

    VnhumR
    uix_expand uix_collapse
    Member

    Joined:
    Jun 6, 2015
    Messages:
    44
    Likes Received:
    3
    i understand what you mean :D, thank you
    By the way, thank Business Attorney for your view of point.
     
  6. 60degreeDigital

    60degreeDigital
    uix_expand uix_collapse
    Member

    Joined:
    May 14, 2015
    Messages:
    30
    Likes Received:
    1
    You are welcome. :smile:
     
  7. david14beck

    david14beck
    uix_expand uix_collapse
    Member

    Joined:
    Feb 26, 2015
    Messages:
    91
    Likes Received:
    3
    of-course if you pay bad salary to your company employes, you will get bad employees even you will get bad work. if you want quality work then salary is a important part of any organization.
     
  8. CaseyS

    CaseyS
    uix_expand uix_collapse
    New Member

    Joined:
    Mar 26, 2015
    Messages:
    15
    Likes Received:
    0
    Salary (in my opinion) is the reward for a work that an employee has done in a company and good salary is also motivating him to work harder. If an employee is not properly rewarded for his job, then how to expect him to perform better?
     
  9. wameyo

    wameyo
    uix_expand uix_collapse
    New Member

    Joined:
    Jun 20, 2015
    Messages:
    12
    Likes Received:
    0
    That idiom just hits the nail on the head. If you pay your workers peanuts a lot of negative things are bound to happen. First of all they'll definitely be less motivated to work. And with less motivation they are bound to be very inefficient which in turn affects the company's profits.

    There's also a high likelihood of staff turnover as the workers leave for better paying jobs elsewhere. This is going to affect your company as the process of hiring and training is very expensive. Bottom line, a meager pay will just breed "monkeys'
     
    • Agree Agree x 1
  10. pwarbi

    pwarbi
    uix_expand uix_collapse
    Member

    Joined:
    Jun 20, 2015
    Messages:
    123
    Likes Received:
    12
    That is quite a common saying, and its definitely true aswell. At the end of the day, with any business, your going to get what you pay for. If you wouldn't be willing to work for the salary that your offering others, then you shouldn't be offering it in the first place.

    If the business is just starting out, it might not be possible to offer a big salary, but what can be put in place is a bonus structure. This will increase an employees motivation and will also show them that they're working for a company that has their best interest at heart, even if they can't afford to pay them much.

    I find that the relationship works both ways, look after your employees, and they will look after you.
     
    • Like Like x 1
    • Agree Agree x 1
  11. Diane Lane

    Diane Lane
    uix_expand uix_collapse
    Member

    Joined:
    Jun 21, 2015
    Messages:
    116
    Likes Received:
    14
    I agree with @pwarbi regarding setting in place a bonus program. Also, there are many other incentives besides actual dollars, and each individual is motivated by different factors, so if you're hiring qualified people who have good work ethics, it's possible to not pay as highly as some other companies, but create a stable and dedicated work force. Eventually, if the company succeeds, you can determine which employees to keep, which to let go, and reward the ones you keep for their hard work and loyalty.
     
    • Like Like x 1
    • Agree Agree x 1
  12. asbrown

    asbrown
    uix_expand uix_collapse
    New Member

    Joined:
    Jun 21, 2015
    Messages:
    11
    Likes Received:
    1
    In general it is a true statement, but it misses out on one side of the discussion. It is true that if you pay too little, you risk attracting the wrong people, or under-motivating the people you do have. On the other hand, from an owner's perspective it is possible to pay too high. This happens when you go above market rate for a position and either get people who are over-qualified, or the same people you would have got offering a lower salary. To put it bluntly, sometimes you only need a monkey, and in that case paying in gold peanuts would just be taking away resources from other parts of the business.
     
  13. pwarbi

    pwarbi
    uix_expand uix_collapse
    Member

    Joined:
    Jun 20, 2015
    Messages:
    123
    Likes Received:
    12
    Maybe sometimes you do only need a monkey, depending on what the job is that needs doing. And while I'm sure the employee will be under no illusions that his job might not be the most important, there's no harm in treating them the same as anybody else.

    In some companies it's the small jobs that make the biggest difference.
     
  14. Onionman

    Onionman
    uix_expand uix_collapse
    Member

    Joined:
    Jun 22, 2015
    Messages:
    48
    Likes Received:
    2
    I think it's the natural way of economics. The less you're willing to pay, the lower the skill set you'll get. But it's also the lower the skill set that is actually required and will be happy to accept it. Money isn't everything in terms of why people would be willing to work for someone. But on a very base level, the monetary level being paid tends to find a level that people are willing to accept.
     
  15. Sotaru

    Sotaru
    uix_expand uix_collapse
    Member

    Joined:
    Jun 5, 2015
    Messages:
    30
    Likes Received:
    1
    There are many psychological studies on the effects of things like this. It's all personal preference at the end of the day. From my own experiences, paying more for better quality work is the most helpful in the long run.
     
    • Agree Agree x 1
  16. LogansWalk

    LogansWalk
    uix_expand uix_collapse
    Member

    Joined:
    Apr 24, 2015
    Messages:
    33
    Likes Received:
    5
    It definitely helps morale and loyalty when you pay your workers fairly, I maintain several crews and deal with a lot less headaches which would cut into my profits in the long run simply by paying my workers a more than fair wage.
     
    • Agree Agree x 1
  17. asbrown

    asbrown
    uix_expand uix_collapse
    New Member

    Joined:
    Jun 21, 2015
    Messages:
    11
    Likes Received:
    1
    You are right of course. My point is that from an owner's perspective the goal should be to pay appropriately, not generously. Appropriate has to be defined by the outcome, not the amount of money spent. If you damage employee motivation, then you've paid too little, but if you could have got the some outcome for less money, then you've paid too much.
     
    • Like Like x 1
  18. pwarbi

    pwarbi
    uix_expand uix_collapse
    Member

    Joined:
    Jun 20, 2015
    Messages:
    123
    Likes Received:
    12
    Most people will work to earn money, not for the actual enjoyment of working. To get the most out of your employees it's a fine line balance between paying them an appropriate amount and keeping them happy and motivated.

    Respect is another big part of owning a business. You can't look at it as you versus them, it's got to be a team effort. That also helps motivate your staff because they know that your approachable.

    It's a fact that people very rarely leave their jobs because of the actual job. They leave a job because of the management.
     
  19. CrowdedHighways

    CrowdedHighways
    uix_expand uix_collapse
    Member

    Joined:
    Jul 1, 2015
    Messages:
    30
    Likes Received:
    3
    I think the pay to employers should be enough to keep them motivated, but not so much that they stay in the job despite hating it. It is, if I were an employer, my way of paying them would also optimally positively influence their performance and willingness to work.
     
  20. Corzhens

    Corzhens
    uix_expand uix_collapse
    Member

    Joined:
    Jun 24, 2015
    Messages:
    207
    Likes Received:
    19
    I both agree and disagree to that. It is common that when you pay a meager salary then you tend to get a so-so performer. But not in all cases. There are times you get lucky to hire a gem. In my long experience in hiring, the salary is always comensurate to the skills of the applicant. But there are times that I had offered a low salary to an applicant that would later turn out to be a good performer.
     

Share This Page