Mere money doesn’t solve their problem: they can offer tons of money towards random candidates, but not to the ones which are visibly/reliably talented (which are a small subset of the talented).
A way around that might be to make it known that big salaries are available, but not up front, only by proven merit after being given a job. Does this already happen?
This actually seems very common in office jobs where you find many workers with million dollar salaries.
Wall Street firms, strategy consultancies, and law firms all use models in which salaries expand massively with time, with high attrition along the way: the “up-or-out” model.
Even academia gives tenured positions (which have enormous value to workers) only after trial periods as postdocs and assistant professors.
Main Street corporate executives have to climb the ranks.
A way around that might be to make it known that big salaries are available, but not up front, only by proven merit after being given a job. Does this already happen?
This actually seems very common in office jobs where you find many workers with million dollar salaries. Wall Street firms, strategy consultancies, and law firms all use models in which salaries expand massively with time, with high attrition along the way: the “up-or-out” model.
Even academia gives tenured positions (which have enormous value to workers) only after trial periods as postdocs and assistant professors.
Main Street corporate executives have to climb the ranks.
I think the financial industry is like this. Sure, the starting salaries are decent, but it’s nothing compared to what you get if you make partner.
Sounds like a startup! :)