Deciding on the pay for your employees can be a difficult choice. As we see in many franchises, it’s often easier to pay the minimum amount for employees and deal with the costs associated with replacing them.
However, you should always look on the other side of the coin. While paying higher wages might literally mean money out of your pocket, what is the value of experience? How much do you spend on training new workers? How would a more experienced workforce change your business?
Take a look at this quote from Henry Ford
There is one rule for the industrialist and that is: Make the best quality of goods possible at the lowest cost possible, paying the highest wages possible.
US automobile industrialist (1863 – 1947)