We have more entrepreneurs today than ever before. As hypothetical as that might sound- let us tell you that almost every household out there has someone with ideas – willing to tread the less charted path – shaping his entrepreneurial dreams to reality. With power comes responsibility. With success comes a host of requests from known sources to help them find their foothold in the industry- to take them under your wings, to mentor them, and pay them as well. So, if you are an entrepreneur, better acquaint yourself with the correct ways of negotiating while hiring someone from the family or a relative.
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Tips to negotiate while you are hiring someone from your family
There is no harm in roping in someone from family for your company if you have duly scrutinized his/her skills. Now, you might as well find it a tad difficult to negotiate with someone you’re emotionally tied to. Don’t worry. There are ways to be duly guided as well.
As a startup owner, you possibly cannot end up paying a fresher what an established business can pay. The key is to make it clear to the candidate. Don’t end up going overboard with the company cost, just because you’re too embarrassed to offer your relative what you offer your other employees with similar skillset and experience. There is absolutely no need to resort to a pompous facade in front of your family. Be pragmatic. Don’t perturb the commercial path charted by you by paying up a family member “abominably” high.
Don’t under quote
Just as you wouldn’t want to pay up unnecessarily high to a family member, don’t commit the mistake of quoting too low a salary well. Don’t take your tires for granted. Remember quoting the standard salary (as per the nature and experience of your business) is a part of professionalism. Ethics should ideally be at the core of your business policies. If you are not able to foster the right values in your employees by setting the right examples then don’t expect the same from others as well.
Strike the right balance
Make sure you are quoting something in compliance with the candidate’s credentials – after judging his worth for your company– just as you would do with other candidates. Encourage him to find out about the standard salary offered by the industry in general.
In short, it is very important to get rid of the baggage that comes along. Drawing the line between your personal and professional equation might as well turn out to be challenging initially- but it is possible. It is important to remember that your personal equation can never be dictated by finances. And if it’s not the case then it’s best not to consider a friend or relative for a position in your company.