When employers navigate the hiring process, there exists a common dilemma between three crucial elements – maximising the profitability of businesses, finding suitable employees, and keeping the loyalty of said employees. When organisations hire on a limited budget, employees are sometimes persuaded to accept low pay or salary cuts due to financial realities. Are there ways to ensure staff retention without blowing the financial budget?

If there is one trait that all successful business owners and employees have, it is strong personal motivation. Besides monetary remuneration, personal motivation often proves to be an important element when individuals consistently invest time and effort into achieving various goals. In certain scenarios, employees are even willing to consider a salary sacrifice for an admirable cause.

In the National Basketball Association, it is known that professional athletes often voluntarily accept a pay cut from a winning team in pursuit of the coveted league championship. The San Antonio Spurs, a small-market NBA team, is admired by athletes around the league for keeping loyal teammates despite paying relatively low salaries, and for succeeding in winning five championships over two decades. Tim Duncan, a legendary retired player who stayed with the Spurs organisation for 19 years, shows through his dedication that sacrificing for the betterment of the team can also bring oneself personal accolades.

Considering that professional athletes earn millions of dollars over the course of their careers, perhaps a local teacher is more relatable to readers of Creator.

The film “Little Big Master” is based on a true story where Lilian Lui Lai-hung sacrificed her own retirement plans for five schoolchildren. She accepts the job of headmistress for a monthly salary of HKD4500, and continues to manage a kindergarten that was once on the verge of closure.

If the story of the headmistress sounds too extreme, there is one more reason to accept a lower pay. Considering that taxpayers must pay high rate of taxes for receiving higher level salaries, perhaps paying less tax can be a reason to be considered for accepting a pay cut.

(Photo & Article: MySanAntonio / CreatorMag.HK.)