Attracting top performers without paying top dollar
Posted by Douglas Eisenhart at 3:05 PM

Wait a minute - that's an oxymoron, isn't it?

Not really, according to a recent report from Workforce Management magazine. The article profiles different firms and their hiring strategies, including the nation's leading boat retailer, MarineMax Inc., whose sales - and stock growth - are catching attention:

"Top performers command higher rates of pay," [the company’s chief HR executive Jay Avelino] says. "We pay more than our competitors, but A players are also looking for intangibles such as challenging work and advancement opportunities."

The company requires candidates to provide a full salary history and then uses salary surveys and information about the markets to shape the offer. To avoid high fixed costs, the company relies on performance pay programs and may negotiate guaranteed performance bonuses for the first year to lure A players.