4 ms·
If the demand is so high, why not simply lower the pay to winnow the candidate pool? Why bother with the insanely complicated funnel instead?
by Chinjut 11y ago
If the demand is so high, why not simply lower the pay to winnow the candidate pool? Why bother with the insanely complicated funnel instead?
- tdees40 11y agoBecause your pay is high too! If you can find people to work beneath you for cheaper, why can't they replace you for less money? Edit: also, they do that with intern/entry-level banking jobs. Internships pay well, but it's nothing like what higher-level bankers make. Same with entry-level analysts.
- whatok 11y agoThe senior bankers who actually bring in clients are worth their weight in gold. 0 chance anyone in a position like that is going to stick around to get underpaid while bringing in business.
- dasil003 11y agoBecause it winnows the wrong ones. They want the extremely tenacious money-driven type, because those are the ones that will help them make billions once they work their way up—and gladly clap on the golden handcuffs as they do.
- ThrustVectoring 11y agoIf you lower the pay, the "best" candidates get grabbed by competing firms. The funnel works because you're not just selecting a subset of people, but because you're selecting a particular group - specifically, those who are willing to give the firm a better share of the organizational rents.
- georgehotelling 11y agoWell it's already $0 in some situations, so... charging people to be interns? You just might have a future in finance.