Sure enough, leveraging the difference between currencies maybe a powerful way to save time and money for your business. But how will you say if it’s being worth what you pay? One word of advice: Don’t pay peanuts. Here’s Outsource-Philippines’ review of the logic why price hagglers don’t get the quality they expect:
1. Human motivation
Imagine what you could do with forty bucks a day If you can’t visualize anyone making both ends meet with that measly salary, then chances are, your contractors can’t do that too. But there are cost of living differences right? You bet. Yet, that doesn’t mean that they can live and support families with your peanuts. If you already have that distorted view of currency leveraging, correct it by doing a short research.
When you pay your contractors with a comfortable sum, they won’t work with worried minds and churning stomachs. Thus, you’ll get an output that is really worth more than what you paid for.
2. Time is gold
When you hire a virtual assistant, he won’t only spend time doing his main job, he will also spend that billed hours for invoicing, filing taxes, and answering your calls and e-mails. An hour of doing his main job is not actually an hour. If that’s the case, he’ll get no choice but to spend lesser time for the quality of your given task.
The solution for this one is simple. If you’re paying ten bucks for an hour, give him fifteen for an hour and thirty minutes. That way, he’ll have an allowance time for miscellaneous tasks and still have an hour to perfect the quality of the real stuff.
3. Effort is costly
Intellectual labor is expensive unlike physical labor. Now, you may have a clue that the $5 you paid was just for the effort of clacking on the keyboard. There’s no mind on it.
If you want to pay for typing, give five bucks. But if you want them to really think about what they’re writing or coding, better pay the necessary extra bills than suffer with an output you wouldn’t want to use for anything.
4. Options are vast
Before you name a lowball price, think if they should’ve worked for McDonald’s instead. If you think they could get the same sum by working on a low-end job, better check if they’re doing two contracts at the same time. They do? Oh, you can’t blame them.
This review by Outsource-Philippines concluded that the best way to keep a loyal team of workers is to give what is due of your required work. Haggling the pay may seem to make a smart move at first, but in the end, it will reflect on the quality of the output.