When thinking about hiring or paying a superstar remember the golden rule:
While your people have infinite value as humans, every job has a very specific value range.
My best advice is to always try to first remove the faces and value the job role, so that you know what market is, and then pay the people as you feel you need … but always with an eye on “market”.
This approach Helps you reward talent, while not getting into noncompetitive pay/costs situations. Also forces a little creativity and innovation … never forget the power of variable performance based compensation. Top performers usually like the idea of variable comp, as it helps them show how good they are.
All the best with your staffing and compensation planning efforts. As I can assist your efforts (or thinking) in any way, please do not hesitate to let me know. The only call that ever hurts you is the one you do not make ….