SMALL and medium-sized enterprises eager to fast-track their expansion are paying top dollar for the required talent, inspired by startups that have been able to grow their businesses rapidly with the aid of highly qualified hires.

In one instance, a Singapore company in a niche sector was prepared to fork out S$300,000 a year for an experienced head of human resources, about S$80,000 more than what most companies would pay. Another local firm in the technology space, hoping to bring in a senior finance professional with global corporate finance expertise, offered to pay 15 to 25 per cent more than the industry average of S$250,000 to S$350,000 per annum - plus an equity package.