I am a mid-level manager at a tech company with 8 directs (all ICs). I am also responsible for program management of some internal systems.
I recently hired a new IC for my team. He will take on some of the program management work that I have been doing/owned for the last 3 years. I was super excited about this hire until I found out that his offer $$ is significantly more than I make -- to take on a job I've been doing in addition to my management role. (All offers at my company are handled by a compensation team; hiring managers have little to no say in the process other than defining the role and level)
How should I handle this?