Excel 2007 : will IF statements work for this issue?

I seem to be having a problem in determining which formula is the proper one to get the desired outcome. I have a data cell with text, and a data cell with numbers. One is to equal the other. The text column inlcudes a drop-down menu with five options. Each option has a corresponding dollar amount. I am trying to get the drop-down to automatically enter the numbers in the column containing the numbers.

Such as this:
I am setting up an invoice ticket for construction. We have different employees with different trades, which also means a different payscale. I am trying to set it up so that once their trade is entered, the value of that trade is automatically entered in a cell next to it. I thought the IF formula would work, but I am not using all values so I can't get it to work properly.

Example:
I11=Trade (I've created a drop-down list with all five trades that apply)
L11=Hourly Rate (As it stands I manually enter their rate)

So in a perfect (Excel) world, if I choose "Foreman" from the drop-down menu, the L11 cell will be automatically filled with the Foreman's hourly rate.

THANKS!