How to decide what is a good salary for your employees
Salary decisions are not to be taken lightly especially in today’s economy. As an entrepreneur, you’re always caught between having to not just pay your staff but pay what’s good. The million-dollar question remains, what is a good salary? How do you know what a good salary is? Am I capable of paying for it and so on? Here is everything you need to know about making the best wage decision that will give you an edge in today’s market.If you want to recruit and retain elite talent, you must give them attractive rates. At the same time, you don't want to lose money by paying exorbitant wages. Follow these four recommendations for choosing the correct compensation for new staff to strike a fair balance.Set a range for how much an employee in each position should be paid to establish the right compensation for each employee. Where each employee fits inside that range will be determined by your expectations for that individual as well as their previous work experience. Although determining wages for brand-new positions may need more effort and time, once you've created what is a good salary range, you'll be able to utilize it as a starting point for employing more people for the same or comparable responsibilities.