How to Be Sure You’re Offering a Fair Salary

If your business wants to hire on and retain talented individuals, you have to pay what they are worth. Whether you are hiring MBA holders or janitors is not important. A skilled and competitive worker is going to go where there is the best chance for growth as well as increased compensation. You can guess what you should be paying your employees, or you can visit highersalary.com and review various salary ranges for multiple positions. Forget about asking about salary requirements or even comparing yourself with other employers. Pay your workers what they are worth, and your company will experience far less employee turnover.

Fair Salaries for Entry Level Positions

Employees realize that businesses are using all sorts of strategies when it comes to offsetting hiring costs. There are companies that regularly only hire part-time employees so that they can reduce the amount of benefits offered. Then there are entry level jobs that are offered as salaried positions, which means that there is no overtime pay no matter how many hours are actually worked. You may have any number of applicants scrambling for the same entry level positions, but truthfully, only a few will actually be qualified. Offer a fair entry level salary and you will attract higher quality applicants.

Negotiating with Heavy Hitters

Perhaps your company has announced a job opening for a critical role, such as an operations manager, an HR recruiter, or a senior level accountant. Since you will be looking to hire someone who needs minimal training and a high level of skill, salary negotiations should take place quickly. When you are looking to hire a professional who has a vast number of employment options, salary can help you to gain leverage as an employer. Although employees do consider factors such as commute, company size, and even corporate culture while figuring out where they want to work, salary is usually the deciding factor.

How to Calculate Salary Raises

Undoubtedly you will need to reward existing staff with periodic raises, bonuses, and other forms of compensation. This can be living wage increases that are based solely on living expense averages for your region. You can also give workers salary raises that are based on job performance. Usually salary increases are given after formal reviews where you ask supervisors to evaluate how your workers have been performing on the job. Be sure that the pay increases that you dole out are fair and equitable across the board.

When salary negotiations go well, both employers and new hires leave the negotiation table satisfied. Businesses can’t generally afford to hire new workers on at whatever salary they demand, but you can meet somewhere in the middle. Having knowledge of salary averages will let you know when you can make a lowball offer as well as when applicants are looking for salary amounts that are outside of the recommended ranges. Know what the average salaries are for all employees in your industry and you will have more interviews that end on a positive note.

Categories: Finance

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