Category: Wages

The Best Strategies to Set the Right Salary for Your Employees

When you own a business and have a number of employees working under you, it can be a daunting task to come up with the right pay structure for them. You can never be too sure if you are paying them enough or too much for the work they do. A position will have different importance in different companies, hence varied pays.

Just like how you can get information on leaves from, you can get information about salaries too.

If you are trying to fix the right salary for your employees, here are some strategies to help you out:

Work Load

Take into account the workload you are to give your employee. This should not be just what they do on a daily basis. Many roles require people to step up and do a little more from time to time. Unless the employee is invested in the role, they will not do it. Hence this should also be factored in and a pay scale should be arrived at accordingly.

Time Spent

Determine the time required to be spent on a daily basis for the role you are offering. Enquire around to see what similar-sized companies in the same field are paying for so many hours of similar work. This will give you a fair idea about your competition. Studying your competition is important here, because tomorrow if your employee is going to quit or compare, they are going to do so with your competitors only.

Minimum Pay

There are laws for minimum pay per person. Different types of work have different limitations. Ensure you meet these criteria, else you will get into trouble with the law, which can eventually cost you much more than what you might be saving by cutting corners. It is not always enough to just meet the minimum requirement. If you want more from the employee, you need to offer more. there is a direct correlation between what you pay and how they perform…