Want more tips paying your employees? Check these out:
Know the Going Rate
Wilson recommends looking at Salary.com to learn current salaries in your industry and region. Other good sources of information on compensation are trade associations. Resources include the Society for Human Resource Management, which researches salary trends, and WorldatWork, a not-for-profit focused on global human resources issues, says Priya Kapila, a St. Louis-based consultant at CBIZ Human Capital Services, which does human resources consulting.
Still not sure how much to pay? There are many human resources consultancies that can help you. Ask for a “market pay assessment,” advises Kapila. Costs for such a report, says Kapila, range from very minimal to several thousand dollars, depending on your needs and the consultancy’s rates.
Consider Supply and Demand
The unemployment rate among those with a bachelor’s degree or higher was 5 percent in November 2010; for those with a high school diploma, it was 10 percent. If you need a highly educated, professional-level employee such as an accountant or chief technology officer, be prepared to pay a very competitive salary. “For the C-suite executive, you may really want to target that median competitive pay rate,” says Kapila. “You want someone who is qualified and can start the job running. For a lower-level or support-type position, it may be less important that you’re bringing in the best of the best. You can focus on something lower in the range of what is competitive and reasonable.”
Elaine Pofeldt is an independent journalist specializing in entrepreneurship whose work has appeared in TheAtlantic.com, BNET, Crainís New York Business, CBS Moneywatch, Good Housekeeping, Inc., Working Mother and many other publications. A former senior editor of Fortune Small Business magazine and editor of its website, she does editorial consulting for online and print publications.
Image credit: lisegagne
Check your balance, review recent transactions and pay your bill on the go.
Kirk Baumann 1 year 4 months and 10 days ago
Elaine,Thanks for sharing this. Great information for a hiring manager to have. Another resource for salary information can be found through the National Association of Colleges & Employers (NACE). They do a salary survey a few times a year and do great research as it relates to the job market for college students.Here's the website: www.naceweb.org. Some content is free, while most is available with membership (which is very reasonable).Kirk Baumannwww.campus-to-career.com