Setting Your Range
In making decisions about how much to pay someone, the goal is to produce a result that minimizes the cost to the company for labor, while still providing a sufficient enough benefit to attract and incentivize talent. If you have intelligence on what is being offered for similar talent in the same general geographic area, you will be able to find a good place to begin determining salary ranges for a given position. You will want to use a Compensation Survey to help you determine this. There are a number of great resources available to employers; see my links below for a few examples. Also keep in mind, your employees also have their own sources for checking compensation at www.glassdoor.com and www.salary.com.
Possible Places to Consider For a Survey:
Another great resource to learn more:
I will probably at the topic Compensation and Compensation Surveys more deeply in another post. Until then, have a great day.
And remember all of you Human Resources professionals: Be Human... Be a Resource... Be a Resource for Humans.
Disclaimer: The views expressed in this post are by the author Trevor Stasik, and do not necessarily reflect the views of any employer or any other organization. Please note, this information is based on my understanding and is only to be used for informational and educational purposes. Do not take what I am writing as advice. Seek your own legal counsel and/or see a tax accountant before making business or personal decisions. The author of this post makes no representations as to the accuracy or completeness of any information on this site or found by following any link on this site. The owner will not be liable for any errors or omissions in this information nor for the availability of this information. The owner will not be liable for any losses, injuries, or damages from the display or use of this information.