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Even if you're not adding staff, salary information can be used to retain your employees. |
How Do Your Company's Salaries Stack Up? Ever wonder how your company's salaries compare to those of your competitors? Are you paying too little or too much? If you will be hiring soon, you certainly will need to know. Even if you're not adding staff, salary information can be used to retain your employees. Some ideas for gathering competitive salary information: Check local newspapers. Regularly review the want ads in your local newspapers to find out what other businesses are offering for each of your job functions. Also look to see if there are a number of openings in any of the categories you employ. If so, realize that your employees may have opportunities to work elsewhere. It may be time to consider a raise for those positions. Also keep an eye out for articles in the business section about local wage rates. Talk with your peers. Do you belong to the Chamber of Commerce? The local chapter of a trade/industry organization? If so, talk to the people you meet about what they are paying. Remember to compare actual job content and skill levels. Just because someone has a four-year college degree doesn't mean he or she is performing at a higher level than someone who went to a junior college. It's what they do that counts. Read trade publications. Magazines and newsletters geared to your industry often feature articles that discuss wage levels and employment outlooks for various positions. This is particularly useful information to have about positions that are unique to your industry and/or require special skills and training. Do Internet research. A number of websites allow you to compare wages for many categories of workers and in many geographical areas. The data are generally collected from large companies in major metropolitan areas. Check several of these sites to get a comprehensive view. Popular sites to try:
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