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How much should your employees be paid? Here are some information to guide managers out there.
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Easy Small Business HR 1
6 Tips for Determining a Fair
Hiring Salary: How Much Do
They Get Paid?
Special Report From: EasySmallBusinessHR.com
Some employers make salary offers based on what they can afford to pay
a job candidate with no real thought as to what a competitive salary may
be for the type of job that they are hiring for.
Other employers may have flexibility to hire a job candidate at a
reasonable salary, but in an effort to save money, will try to hire a job
candidate at the lowest salary possible without regard to the candidate’s
salary expectations or work experience.
Most employers probably fall into the category of not having a clue as to
how to even figure out what is a fair and reasonable salary.
Easy Small Business HR 2
After all, how do you determine what to pay your employee if you’ve
never hired anyone, or if you don’t know what a fair market salary might
be for a particular job?
It’s understandable that entrepreneurs or smaller organizations and
businesses in general may not have a clear sense of how to even begin to
think about salary.
Here are 6 tips for determining what should be a fair salary to offer a job
candidate:
Tip #1:
Research Your Competitors To See What They Are Paying
What are others in your industry paying staff for similar types of
positions? Don’t be shy about picking up the phone and calling a
competitor who may have a job that is posted online or in the newspaper
and ask what the salary range is! You’d be surprised at the information
that you can get this way.
Tip #2:
Go To The Websites Of Larger Companies In Your Area
Many of the larger companies have job posting websites where the salaries
for open jobs are listed on the site. Local Want Ads in newspapers are also
a good source for salary information.
Easy Small Business HR 3
Tip #3:
Perform A Local Or Regional Search Of Available Jobs
Job posting websites such as Monster.com or Career Builder.com feature
companies that list salary ranges with their job postings. Go to these
websites to see what other companies are paying.
Tip# 4:
Use Free Salary Comparison Tools
Find out what the average salaries are for your industry in your region.
Salary.com can be helpful because it gives you the ability to search by job
category or job title.
When searching on any job posting website or on Salary.com, remember
to limit your search to a particular state or region. What might be
considered a fair market salary for a job in one part of the country may
actually pay much less or a whole lot more in another part of the country.
Tip #5:
Research on sites like Craigslist.com
Craigslist.com is an extremely popular website that large and small
companies use when looking for employees. Candidates also post their
resumes on this site. Take a look at what the salary expectations are for
applicants in your region as a way to measure salary expectations and
average salaries.
Easy Small Business HR 4
Tip #6:
Just Ask Your Job Applicants!
Job seekers in general are very aware of what the market will pay for their
particular skill set. If you are phone screening several candidates in the
way that I recommend in Episode 3 “How To Phone Screen Job
Candidates”, you can ask your applicant what their salary requirements
are.
You‘ll find that a general theme will emerge. Most applicants with similar
years of experience will have salaries that will fall within a particular
range. You can use the data from the phone screens and compare it with
data that you find using the tips that I mentioned earlier.
To your success!