free small business advice & information
Main Menu
Hot Links
| Article Index |
|---|
| Remuneration |
| The Market Rate |
| More or Less? |
| Basic Pay |
| Bonuses and Commission |
| Using Shares and Options |
| Benefits |
| Non-financial Extras |
| Pay Reviews |
Page 2 of 9
Remuneration
1. The Market Rate
Establish the market rate, as a starting point.
Paying the market rate involves careful job evaluation (so you know what's being compared) and external research (word-of-mouth, advertisements, published surveys).
1.1 The skills needed may be widely available.
- Compare rates at local employment agencies and Jobcentre Plus.
1.2 The job may demand specialised skills.
- National newspapers focus on specific skills areas on different days of the week.
- Refer to published pay reports by Brook Street, Hay, Monks Partnership and others.
1.3 You may require highly specialised skills.
- Going rates are usually easy to check in professional journals.
- Job advertisements in the specialist press often inform candidate's expectations.
- It may be worth commissioning a bespoke salary survey, if it helps you get the right person for a specialised role.
Monthly Prize Draw!
Win £375 worth of advertising for your business.
Enter our competition by either:
- Signing up to the is4profit Small Business Newsletter or
- Entering your firm's details into the Small Business Directory