velocity-merchant-services-Pay_Your_Employees_Competitive_Salaries

Building a business depends on good people. To attract and retain those quality employees, you should pay them well and develop a strong company culture.

For small to medium sized businesses, determining salary rates is too often a shot in the dark. Instead of using your best guess, go to reliable resources to find out wages in your industry and location.

Don’t forget, employees look for more than money. Easy-to-offer, affordable perks can also make your business a great place to build a career.


Job Posting Websites

Up-to-date salary information is readily available on websites like Payscale and Glassdoor, who make it their business to help people find new positions. Depending on the platform, you can discover what salaries candidates expect and what employers are paying.

Government Data Bases

The Bureau of Labor Statistics keeps track of salaries and wages for hundreds of positions. Its website offers data on regional payscales, including the highest and lowest paying municipalities for certain jobs.

Be wary of this information, however: it’s typically 1-2 years out of date. While it may give you a helpful picture of the U.S. wage situation, you may need to rely on other sources for the latest salary info.

Use Your Own Analysis

Sometimes, a job doesn’t fit neatly into an external description. Take some time to imagine how much time it would take for you to perform all the duties of the position. That way, you’ll know what commitment you are asking of a future employee.

Those Extra Perks

You’ve probably heard of those on-site hacky sack games and full-service eateries that serve nothing but organic food. You don’t have to go to such an extreme in order to impress your workers (although you can if you want).

In addition to the paid benefits, like health and dental coverage, you can also offer flexible work arrangements and other lifestyle bonuses. Your employees may love to work flex time, or from home on a periodic basis. Paid time off for volunteer work or group outings to a community event help you to give back to your neighborhood.

Sometimes, the best way to offer perks is to ask employees (such as through an anonymous survey) what they would enjoy. Often it’s something of a modest cost, but with a great boost to morale.

 Do What’s Best for Your Company

At the end of the day, you want your employees to work together to build the business, so therefore make the best decisions that will help you to invest in the right people and make them want to invest in you.

We hope you enjoyed reading this blog and some other topics you may be interested in are: Running a Business with Your Life Partner (Five tips that may help you run your small business more smoothly). Other topics you may learn from are Why You Need To Deal With Difficult Employees Immediately

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