5 Steps to Help You Decide What Salary to Pay Your Employees

April 7, 2017

If you’re a growing small business and need help, there are a number of non-employee options available to help you staff your business , but if you do choose to move forward with part- or full-time employees, what should you pay them? 

The general rule of thumb is to pay a salary based on experience, location and the available talent pool. But how do you bring all these factors together and come up with a number that potential candidates will find attractive (and you can afford)? 

If you don’t know what you’re looking for, it’s going to be really hard to find it. In particular, when you’re looking at pricing a job there is often a wide range of jobs that have the same title. So you need to be really specific about the range of duties and responsibilities of the job.  

Read more hereSBA.gov  

Through the Michigan Chamber’s partnership with WageAccess, you can gain access to valuable Compensation, Benefits, Pay Practices and Incentive Pay information and trends in the State of Michigan, and across the United States. Learn more about discounts offered to Chamber members