Salary Survey

The Importance of Pay Philosophies

A pay philosophy is a company's commitment to how it values employees. A consistent pay philosophy gives the company and the employee a frame of reference when discussing salary in a negotiation.

The goal of a pay philosophy is to attract, retain, and motivate employees. For companies in the private sector, this usually requires a competitive pay philosophy. For companies in the public sector, this means a well-rounded philosophy, with a focus on benefits and work life.

The Pros and Cons of Hiring: Employee vs. Independent Contractor

As a small business owner you will need to determine whether to hire full time employees or use independent contractors. Don’t make the mistake of thinking they are basically the same thing. They aren’t.

Although you pay both kinds of workers to do tasks for you, they are not viewed the same by the IRS. And if the IRS suspects that you are not classifying your workers correctly, they might audit you.

How to Build a Competitive Employee Benefits Package

There are many ways to measure the success of an entrepreneur, including the number of new ideas launched, the revenue and profits earned, and the ways in which he or she serves an industry or a community. But perhaps the chief among these is the impact the entrepreneur is able to have on the lives of employees. Beyond tangible rewards such as pay, and intangibles such as mentoring, a business owner can profoundly shape a worker's life by providing a generous package of employee benefits.

Great Employees Don't Work Just for Pay. They Need Much More.

People work for two reasons. One is the paycheck, of course. But there’s another reason that is equally -- if not more -- important than a paycheck.

The thing is, we expect to be paid for that work. Pay is a given. And higher pay, while certainly nice, doesn’t automatically lead to higher levels of happiness, or fulfillment, or self-worth.

To truly care about their jobs – and your business – your employees need other things (assuming you pay at least close to the industry average for the job performed, to take low or high pay out of the equation).

Paying Employees During the Startup Stage

Q: I need to hire three employees to help get my business started, but I don't have enough financing to pay the salaries for all three. Should I try to raise more money before hiring anyone or should I hire just one employee and hope that I can make it work with limited resources?

A: Every entrepreneur faces the question of how to pay employees during the startup stage when money is tight and the business has yet to prove itself.

10 Changes To 401(k)s Employers Should Make Now

There are a lot of easy things that employers could do to improve their 401(k) plans—and the retirement security of their workers. They just need prodding. “We’re encouraging workers to speak up and employers to reach out and talk to their people,” says Catherine Collinson, president of the Transamerica Center for Retirement Studies, a non-profit funded by Transamerica, a subsidiary of financial giant Aegon .

COBRA Notice

Each employer who normally employed at least 20 full-time or full-time-equivalent employees during the prior calendar year must offer continued health insurance coverage, as mandated by the Consolidated Budget Reconciliation Act (COBRA), following the occurrence of a “qualifying event”, if the qualifying event would otherwise lead to a loss of health insurance coverage.

Employee Compensation

Employees receive compensation from a company in return for work performed. While most people think compensation and pay are the same, the fact is that compensation is much more than just the monetary rewards provided by an employer. According to Milkovitch and Newman in Compensation, it is "all forms of financial returns and tangible services and benefits employees receive as part of an employment relationship" The phrase "financial returns" refers to an individual's base salary, as well as short- and long-term incentives.