How to Determine How Much to Pay Your Employees

October 7, 2016

Complying with wage and hour law and doing payroll are vital components of the process of paying your employees. First, however, you must decide what amount to pay them. What other employers in comparable businesses are paying is a good way to determine what an employee's salary or salary range should be.

Deciding how much to pay an employee is an issue that just about every employer struggles with at one time or another. It's often a fine line between paying enough to attract (and retain) the best employees without breaking the bank. It can be particularly tough for small business owners who are quite often operating on tight budgets. So how do you determine what you should pay an employee? You should first make sure that you're in compliance with wage and hour laws. You should then be sure to offer a competitive wage. The best way to find out what a competitive wage is in your area is to find out what others are paying for the same type of work by obtaining salary data.

Read more here: Business Owner’s Toolkit

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.