Your business is growing and the next step in the commitment process is that crying, stress-filled little bundle of wages, taxes and insurance payments. It’s time to talk about salaries.
Adding on a new staff member is expensive and there is no guarantee you will get your monies worth on the first try. Before you put that help wanted ad in the newspaper, do yourself a favor and research what to expect when negotiating salaries.
Here are a few tips to consider when the “how much do I pay” questions arise.
- First and foremost figure out if you can actually afford additional staff. Look ahead and remember that they will need raises from time to time. Discuss the financials with an adviser.
- Make a job description and research THAT. Just because you call it a receptionist, doesn’t mean the pay matches up. If you have the position doing more than reception duties, you better be prepared to pay for it.
- Do your due diligence for the position and research what other companies in your field are paying for the same services.
- Set your salary range. Use your research to set a high and a low end for the position. Setting a range will give you room for negotiations later.
- Offer a salary with flexible time and other life enriching benefits. Potential candidates want to know that you will understand when it comes to their home life and will often choose a job that allows for more time spent at home.
Paying too little can maintain a high turnover while paying too much can hurt your bottom line. Doing a little research can keep you and your business on the right track to success.
