Salary Benchmarking And Packaging

Date: 01/04/2011

Do you value your employees - or are you short-changing them? Make sure you're offering the right salary and packaging options if you want to keep them happy, motivated - and still there! - in the coming year.

As the current financial year draws to a close, it's time already to start budgeting for the year ahead. A big component will be payroll, so it's wise to start thinking about how much you pay your staff. Are they receiving fair remuneration for the job they do? Are you really keeping up with market rates?Should you be offering salary packages? What about bonuses for a job well done? And how transparent should you be about the wages you pay? You can be sure that there'll be plenty of discussion around the water cooler about who gets what in your business, so it's important to be fair to everyone. Laura Birley of HR specialists People Dynamics offers some timely tips on paying your people. It's a critical area, she says, if you want to keep your staff happy, motivated and loyal,and willing to go that extra mile for you in the coming year.