Figuring out salaries can be one of the most complex jobs in running a small business. Your competitors aren’t likely to respond to your phone calls asking how much they are paying their people, and salary surveys (which can be helpful) don’t often cover the multi-tasking required in a business with fewer than 20 people. (After all, you may need someone who can do marketing and accounting, while the business across the street has the marketing done by the same person who handles HR.)
And when you’re hiring, you’re as reluctant to bring up salary first as the companies you used to work for were. The result of this can be that you’re paying your employees the wrong salary. We all know the problems associated with underpaying–lack of motivation, high turnover, and general disgruntledness. But what about the problems with overpaying?
To keep reading, click here: Are You Paying Your Employees Too Much?
(And for the record, I don’t mean you. You, of course, deserve a raise!)