Salaries must be paid at market rates

Salaries to be paid at market ratesThe best businesses have the best staff. The best staff need to be paid salaries at market rates.

This is the seventh of the ten key principles of social business.

In order to compete effectively and be the best at what you do, you need to make your organisation a great place to work, which includes remunerating staff at the levels their skill and responsibility deserves.

This does not mean that staff need to be paid corporate-style seven figure annual bonuses; but rather salaries that reflect their market value.

There are a variety of ways to determine what market rates are for the positions within your organisation. Recruitment agencies can give you an idea of what these are, but if you are looking for a more accurate figure then salary benchmarking firms, like Celre in the United Kingdom, can provide this information for you, normally at a fee.


Mike.

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