Providing Competitive Pay

When you first decided to hire someone, you estimated what it would cost you. You had to make sure that you could afford to hire another employee and that the pay would be in line with the market for your area, your industry, and your jobs. The actual amount was probably negotiated at the time of hire.

A common occurrence among busy small employers is to develop a compensation package and then forget about it. However, in order to keep your compensation package competitive and up-to-date, you'll need to periodically review it.

Here are a few suggestions: