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PrintDeciding What to Pay Your Employees
When you begin the process of paying employees, your first concerns will probably be related to deciding how much employees get paid. These issues revolve around the principle that you want to pay your employees enough to keep the good ones, but at the same time you can't afford to pay so generously that your business's cash flow is jeopardized. Issues you should consider when addressing the "how much" question are:
- how much other employers are paying
- how to negotiate the salary of a new hire
- how much of a raise to give an employee
- how to review your pay package
When considering these issues, make sure that you're in compliance with minimum wage and overtime laws. Once you've done that, you can concern yourself with doing payroll.
