When setting salaries for your employees, you shouldn't just guess at the right number. A fair amount of research and thought should be put into things like compensation packages. Salary consulting services help with this and can be a valuable resource for your company. Before meeting with a salary consultant, know that he or she will probably want to know these things in order to give you accurate and relevant guidance.
1. How Much Each of Your Employees is Getting Paid Right Now
Of course, you aren't going to be expected to name names. The consultant and your employees would actually probably prefer that you didn't provide that much personal information. You will need to have a list of the different job titles and descriptions within your company and how much a person in each job title gets paid.
2. What Your Budget is for Payroll
A small business is not going to have the same payroll budget as a Fortune 500 company. Salary consultants know that, but they need to know how much your company is working with when helping you set salaries for your employees. Along with writing down a figure, you'll need to know whether this number is expected to go down in the near future or if you can possibly boost your payroll budget a bit if it's suggested.
3. What Other Benefits You Offer Your Employees
Compensation for employees isn't just about the amount that they make per hour. Things like health insurance, paid time off for holidays or vacations, and other perks all have value, too. To get an accurate picture of how much compensation your employees are getting now, your salary consultant will need to know about all of the perks that you offer. Even the small stuff adds up, so take your time making this list to ensure that all benefits that are available to your employees, from small to more valuable, are listed.
4. What Employee-Related Changes You Might Be Planning on Making
Your company might always be changing. These changes affect your employees and can affect how much they should get paid. If you're planning on cutting back and letting some of your employees go, then some of the employees who stay might have more responsibilities, and they may deserve more compensation because of this added workload. Things like this should be mentioned to your salary consultant if you want to get a true picture of what your employees should be paid.
For more information, contact a company like Fox Lawson & Associates, A Division of Gallagher Benefit Services Inc.