How Much Should You Pay Your Workers?
Michael Giuffrida: How Much Should You Pay Your Workers? If you run a business or are in charge of compensation at your company, you have no choice but to learn how to properly pay an employee. Of course, the process is much more complicated than simply printing a paycheck, according to human resource expert Michael Guiffrida. Here is a glimpse at what you need to consider when putting together the right compensation plan for your workers. One of the most important things you can do when creating a worker compensation plan is to determine your company’s pay philosophy. This includes determining not only an appropriate compensation amount for your workers but also how you wish to handle factors such as performance bonuses, benefits, gym memberships, free lunches, and incentives. For example, maybe you like the idea of incentivizing performance, so you opt to provide smaller base salaries and more in the way of performance bonuses. Once you have your pay philosophy down, you need ...