Depending on the type of business you're in your employees can be worth every penny you spend on them or they can be considered nothing more than a necessary evil. A lot of the time it's the business you're in and the economics of that business that will dictate what you can afford to pay them. You need to remember that what you are willing to pay your employees directly impacts the quality of people you'll have to choose from when you need to hire someone. While all businesses are different most fall into one industry category or another. It is that industry inclusion that can help you determine what the average pay scale for you business might be. If you haven't checked already you need to determine what the average is. Trade Journals, chamber of commerce, and industry reports may be able to help. You can also check the want ads in the local newspaper. Look for businesses similar to yours so that you can see what they are offering to pay. You should also determine what kind of pay scale you want to develop based on experience. Some businesses place more emphasis on experience than others. That is usually based on whether the business can be considered a trade such as woodworking. Another point you will want to remember is how often you will be able to give people a raise. Also how much that raise may be. You need to keep in mind how much people want to know their work is appreciated. And money is still the number one motivating factor for most people. Again it depends on the industry you are in but you might want to see what kinds of benefit packages exist. Many businesses do not offer benefits of any sort. This tends to make people feel as if they are in a dead end job. If you want to hire good employees and be able to keep them then you need some kind of benefits package. Even having one of minimal proportions is better than none. A lot of businesses have experienced personel that have always had to work for a paycheck but never any real benefits. There has to be more for them. What you need to realize is that just because benefits may not be offered by most businesses in your industry, you don't have to run your business that way. Taking the time to put together a decent pay and benefits package can give you a competitive advantage that is more valuable than you might initially realize. And if you are in an industry that does offer benefits then you need to find out what their benefits packages are lacking and your employees would like to have. The point of course is that if you haven't already taken a close look at what you're paying your employees along with what kind of benefits you're offering if any than you need to. Otherwise your employees are just as likely to go work somewhere else for what might be only a little more than what they are getting from you. And if they are really good employee's that can become even more expensive in the long run than giving them something extra would have been.
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