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Skills management software for human capital management and to build skills inventories. Features company profile, and details of solutions.
A salary is a form of periodic payment from an employer to an employee, which may be specified in an employment contract. It is contrasted with piece wages, ...
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a fixed compensation periodically paid to a person for regular work or services. Origin: 1350–1400; Middle English salarie < Anglo-French < Latin salārium salt ...
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an amount of money that an employee is paid each year. plural sal·a·ries. Full Definition of SALARY. : fixed compensation paid regularly for services. — sal·a· ...
Your profitability, your overall compensation package and the employee's replaceability are also considerations. To determine a salary:
No company can run efficiently without the help of good employees. In order to meet your clients' needs, it is imperative to have people you can trust in place to provide good service and protect the interests of your company. Benefits and salary can play a huge role in how happy and effective your staff is. When determining salary information, it is important to consider the big picture as well as the needs of your staff. After all, there are certain industries that have a hard time keeping good people simply because they are unwilling or unable to provide decent salaries.
So what type of salary information should you consider when setting your employees' pay grades? The first is the position the person holds. Obviously, the better trained and educated the person, the more money they should make, especially if their education directly impacts their position in your company. Experience is important as well. Employees with experience in their position typically make more than those just starting out in the field. Merit and accomplishment bonuses are also an important part of determining salary. It's only natural to reward hard working and profitable employees with financial compensation matching their contributions to the company.
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