salary-review

This guide will help you make informed salary related decisions. Source: Pexels/Sora Shimazaki.

Finance
Hareta McMullin

Wages 101: How to set, benchmark and review salaries

Authors
Hareta McMullin
Cashflow
4 minute Read

Payroll is often the biggest cost of doing business but not paying fairly can mean that the books are hit in other ways. Whilst pay is not an exact science, setting and reviewing a salary doesn’t have to feel like an algebra test. This guide will equip you with the tools you need to make informed salary-related decisions.

Setting a salary

1

Write a detailed position description

Ensure you’re clear on why you need the role, what duties the role will encompass and what you need in a person to do the role well. Future proof yourself and consider things like scalability, role longevity and how a person in this role can develop their career over the years.

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