Salary Matters by Glen Wakeman
Determining salary levels in companies requires analysis, discipline, and confidence. A simple framework can help to make it easier.
A salary is a solution to a business problem.
Your starting point should be a dispassionate assessment of the value of resolving the problem. If you start with the role and not the person, you will be able to better calibrate your risks and match the skills to your needs.
Principled salary management starts with objective policies.
Benchmarks for similar roles are helpful and somewhat easy to find on-line. Consistency is your friend. It is always easier to explain the benefits. Be able to explain why someone didn't get something.
Salary is but one component of employee satisfaction.
If people take a role, only for money, they are mercenaries, not employees. Consider the risks of employing a mercenary as well as the benefits of their skills when making your final decision. Don't limit your offer to simply money; seek other ways to enrich the roles.
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