The Salary

If you want to cut costs then your instinct may be to reduce salaries. Whilst you will not want to overpay your employees, it is important to remember that a good salary attracts and keeps skilled employees. These employees will bring in more revenue as long as they are managed and supported correctly. 

Seven points to consider when deciding the salary:

1. The legal requirements

2. What you can afford

3. Your goals

4. Where the role sits within your organisation

5. What local competitors are paying

6. Candidates' expectations

7. Your Bonus philosophy