How to Determine a Competitive Pay Rate for Your Employees

by Thom Tracy

0 min read

If you want to draw quality talent to your business and retain your employees, you need to pay competitive wages. There are several things you can do to ensure the wages you offer are competitive.

  • Research what your industry pays for that type of job.
  • Hone in on pay averages in your immediate area.
  • Use the Government of Canada’s Job Bank to find details about pay for various occupations.
  • Take the cost of living in your area into account.
  • Consider your benefits package and how it contributes to the job’s value.
  • Review employee salaries regularly to ensure wage competitiveness and increase retention.

References & Resources

Related Articles

Checklist Before Leaving Your Job to Become Your Own Boss

So you’re thinking of quitting your job to become your own boss. In other…

Read more

3 Advantages to Paying Your Employees More Than Minimum Wage

Whenever the subject of raising the minimum wage receives widespread attention, the…

Read more

How to Start a Consulting Business

If you’ve worked in a specific industry or field for any length of…

Read more