2016-12-14 00:00:00 Human Resources English Review steps you should take to ensure the wages you pay to your employees are competitive so you can retain and recruit quality employees. https://quickbooks.intuit.com/ca/resources/ca_qrc/uploads/2017/06/Employers-Should-Offer-Competitive-Pay-Rate-To-Employees.jpg How to Determine a Competitive Pay Rate for Your Employees

How to Determine a Competitive Pay Rate for Your Employees

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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

Information may be abridged and therefore incomplete. This document/information does not constitute, and should not be considered a substitute for, legal or financial advice. Each financial situation is different, the advice provided is intended to be general. Please contact your financial or legal advisors for information specific to your situation.

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