Steve Martin delivers a wonderful line in the movie Sgt. Bilko. “All I ever wanted” he says “is an honest weeks pay for an honest days work.” Its a great gag, not least because it rings true. Which of us, honestly, wouldn’t like to earn more for the work we do?
Pay is a tricky issue for employer and employee alike. Staff who are paid below market rates for comparable jobs will likely feel disenchanted and demotivaated. While overpaying staff signifcantly may reduce a company’s ability to compete… perhaps to the point where it is no longer commercially viable.
Good practice when setting salaries, and other issues relating to pay, will clearly go a longway towards fostering staff satisfaction and keeping a business on track financially. So where to begin?018_PW_101114_Toolkit