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10/29/2007

How to Compensate Employees
by James Atkinson, Market Research Specialist

As a business owner, have you ever wondered how much to pay an employee? A hardworking, motivated workforce can be a source of competitive advantage for a business, or personnel problems can be its downfall. Fairly compensating employees, while not the sole determinant of a productive workforce, is certainly an important one.

For help answering this question, try visiting www.payscale.com. This website states it is the “largest ongoing compensation survey in the world.” In exchange for a report detailing how his/her compensation compares to others in the market, individuals are asked to submit detailed, anonymous information about their jobs and workplaces.

The basic report is free, with other products available for purchase. Business owners with employees will probably want to check out this site. It’s a good bet your employees are.

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The Arkansas Small Business and Technology Development Center is funded in part through a cooperative agreement with the U.S. Small Business Administration through a partnership with the University of Arkansas at Little Rock College of Business and other institutions of higher education. All opinions, conclusions or recommendations expressed are those of the author(s) and do not necessarily reflect the views of the SBA. It is the goal of UALR to eliminate discriminatory harassment and to promote equal opportunity regardless of race, gender, color, national origin, sexual orientation, age, religion, veteran's status, or disability.