![]() ![]() To determine an appropriate salary and/or salary range that your company is willing to pay for a position, you must: For part-time employees, it is generally described as an hourly amount. Ontario Employment Standards legislation entitles most employees to receive a “minimum wage” in exchange for the work they complete for a company.įor full-time employees, salary is generally described in annual, monthly, bi-weekly or weekly amounts. ![]() Salary and wagesĪ salary (or wage) is a fixed amount paid in exchange for an employee’s services. They may take less pay to work for a startup if they believe in its future and the work it has to offer. Some people are motivated by the desire to be on the leading edge of scientific or technological advances. Therefore, you should consider a combination of options to attract and retain key employees.ĭo not underestimate the value of the advantages or perquisites that your company has to offer that may not be readily available in larger companies-opportunities for interesting work, lack of hierarchy, flexible environment, and so on. As a startup, you may not be able to compete with large companies on salary. Your compensation strategy must be structured to best meet your unique business circumstances. The compensation strategy must be affordable, structured and reasonably competitive. Compensation strategyĭefining a compensation strategy is an important activity for all companies, including startups. ![]() Total compensation includes cash rewards as well as any other company benefits. It may include base salary, wages, incentives and/or commission.
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