When you’re running a small business it’s vital to manage your fixed costs. Staff costs are possibly the biggest one. You want to pay fairly but not through the nose for your people, but how do you know what your staff are really worth? The instant salary checker iPhone app being launched by the Robert Walters recruitment consultancy may help. The app is based on their Global Salary Survey and is across disciplines. It also allows year on year comparisons and comparisons of Australian pay with international equivalents.
Within a click or two you can work out what the market rate is for your different staffing needs. Last year, for example, you may have been able to pay a more competitive wage than this year, if vacancies in that area have gone down since you last recruited.
Having this kind of information at your finger tips means you are less likely to price yourself too low and miss out on an ideal employee who simply gets a better offer elsewhere. Conversely, you’ll know when you can bargain harder in years when jobs are tighter, pushing wages down. Makes good business sense.