Why is salary important?
What are the rules?
Hi, I’m Donna Obstfeld and I’m going to share with you today one of our 52 top tips. So I have the ace of spades for you. And the ace of spades is all about salary.
All staff have a right to be paid at or above the national minimum wage, which increases annually on the 1st of April. Salary needs to be specified in the contract of employment and employees must be told how much they will be paid and when. Many companies benchmark salaries. Either formally or informally, salaries should be reviewed regularly and remain competitive and must be sufficient to attract and retain the right people with the right skills.
Salary is one of those things which is really, really emotional. And although salary is sort of the building block that people will use whether they decide to take a job, there’s a lot more to it. But getting the salary right enables you to at least be offering the right job to the right people.
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