Begin by Figuring Out How Much You Can Afford to Pay Your Employees as a Whole
As we just alluded to, your employees’ salaries are going to make up a sizeable portion of your operating budget.
You’ll have to carve out a large portion of your operating budget and use it to hire the best employees possible for the jobs you need to fill.
It doesn’t matter if you’re going to spend 10%, 35%, or 80% of your operating budget on your employees’ salaries every month.
Determine Whether or Not You’ll Offer Fringe Benefits to Your Employees
In addition to figuring out how much of your operating budget is going to go to your employees’ salaries every month, you also need to figure out if you’re going to offer fringe benefits to them.
Decide How Much Each of Your Individual Employees Will Make
Once you know exactly how much of your operating budget you’ll devote to your employees’ salaries and determine whether or not you’ll offer fringe benefits, it’ll be time to get down to the nitty-gritty.
