What Is Salary Vs Total Compensation?


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Make positive you understand your responsibilities earlier than hiring staff. You must abide by federal minimum wage legal guidelines, that are governed by the Fair Labor Standards Act (FLSA). You must pay all workers a minimum of the prevailing minimum wage. You base an employee’s wages off their wages at their earlier job. If a particular employee excels at their job, you possibly can pay them elevated wages.

Or, you may pay an employee extra if they acquired extra training or superior coaching associated to their job. No matter how you determine worker wages, you should contemplate inside fairness. Internal equity is whenever you examine the positions in your corporation to make sure truthful pay. The base pay rate is basically the minimum quantity an employee can count on to obtain earlier than taxes and other deductions.