Salary Benchmarking - what should an organization (start up) set as starting pay for each position?

Based on labor market trends, what should an organization (start-up) set as starting pay for each position?

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As an HR professional, determining the appropriate starting pay for each position within a start-up can be a crucial decision. It is essential to conduct thorough research on labor market trends, industry standards, and the specific requirements of the roles in question. By analyzing data on salaries for similar positions in the market, you can ensure that your organization offers competitive compensation packages to attract and retain top talent. Additionally, considering factors such as the company's financial resources, budget constraints, and long-term growth strategy is vital in setting appropriate starting pay levels. Balancing competitiveness with fiscal responsibility will help create a compensation structure that aligns with the organization's goals and values.

The fixation of salary depends on the place of posting and scheduled employment.

The norm is to follow the industry and regional practices. Find out the salaries in the industry within the region as well as in various industries in the locality as a guiding factor. Balance this figure with the capacity of your unit to pay.

At any rate, while preparing the project report, certain sums would have been reckoned. Compare those figures with the standards in other units and in other local industries.

@Sarveshjicool & @KK!HR - Thank you for your response.

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