Manage compensation and time off FAQs
To attract the best talent, you need to offer a competitive salary. The first step to determining a fair salary is by composing a job description. Using the job description, you can research similar job offerings and titles. You can start your research by visiting the Bureau of Labor Statistics website. Look for maximum and minimum salaries and adjust them to your area if needed. You may also need to adjust salary based on market competition. In addition, determine what benefits will be offered with the position.
When you determine the rate to advertise, budget yourself a bit of room for the right candidate if needed. If you cannot afford the going rate, look for other options, such as working with a contract or freelance worker. Some candidates may also be willing to work for less if you offer flexible hours, work-from-home options or unlimited time-off.
No, you do not. You can say something like, "position pays a competitive wage" or similar. Regardless of whether you post the salary range, you'll still need to budget and decide on negotiating points if necessary. Also, be prepared to discuss raise options, in vague terms, in case you are asked.
PTO banking is becoming increasingly popular. Rather than offering sick-time and PTO, the days are banked into simply PTO. This negates the need for employees to "call in sick" when they really just need a day off. It also means HR doesn't need to track "doctor's notes" or proof of illness for time off.
Things to consider before offering PTO banking:
Unlimited PTO is just as it sounds, it is unlimited paid time-off. Many companies, especially tech companies, now offer unlimited PTO. Despite what you may think at first, companies are finding that the policy is abused less than they first imagined. In fact, some employees even take less time off than they did before. Some use the time for extended vacations and other use the time to help improve work/life balance by allowing them to attend their children's school events. It forces companies to focus more on production rather than time-in-the-seat. Unlimited PTO doesn't necessarily mean unlimited, unscheduled time off nor does it mean that employees don't have to do their job.