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HR For Small Business For Dummies, Australian Edition by Paul Maguire

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Chapter 10

Pay Increase? You Must Be Joking!

In This Chapter

arrow Increasing wages according to the law

arrow Understanding that rewarding good performance is more than a stab in the dark

arrow Considering the market when setting base wages

Money can’t buy happiness, but it can make you awfully comfortable while you’re being miserable.

Clare Boothe Luce

O ne side of the wage–work bargain is obviously wages. Money for living. Money rewarding good work. Money for skills. Money for holidays and money to compensate every conceivable eventuality. In Chapter 5, I explain the impact of statutory minimum wages, allowances, penalties and loadings underpinning all Australian employment relationships. In this chapter, I explore how you should establish your own policy on how much you pay to attract and retain employees, and the mix of cash, bonus and fringe benefits that may entail.

Decisions on wages and salaries shouldn’t occur in a vacuum. I describe how to find out how much your competitors are paying staff and where you should place your wages policy in the broader wages market.

Finally, I tie the disparate threads of minimum wage obligations, over-award payments, fringe benefits, and incentive payments ...

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