- 1). Find out what other companies with similar positions offer as a salary for that position. If you do not have contacts at competitive companies, use a service such as NACE Salary Survey or Payscale (see Resources). Take note of annual salary, stipends, and any benefits or expenses accounts included in the compensation package.
- 2). Consider what the position is worth to your company specifically. If the position is absolutely vital to your business's success, you may be better off offering a higher than average salary. If the position is expendable, the salary and benefits you offer might be lower than average.
- 3). Compare the average salary of this position to the other positions within your company to ensure each position is still within an appropriate pay grade. Matching a salary for a certain position with another company without making other positions within your own company as competitive may cause discontent.
- 4). Look at the cost of living in the area your company (or the position) is located. For example, a financial analyst in New York City will usually earn a higher salary than one in the same position in Dallas, as the former city has a much higher cost of living.
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