A new year has rolled around again and it’s no mean feat being in business these days, especially keeping the momentum going in a challenging economy. So, what are some of the keys to success to stay ahead of the game and maintain your position in a competitive small marketplace such as Guernsey?
Beating the Competition
Moving with the times, embracing new technology, being well prepared for relevant new legislation e.g. GDPR and constantly trying to come up with new ideas and services that differentiate you from the competition are just some of the ways to maintain a successful local business.
Paying Staff Fairly
With cost-saving being a hot topic for many businesses these days, paying your staff the right amount is an important factor to get right, particularly in a service industry. This is not only to reward them well for their hard work, to be fair and to ensure staff retention, but also to avoid unnecessarily overpaying on occasion.
Guernsey Salary Guide
In summer 2017 we launched the online definitive Guernsey Salary Guide, which is aimed at assisting employers in the office environment to ensure they are paying their staff the right salary levels. The information provided in the Guide is based on our local employment market knowledge from 32 years in business and the 60 years' total recruitment experience amongst our qualified Consultants. Every day we are meeting local candidates and talking to Guernsey employers, so we know in detail what people are being paid and what local businesses are offering for their roles. The Guernsey Salary Guide provides current accurate pay scales for a huge range of office professions, at every level from trainee right up to MD, and includes both fee-earning and support staff. It also provides current market pay rates for your Temps and Contractors.
Reward and compensation are not just about basic pay, so the Guide also includes full details of standard benefits packages being offered in both the finance and commercial sectors in Guernsey, to ensure that employers can remain competitive and attractive to staff.
The Guide links to current Guernsey RPI rates and is also reviewed by our Directors twice annually to ensure it is kept entirely up to date and relevant, with September being one of those review times. This is convenient time-wise as local employers may assess their staff and make review decisions in advance of the effective date of any pay increases, often 1st January each year.
Calculating Net Pay
On the flip side, our online Guernsey salary calculator (the only one on the Island) provides very useful information to any employees as to the amount they will take home in net pay, as well as the amounts of their income tax and social security deductions, on an hourly, weekly, monthly and yearly basis, after just inputting their gross pay and, if they know it, their own tax coding.
When running a business your staff are your greatest asset, so using relevant tools such as the Guernsey Salary Guide can only assist in ensuring you are rewarding them fairly.