When fledgling companies are looking to recruit, deciding what kind of remuneration to offer in order to attract good prospective employees is always a challenge. Some people believe in the old adage ‘you get what you pay for’, while others believe that salary is only a smart part of an overall package which motivates an employee.

Here’s a quick re-cap of some of the factors you can consider when looking to recruit new staff:

- Consider what the base salaries are for similar positions in your industry and especially in your location, as the two can be markedly different.

- Consider whether to establish structured salary pay scales across your company as a whole, or whether to pay on an individual case by case basis based on the skills and experience of the applicant.

- Consider what non salary financial benefits you are able to offer. This may take the form of bonuses, commissions, share options or similar.

- Consider what benefits you can offer, this maybe in the form of perks, holiday entitlement, or even training. Some companies offer graduates the opportunity to undertake management training courses such as an MBA fully paid for.