How Do I Research the Competition When Formulating a Compensation Plan?

If you do not know what a "normal" compensation package is in your industry, you have no point of reference about what to offer. You might be offering too much, or not enough. Both extremes will end up costing you money. Many organizations perform salary surveys, including chambers of commerce, business associations, and other agencies. Find out what constitutes a typical compensation package, and craft yours accordingly.