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How to determine employee salaries.

This story appears in the November 1997 issue of Entrepreneur. Subscribe »

Q: I'm looking for information to guide me in setting salaries within my company, especially for my controller (who is a CPA) and for other top-level managers. Is there a formula I should use to determine salary amounts? Also, should raises and year-end bonuses be calculated as a percentage of annual salaries? My company has grown to $5 million plus in the last six years. I employ 25 to 30 people. I have no formal education in business. Any advice would be appreciated.

Tod Swank

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