Remove Benchmarking Remove Management Remove Policies
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Why Your Organization Should Use Salary Benchmarking

Harvard Business

A key solution lies in salary benchmarking — using aggregated market data to establish competitive pay rates. payroll processing company revealed that access to robust benchmarking tools doubled the probability of firms setting the “right” salary. That means employers must find new ways to determine appropriate compensation.

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How and When to Raise Your Consulting Rate

Successful Independent Consulting

Third, do some market-rate benchmarking to learn what other consultants are charging, or what clients are paying. Make it a policy. I also recommend making it your policy. Literally create a document titled “Rate Policy” and write down what rates you charge for what services. for year one, $165 for year two, and $172.50

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Now Is the Perfect Time to Raise Your Consulting Billing Rate

Successful Independent Consulting

Do some market-rate benchmarking to learn what other consultants are charging, or what clients are paying. Make it a policy. I also recommend making it your policy. Literally create a document titled “Rate Policy” and write down what rates you charge for what services. Your policy should be short, maybe half a page.

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Quote Your Consulting Billing Rate with Confidence

Successful Independent Consulting

Benchmark so you know your rate is reasonable. Talk with other consultants, do a web search on typical management consulting rates in your city or state, and/or try converting your employee salary to an hourly rate. As a business owner, right now make up your mind that it is your policy not to discount your rate.

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“Up or Out” Policy

Tom Spencer

It is common for top consulting firms to subject consultants to a rigorous “up or out” policy. If a consultant is falling short, they will normally have opportunities to talk to their manager about areas for improvement and benchmarks to measure progress. The up or out policy ensures that this network continues to grow.

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2024 Events for Project Managers, Business Leaders, and Industry Professionals

Epicflow

Check out our selection of events for project/resource managers, business leaders, and industry professionals, which will provide you with valuable insights into recent trends and challenges, networking opportunities, and contribute to your professional development.

Industry 130
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Inflation: Understanding its Impact on the Economy

Tom Spencer

This article explores the nature of inflation, delving into its impact on different socioeconomic groups, the balance between inflation and unemployment, and the historical theories that have shaped monetary and fiscal policy decisions. Most mainstream economists have a strong aversion to deflation.

Policies 147