It’s a tricky question that depends on a lot of factors.
Let’s start with the labour market.
What is the market value of that role, in that industry, in that location?
Try to find out:
- What other companies are paying (check salary surveys – google is good for this)
- Ok now other companies in the same sector (look at live job adverts with competitors – journals and job boards)
- Other similar size companies
- Other companies in that location. ( London salaries are highest usually and in general big cities pay more than small rural locations)
Here’s the health warning! Many sites and especially the media will use average figure taken from surveys. This may be good data but it doesn’t tell you much about the distribution…
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