Most small companies overlook this very valuable document, which really helps you create a proper salary structure, thus helping you evaluate and gauge salary structures against similar posts within your company; plus you can evaluate market values for a fair and proper compensation measure. Keep revising the salary structure every 6 months, in order to stay updated and make sure that additional benefits like stock sharing options, compensation, profit sharing, and work-flex environment benefits too, are added to the structure, as a separate context, apart from the main salary structure.
As you can see these are 5 simple steps to start a successful HR operation, make sure to choose a good HR consultant capable of offering you valuable insights and advise to reap the best benefits.