Stepwise regression is not an adequate technique to provide the best set of variables with which to predict the dependent variable. By using the stepwise regression method, one who attempts to select the best set of predictors of a given dependent variable will face more problems than he or she attempted to resolve. This is illustrated with an example taken from the personnel data set of a medium-sized firm. An attempt was made to explain the variation in the present salary of the workforce in terms of a number of personnel variables. Stepwise regression techniques were applied for various sample sizes. The data are used to demonstrate that stepwise regression is quite vulnerable to specification, sampling, and measurement errors. It cannot be assumed that stepwise regression will provide the best-fit model, the order of significance of predictor variables, or the relative importance of predictor variables. Stepwise regression will not necessarily derive the appropriate solution for the researcher. (Contains two tables and nine references.) (SLD)