Pay band analysis can be a complex and time-consuming task. A pay band analysis typically includes reviewing market data, internal equity, region and factors like skills and experience to determine appropriate salary levels for different job roles within the pay bands.
Pay bands are ranges of salaries used by organisations to categorise and structure compensation for employees in different positions or job roles. Typically, they include a minimum and maximum salary, allowing for variations on pay based on experience, performance, and seniority within a particular job level or grade.
Successful pay bands help to ensure fair and consistent compensation, align pay with the organisation’s goals and attract and retain talent. However, pay bands need to be reviewed to keep up with changes in the labour market, business strategy and employees’ expectations.
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