Consists of pay grades and career bands into which broadly comparable jobs are placed.
Defines the different levels of pay for jobs relative to their internal job evaluation and external market.
Defines distinct data points within the compensation structure, and is comprised of:
- Minimum of the range – Employees with entry level experience.
- 25th Percentile – This percentile represents that 75% of salaries within the identified market, survey, etc. are above.
- Midpoint of the range – This data point is where 50% of salaries falls below and 50% of salaries is above.
- 75th Percentile – This represents that 25% of salaries within the identified market, survey, etc. are greater than 75% of the identified market, survey, etc.
- Maximum of the range – This data point is the highest salary paid within the range while reaching the maximum to pay for a particular position.