Compensation Structure consists of pay grades and career bands into which broadly comparable jobs are placed.
Pay Grade defines the different levels of pay for jobs relative to their internal job evaluation and external market compensation surveys.
Pay Range defines three distinct data points:
- Minimum of the range –Typically this is the least amount that market pays for a position within this pay range. This represents the experience level such as entry level.
- Midpoint of the range –This data point is where 50% fall below and 50% above.
- 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.