Do Your Employees Ask For Raises?
Do your employees come to you and ask for raises? Do you know whether or not they are being compensated fairly? Do you know in advance if you could lose some key people because they have been with you for a long time but if you had to replace them you would have to pay more? Do you have multiple levels of expertise for employees in one job title?
If your answer to any of these is YES, we suggest you build pay ranges for each job title. Pay ranges set the upper and lower bounds of possible compensation for individuals whose jobs fall in a pay grade. A range is the value of the minimum to the maximum. You can have multiple grades within one position.
You don’t have to be a large corporation to do Salary Banding. This is Step 1 in good compensation planning. Call us if you want to get started.