Pay banding drives pay equity, both are important for transparency, serving to keep employees feel valued and engaged without any untoward biases.
Pay banding is a compensation management approach that provides a salary range based on a position and its requirements as well as considerations of market rates. It’s a way of ensuring that pay rates are equitable both within a given position and between positions based on the value assigned to each role.
How Pay Banding Works
Pay bands establish clearly defined upper and lower...