19
MSCCN is proud to announce that it met all 20 standards to maintain its status as an accredited charity.
Simply, a company builds its pay structure by determining where each job’s worth fits relative to other jobs’ worth by analyzing the nature of the jobs and the level at which the work is performed The base pay structure provides pay levels to be internally fair, externally competitive, cost-effective, and supportive of the organization’s compensation strategy.
In a traditional salary structure, jobs are assigned to pay grades that have pay ranges with a maximum pay value, a midpoint, and a minimum pay value. In companies that use broad bands, the pay structure consolidates a large number of pay grades and salary ranges into fewer broad bands with wider salary ranges.
So, what does this all mean? When you reach this point in your job search, realize that a company or organization is usually not just picking a salary figure or hourly wage out of the clear blue sky.
Arm yourself with Information about salaries for similar positions and job duties in your geographic location.
This knowledge can help you identify what is a fair base compensation rate based on your skills and qualifications and advocate for yourself if necessary.
Remember, knowledge is power.
It can be challenging to find good market data for jobs, but you can gauge salaries with tools like Glassdoor.com and Salary.com. (Keep in mind, for example, that it is more important to compare and match your job duties than your title when using Salary.com or any tool like it).
As with anything, these resources are only as good as the data compiled within them, but having a general idea of the salary a job commands in a specific geographic area can help you figure out where your skills, education, and experience will fit into the pay range the company offers.
You can determine whether you should be advocating for yourself to receive between the 25th percentile and median or higher. This knowledge will ultimately lead to a more successful salary negotiation before you start your new job!
World At Work’s “Base Pay Management” was used as a reference for this article.
The tips box doesn't have to stay. I wrote it, but I hate having a fifth of a blank space.