Crafting Compliant Pay Bands: A Strategic Approach
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Building pay bands is hard. It was never supposed to be that way.
What to Expect from the Series
For three weeks, we’ll dive into the critical aspects of building pay bands. From understanding the fundamentals to incorporating market research and ensuring compliance with state regulations, our series is tailored to help you establish fair and competitive pay structures. Our goal is to equip you with actionable knowledge so you can confidently create and manage pay bands that align with your organizational goals.
Why This Series Matters
In today’s competitive job market, having a well-defined compensation strategy with structured pay bands is crucial. Our series will help you navigate the complexities of building pay bands, ensuring your organization attracts and retains top talent while maintaining compliance with regulatory requirements.
By the end of the series, you will learn:
- Why pay bands are suddenly so important and their significance in the compensation structure of organizations.
- How pay bands foster transparency, internal equity, and compliance with state and regulatory requirements.
- What are the essential factors that go into building pay bands, including location, education, and experience requirements.
- How to analyze job roles, responsibilities, skills, and qualifications to determine appropriate pay bands.
- How to build a compensation band by following a walk-through from our team
I’m ready to build pay bands.
LaborIQ: Stay Ahead of the Hiring Curve
Our technology ensures you get precise, up-to-date salary benchmarking information so you can address your ongoing compensation decisions with confidence. Get pay right with customizable salary searches by location for over 20,000 job titles.
Compensation Planning
Overcome employee retention risks
- Get employee-specific salary recommendations to proactively determine turnover risks
- Utilize forward-looking pay data for next year’s headcount budgets instead of lagged surveys.
- Determine what to pay during off-cycle salary adjustments, whether it’s for promotions or counter offers.
Salary Recommendations
Get Pay right
- Stay up-to-date with salaries in a changing market, especially when backfilling a role due to compensation challenges
- Be confident your salary range is competitive in locations requiring pay transparency.
- Leverage our database of skills and responsibilities for 20,000+ jobs when defining a new role in your organization.
Pay Benchmarking
- Benchmark employees’ pay to identify pay gaps and total cost to correct.
- Detect retention risks early.
- Compare salaries by years of experience, organization size or level.