Pay Structure

A pay structure is a system that organizations use to determine employees' compensation, including salaries and wages. It outlines different pay grades or levels, each with specific pay ranges based on factors such as job responsibilities, required skills, and market rates. This structure ensures fairness and equity in compensation among employees doing similar work while also helping businesses manage their payroll budgets. In essence, it provides a framework for how much employees are paid and helps attract and retain talent by offering competitive salaries.