Wage Structure

Wage structure refers to the organized way that different jobs and roles within a company are compensated. It includes the pay levels assigned to various positions based on factors like job responsibilities, skills required, experience, and market demand. A well-defined wage structure ensures fairness and equity in pay, helping to attract and retain talent while motivating employees. It also provides a framework for salary increases and promotions, supporting the overall compensation strategy of the organization. Essentially, it helps both employers and employees understand how salaries are determined and aligned within the company.