Salary Band
What are Salary Bands?
Salary band is the range an organization is willing to pay for a particular position, with the exact salary determined by potential factors such as candidate experience, internal pay equity, and candidate negotiations.
Example
For the sake of salary transparency, all job descriptions for our organization will include the salary band for that position.
Frequently Asked Questions
- How do you determine a Salary Band? There are many factors that go into determining a Salary Band or a Salary Range for any given role. An organization should do research to find the typical market rate for similar positions in the area, and use that as a starting point. From here, the Salary Band should be adjusted in-line with the organization’s compensation strategy and budget (offering above-market salaries to attract better talent, offering below-market salaries due to budget restrictions, etc). Lastly, a Salary Band should be cross-referenced with other internal salary information to ensure that all salary ranges are set fairly to avoid any risk of discriminatory imbalance.
PEOPLE-CENTERED PLATFORMS FOR A CHANGING WORLD
The workplace is evolving faster than ever before thanks to new HR solutions, rapidly developing technology, ever-present digital security threats, and more, and you need a partner that will help your organization stay agile and on top of the moment.
From strategic talent management to the best onboarding technology, Rival offers secure platforms that enable people to thrive in a changing workplace. Contact Rival today to talk to an expert to see how we can help you attract the best talent and keep them on board and performing up to your expectations.
