Written by Salary.com Staff
April 2, 2020
The economic impact of COVID-19 is being felt across the entire economy and market rates for compensation will change rapidly as the recession continues to unfold. Implementing or modifying current salary structures can help simplify pay across groups and make it easier to determine where adjustments are needed.
Salary structures ensure that the pay levels for your organization’s job groups are externally competitive and internally equitable. They simplify fair pay and market pricing analyses, making it easier to evaluate your pay across job groups and keep pay programs up to date as conditions inside and outside your business change in response to the COVID-19 pandemic.
How to build fair salary structures
No one type of salary structure will fit every business need, and in some organizations, multiple structures will be necessary to effectively manage pay for all jobs. Whether you’re new to building salary structures or just working to improve your existing one, it’s important to consider:
Salary structures simplify the process of evaluating pay across job groups and ensure pay stays fair and equitable as conditions inside and outside the company change. And they can provide a strong compensation framework for your business. Our white paper “Building and Analyzing Salary Structures” covers the steps to take and the technology solutions to consider when building your organization’s salary structure.
Download our white paper to further understand how organizations across the country are using market data, internal analytics, and strategic communication to establish an equitable pay structure.