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    Formal Pay Structure

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    You are the compensation manager for a growing manufacturing company. The CEO has decided that the company needs to have a formal pay structure, something they have not had in the past. Explain the specific steps you need to take to create a new pay structure. Include recommendations for each step.

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    Solution Preview

    An organization that has a salary structure in place allows the organization to appropriately compensate their employees, classify job roles, properly coordinate budgets, and ensure that the organization has the financial room necessary to grow in the future.

    First, all positions within the organization should be evaluated and job descriptions should be written for each position. Each position should have a list of responsibilities and titles that are ...

    Solution Summary

    This solution describes the specific steps for creating a new pay structure.