Knowing what other companies pay for similar positions is an important step in establishing a competitive pay system. Our firm recently completed the development of a salary schedule for a local biotechnology company. We were able to gather salary data through surveys and from that build a salary schedule which will provide a basis for the company’s pay policies, decisions on pay increases and hopefully help reduce the turnover which may occur if pay is not competitive.
Prior to developing the salary schedule, we wrote job descriptions and established job levels which are important steps in building the fundamental Human Resource Management System.
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