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How do you align pay ranges with your talent attraction and diversity goals?

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How do you align pay ranges with your talent attraction and diversity goals? If you want to hire and retain the best talent for your organization, you need to have a fair and competitive pay strategy that reflects your values and vision. In this article, we will explore how you can use job evaluation to design pay ranges that match the market, motivate your employees, and support your diversity and inclusion efforts.

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Thi Thi

Ex-HR Head of EAC (Authorized Dealer of BMW in Vietnam)

1 What is job evaluation?

Job evaluation is a systematic process of assessing the relative value and contribution of different jobs within an organization. It helps you to establish a hierarchy of jobs based on their skills, responsibilities, and impact. Job evaluation can be done using various methods, such as ranking, classification, point-factor, or market pricing. The purpose of job evaluation is to ensure that your pay structure is internally consistent, equitable, and transparent.

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Thi Thi

Ex-HR Head of EAC (Authorized Dealer of BMW in Vietnam)
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I agree with the point, however, in practice, I have a difficult issue that how to communicate with direct manager level about the criteria using for job evaluation. It is required a comprehensive training and strong making decision of the board of leader who conduct the job evaluation.

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2 Why do you need pay ranges?

Pay ranges are the minimum and maximum amounts that you are willing to pay for a specific job or a group of similar jobs. Pay ranges are based on the results of job evaluation and the external market data. Pay ranges provide you with a framework to manage your compensation decisions, such as setting starting salaries, granting raises, and rewarding performance. Pay ranges also help you to communicate your pay philosophy and expectations to your employees and candidates.

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M K Jhaveri

Long-Term Strategist | Collaboration Enthusiast | Start-up Investor
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It helps giving a little more to the better achiever during the day. Everyone is different and at different circumstances.

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3 How do you align pay ranges with the market?

To attract and retain the best talent, you need to align your pay ranges with the market rates for comparable jobs in your industry and location. You can use various sources of market data, such as salary surveys, online tools, or benchmarking studies, to determine the prevailing pay levels and trends. You can then compare your pay ranges with the market data and adjust them accordingly. You can also decide on your market position, which is how competitive you want to be in relation to the market. For example, you can aim to pay at the median, above the median, or below the median, depending on your budget, goals, and strategy.

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Mariam Tijani

2X Salesforce Certified | Salesforce Consultant | Salesforce Administrator| Service Cloud| Salesforce Data Analyst |Salary Administration Analyst
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In my experience, gathering external resources ( surveys, market data) as helped the organization stay aligned to the market. Surveying is a very important tool to keeping up to date with data and trends

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4 How do you align pay ranges with your talent attraction goals?

To attract the best talent, you need to offer pay ranges that are not only competitive, but also compelling and differentiated. You can use pay ranges to showcase your employer brand and value proposition, and to appeal to your target talent segments. For example, you can offer higher pay ranges for hard-to-fill or critical roles, or for roles that require specific skills or experience. You can also offer lower pay ranges for roles that have a high supply or low demand, or for roles that offer other benefits, such as flexibility, learning opportunities, or career growth.

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5 How do you align pay ranges with your diversity goals?

To support your diversity and inclusion efforts, you need to ensure that your pay ranges are fair and unbiased. You can use job evaluation to eliminate any potential pay gaps or discrimination based on gender, race, age, disability, or any other protected characteristic. You can also use pay ranges to promote diversity and inclusion in your hiring and retention practices. For example, you can offer pay ranges that reflect the diversity of your talent pool and your customers, or that encourage underrepresented groups to apply for your roles. You can also use pay ranges to reward and recognize the diverse contributions and perspectives of your employees.

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6 How do you review and update your pay ranges?

Pay ranges are not static, but dynamic and responsive to the changes in the internal and external environment. You need to review and update your pay ranges regularly to ensure that they remain relevant, competitive, and aligned with your goals. You can use various indicators, such as turnover, retention, engagement, performance, market data, or feedback, to monitor the effectiveness and impact of your pay ranges. You can then make adjustments as needed, such as increasing or decreasing the pay range width, moving the pay range midpoint, or creating new pay ranges for new or modified jobs.

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7 Here’s what else to consider

This is a space to share examples, stories, or insights that don’t fit into any of the previous sections. What else would you like to add?

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How do you align pay ranges with your talent attraction and diversity goals?

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1 What is job evaluation?

2 Why do you need pay ranges?

3 How do you align pay ranges with the market?

4 How do you align pay ranges with your talent attraction goals?

5 How do you align pay ranges with your diversity goals?

6 How do you review and update your pay ranges?

7 Here’s what else to consider

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