A Schedule of Pay
A schedule of pay is a simple table that lists the starting, mid-point, and upper range of the rates of pay for persons or positions in the company. In medium sized companies, the jobs are divided into groups; in small companies the jobs may be listed by person.
Benefits of Keeping a Schedule of Pay
Having a schedule of rates of pay in a company is valuable for a number of reasons:
- It provides you with guidance on how rates of pay compare for different jobs, dependent on the levels of education and experience, and the responsibilities of the positions.
- It serves as a record of the rates of pay in the company.
- It provides you with an estimate of when rates of pay should increase dependent on the length of service or performance of the individual in the position.