Salary range calculator is an excel template to calculate minimum, average and maximum salary for any employee levels automatically. You can calculate it by filling required parameters. And, you can select to generate those salaries using three different options.
Salary Range Calculator
Salary range is the range of salaries you to pay employees for particular job or function. Companies use this range as references to keep paying their employees within market salary range. By keeping their range within market range, they can keep their employee turn over rate low since salary is the most common factor for employees to switch company.
Compensation Range
Expected salary range generally has a minimum, middle and maximum pay rate. It should reflect employer needs such as overlap in salary ranges to allow career development and pay increases with specific evaluation at each level.
Thus, Top level positions usually have the largest range while lower positions have the narrowest range. So, Determining salary range for particular companies depends on many factors. It is not just decided by market salary range. Region where the company located, needed skills and education and also availability of the jobs also affect those salary range. Size of company and education level also will take into account. Thus, One company should have different salary range and structure from others.
Hence, If you are working in Human Resources Department in a well-established company, you might not need to define salary range since your company might have it already. You just need to follow Through it. But, if you are working in a new company, you might need to design your company salary structure and its range to help your company organizing their HR budget wisely.
This salary range spreadsheet in Microsoft Excel should help you designing your company’s salary structures. The free version has 15 levels where you can set it using three different approach.
