Definitions for "Pay structure"
The grades/bands established as part of a compensation system, the pay ranges associated with them, and the mechanisms for adjusting the pay ranges periodically based on competitive market information and/or other considerations.
A method of defining the different levels of pay for jobs or groups of jobs by reference to their relative internal value as established by job evaluation, and to external relativities as established by market rate surveys. Pay structures consist of grades or bands that can provide scope for pay progression.
A company's system for assigning levels and pay ranges for all of its jobs. It follows from the company's pay philosophy and depends on having a solid job classification system.