Broadbanding
Broadbanding is a compensation strategy in which an organization consolidates multiple salary grades or levels into a few wider pay bands.
This approach reduces the number of job grades and allows for greater flexibility in salary ranges within each band.
Broadbanding is commonly used to support career growth and allow for varied roles and responsibilities within the same pay range, making it easier to reward skills, experience, and performance without promoting employees into new job titles.
It encourages skill development and lateral movement within the company, fostering a flexible and collaborative work culture.
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