what is the difference between pay grade and pay range?
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Although a pay grade may be narrowly defined by a point system, a pay band may encompass many or a few different pay grades. In other words, a pay band may include grades one, two and three of a pay grade, while the second pay band may include grades four, five and six.
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A key distinction between the two forms of payment is that where an hourly wage is paid, an employee receives compensation only for those hours that are actually worked. A salary earner receives his salary regardless of hours worked.
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Gross pay refers to the amount of money your employer pays you before any deductions are made. ... Net pay refers to the amount of money your employer pays you after deductions for tax and National Insurance.
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Salary is direct compensation, while a draw is a loan to be repaid out of future earnings. A draw is usually smaller than the commission potential, and any excess commission over the draw payback is extra income to the employee, with no limits on higher earning potential.
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Wages are hourly or daily payments for work done during the working day. The main difference between salary and hourly wage is that salaries are a fixed upon payment agreed to by both the employer and employee. Wages, on the other hand, may vary depending on hours worked and performance.
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This means if you're applying for a job with a pay range of $50,000 to $60,000, chances are you'll be hired at $55,000 or possibly less. In this case, indicate that you'd like to negotiate a starting salary slightly above midpoint.
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Promotion is defined as the movement of an employee from one position to another position of a higher pay grade or salary. Transfer is defined as the movement of an employee from one position to another position at the same pay grade level or similar salary.
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median: What's the difference? An average salary or arithmetic mean is figured by selecting a group of people with Similar Profiles, adding up their salaries, then dividing this number by the total number of people in the group. A median is also known as the 50th percentile.
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Range penetration is a paymetric that compares the salary an employee is paid to the total pay range for their position or similar positions within other companies. This pay comparison describes how far into the pay range the employee's pay has progressed.
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What is the difference between base salary and basic salary? The base salary is a subcategory of the basic salary, referring to the initial amount of the basic salary range which is given to the employee in the beginning. ... Basic salary is the total amount (before any deductions) paid to employees plus the allowances.
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Difference Between Basic Salary and Gross Salary Basic salary is the figure agreed upon between a company, its employee, without factoring in bonus, overtime, or any kind of extra compensation. Gross salary, on the other hand, includes overtime pay and bonuses, but does not consider taxes and other deductions.
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But what's the difference? Gross pay is the amount of money your employees receive before any taxes and deductions are taken out. ... Net pay is the amount of money your employees take home after all deductions have been taken out. This is the money they actually get on payday.
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Base salary refers to the fixed amount of money you pay your employees in their bi-weekly paycheques. Your employees may think their base salaries are their entire compensation, but that's not the case. ... Total compensation refers to employees' base salaries plus all their other types of compensation.
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While pay grades are administrative classifications used primarily to standardize compensation across the military services, ranks indicate a level of responsibility (for personnel, equipment, and mission) which grows with each increase in rank.
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Merit pay and pay for performance are often used interchangeably. Although they are similar in some ways, they are not the same. Merit pay is a type of pay for performance incentive. The employee is rewarded for his performance by having his salary increased permanently.
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The range of a set of numbers is the difference between the highest number and the lowest number in the set. It is a measure of how spread out a set of numbers is.
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Pay bands differ from pay scales, which typically appear during the job offer stage of salary negotiations. Pay scales take similar jobs and provide a minimum and maximum to help guide both parties when making, countering or accepting an offer.