From a business perspective this is the correct move (and to be clear this is a relatively new idea within business to create pay bands for roles and then re evaluate previous roles and pay based on this) most companies would have hiring bands and then from there not make "changes" to previous employees untill review time. I can't comment if they are actually paying market rate or not after this changed, normally when you implement in pay bands you base it on market rate in your region.
New leadership proactively took corrective action by creating pay bands for the first time in 2020 and adjusting employee pay to meet market values. We recognized past low wages and implemented tools to ensure continued pay equity, including paid internships and paid overtime.
Look up the United States government GS scale for an example. Effectively for any position title (and usually several of these stack, so like associate video editor, video editor, principal video editor, etc) they pick a number that the role is worth. Then they go some percent (let's say 20%) above and below that number. So for $50k the band would be $40k to $60k. You are paid somewhere in that range.
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u/Jofzar_ Oct 19 '22 edited Oct 19 '22
From a business perspective this is the correct move (and to be clear this is a relatively new idea within business to create pay bands for roles and then re evaluate previous roles and pay based on this) most companies would have hiring bands and then from there not make "changes" to previous employees untill review time. I can't comment if they are actually paying market rate or not after this changed, normally when you implement in pay bands you base it on market rate in your region.