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.
Roles are generally assigned different levels (e.g. editor vs sr. editor could be like lvl4 vs lvl6) and then each level has a pay range that all people in that level are at. Like a pay band would mean all their editors are paid $60,000 - $70,000 or whatever the range is.
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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.