Creating a Business Case for Salary Band Increase: Compensation Analysis and Recruitment Strategies

I need help on creating a business case for an increase in the salary band for employees. Currently, the salary band for a few positions in my company is not helping us to recruit experienced professionals. Secondly, the salary bands were set a couple of years back and need a review. Can someone help me with the latest salary bands for an IT company? I need to propose this to my VP.

Hi!

One good approach to your problem is the creation of a Comparative Compensation Chart that you can use to show the top management of your company that your current salary rate for certain bands/job grades is below the market median rates.

Also, inform them that one of the compensation principles that can help the company in managing and retaining its talents is External Competitiveness.

Best regards.