What have you created by grouping new jobs for compensation comparison?

When grouping new jobs for compensation comparison, you have created a job-value structure. This concept involves categorizing positions based on their characteristics, responsibilities, and value to the organization, which enables organizations to assess the relative worth of different roles. By establishing a job-value structure, companies can effectively implement compensation strategies that reflect the market rates for similar positions and ensure internal equity among employees.

This structure is essential for designing a fair and competitive pay system that aligns with the organization's goals, helps in job classification, and guides salary negotiations. It also assists in the evaluation of compensation packages to attract and retain talent effectively.