Analyzing and increasing employee pay structure

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In the past few years, employee pay has been front and center in the news. Most people agree that, by and large, pay rates have not kept up with the cost of living. The federal minimum wage has stayed stagnant at $7.25 an hour while the cost of food, housing, and education has skyrocketed in the past decade. Workers from fast-food restaurants, factories, and other businesses have taken to the picket line to demand higher wages. The topic of how much money people make and pay structures at various companies has become a social and political talking point that brings about a myriad of opinions and emotions.

When the pandemic happened and the work configuration changed for many, companies used that as a motivation to address pay structures that may not have worked for a significant shift towards remote work. Whatever the impetus for a pay structure review or change, it’s imperative that companies review their employee pay structures regularly.