What are some best practices for updating salary ranges and midpoints over time?

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Salary range and midpoint formula are essential tools for designing and managing a fair and competitive compensation structure. A salary range is the span of pay levels that an employee can earn within a job or pay grade, based on their skills, experience, performance, and market value. A midpoint is the middle point of a salary range, which represents the market rate or target pay for a specific job or grade. In this article, we will discuss some best practices for updating salary ranges and midpoints over time to keep them aligned with your compensation strategy and goals.

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