Pros and Cons of using pay grades with a performance based compensation plan.
I'm working on developing a new compensation plan for our organization of about 100 employees. Currently we have about 20 professional/technical job classifications, plus all our administrative, marketing, sales and IT positions. Because of our size, a lot of our administrative staff wear many hats.
Does anyone have any thoughts about what the pros and cons are of using pay grades in a performance based compensation plan? I'm also curious how millennials view pay grade compensation plans.