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. 

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