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The pay scale was originally created with the purpose of keeping federal salaries in line with equivalent private sector jobs. Although never the intent, the GS pay scale does a good job of ensuring equal pay for equal work by reducing pay gaps between men, women, and minorities, in accordance with another, separate law, the Equal Pay Act of 1963.
Approximately 93% of the working population in the United States are employees earning a salary or wage. [1] Typically, cash compensation consists of a wage or salary, and may include commissions or bonuses. Benefits consist of retirement plans, health insurance, life insurance, disability insurance, vacation, employee stock ownership plans, etc.
In some cases employees are required to fill out large amounts of paperwork and go to a formal job evaluation panel to discuss their positions responsibilities. This also means that once an employee goes through the process and gets placed in a new pay band, others in similar positions will likely be grouped together in the same pay band. [6]
A compa-ratio of 1.00 or 100% means that the employee is paid exactly what the industry average pays and is at the midpoint for the salary range. A ratio of 0.75 means that the employee is paid 25% below the industry average and is at risk of seeking employment with competitors at a higher pay that is perceived as equitable.
This primarily focuses on salary, but extends to benefits, work arrangements, and other amenities as well. Negotiating salary can potentially lead the prospective employee to a higher salary. In fact, a 2009 study of employees indicated that those who negotiated salary saw an average increase of $4,913 from their original salary offer. [36]
Print/export Download as PDF; Printable version; In other projects ... One-dollar salary; The average salary in India in 2020. U.S. average salaries by sector;
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Among all workers, 30.0 percent are in jobs with no minimum education requirement, 40.1 percent are in jobs where a high school degree is the minimum requirement, 19.3 percent are in jobs where a bachelor's degree is the minimum requirement, and 10.6 percent are in jobs with some other minimum requirement (for example, a graduate degree).