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Standardize Wage Voucher

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How do you calculate salary range spread?

Subtract the minimum from the maximum. This is the range. In the example, 500,000 minus 350,000 equals 150,000. Divide the range by the minimum to find the range spread.

What is a typical salary range spread?

A traditional salary range is commonly 30 percent to 40 percent. It is common that top salary grades (i.e., for executives and top management) have a wider range (sometimes greater than a range of 40 percent) and that the lowest salary grades often have the narrowest range (sometimes smaller than 30 percent).

What is a salary range spread?

Range spread is a basic statistical calculation that goes along with mean, median, mode and range. The range is the difference between the highest and lowest scores in a data set and is the simplest measure of spread. So, we calculate range as the maximum value minus the minimum value.

How wide should a salary range be?

A good rule of thumb is to keep the lower end of your range at least 10 percent above your current salary, or the number you determine is a reasonable salary for the position. For example, if you currently earn $50,000, you may say that your range is $55,000 to $65,000.

How do you calculate minimum and maximum salary?

To find the minimum, divide the market rate by 1.00 + ½ of the range spread. To find the maximum, multiply the minimum times 1 plus the range spread. This creates a salary range that has a minimum of $108,000, a mid-point of $135,500, and a maximum of $162,000.

How do you calculate a salary range spread?

Subtract the minimum from the maximum. This is the range. In the example, 500,000 minus 350,000 equals 150,000. Divide the range by the minimum to find the range spread.

How big should a salary range be?

A good rule of thumb is to keep the lower end of your range at least 10 percent above your current salary, or the number you determine is a reasonable salary for the position. For example, if you currently earn $50,000, you may say that your range is $55,000 to $65,000.

How do you negotiate a salary range?

Put Your Number Out First. Ask for More Than What You Want. Don't Use a Range. Be Kind But Firm. Focus on Market Value. Prioritize Your Requests. But Don't Mention Personal Needs. Ask for Advice.

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