What Is a Salary Range and How Does It Work?

As the name suggests, a salary range is the range of pay offered for performing a job. It will usually involve a minimum pay rate as well as a maximum option. There will often be several possible salary levels between the two figures, which act as opportunities for pay increases. This figure acts as the minimum and maximum amount that an employee wants to earn. Alternatively, it can be seen as the minimum or maximum a company is willing to pay when they hire a new employee. Both employees and employers use pay rates and salary ranges. It is used to indicate a level of experience and qualification which might be considered essential for a role, while also leaving options open for individuals to apply who might usually be above or below the average salary.