Pay RangeA set of possible pay rates defined by a minimum, maximum, and midpoint of pay for employees holding a particular job or a job within a particular pay grade.Pay DifferentialAdjustment to a pay rate to reflect differences in working conditions or labor markets.LO 12-6 Describe alternatives to job-based pay.DelayeringReducing the number of levels in the organization’s job structure.Skill-Based Pay SystemsPay structures that set pay according to the employees’ levels of skill or knowledge and what they are capable of doing.