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Hopefully not corp IT - they are awful. Haven't seen a well-run project yet.
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They did this a few years back but I never knew anybody who was impacted by the initiative and received a raise. The ranges they create for each level/position are huge and unless a hiring manager screwed you and you accepted a horrible salary it really won't affect anybody. Sounds like a nice gesture, but really just a waste of time and wasted money for another consulting firm!!