Can anyone explain 5-1, 5-2 ,5-3.... 4 band in NielsenIQ ?

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Compensation and insurance benefits will be based on the band.
Maybe sub branches will be based on unit you comes under not sure about that completely.
You can check the details under SharePoint section of company intranet site in case if you already joined.

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I guess the band 5 is associated with the roles from mid level management! Maybe associate director, director etc.

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