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Entering a value and automatically updating a range

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I have created a field for the total number of employees in a company (e.g. 227) and company revenue (e.g. $897,000). When the specific number for value is entered for each field, I want it to correlate to another field for a range of employees (e.g. Under 100, 100-249, 250-499, etc.) or revenue range (e.g. Under $1m, $1m-$5m, $5m-$10m, etc.). For example, if I entered 227 for the number of employees it would automatically classify that company in the 100-249 range and if I entered $897,000 it would automatically classify the company in the Under $1m category. Any suggestions for the best way to do this?

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