Competitive Pay Benchmarking Process Overview – Begins with the Compensation Philosophy
The Compensation Philosophy defines 3 employee segments: Senior Leadership, Mid-Level Directors and Staff, and Functional Experts and Professionals.
- Comparison markets for benchmarking purposes will differ across the three segments:
Employee Segment | Industry | Market |
|---|---|---|
| Senior Leadership and HE Specific Professionals | Higher Ed (National Peers TBD), Higher Ed (Regional Peers TBD) | National / Regional |
| Mid-Level Directors and Staff | Higher Ed (Regional TBD), General Industry | National / Regional / Local |
| Functional Experts and Professionals | General Industry: Local market (TBD) when available | Regional / Local |
- All 3 employee segments have the same target market position (market median); differences in comparison markets are intended to identify appropriate talent markets:
- Senior Leadership has a higher education-specific comparison market
- Mid-Level Directors and Staff have a blended higher education/general industry comparison market
- Functional Experts and Professionals have a general industry-focused comparison market
Individual benchmark positions may require specialized market comparator sources.