Compensation Philosophy Statement for Staff Employees
Through the College’s comprehensive total rewards program, our compensation philosophy allows us to meet the needs of our current and future employees. Compensation at the College not only includes salary/hourly pay, it also encompasses a rich benefit package. The benefit programs at the College add approximately 40% to your total rewards program. A link to a brief summary of these programs is available here.
The College strives to provide competitive compensation for our employees. The College’s compensation program is designed to:
- Ensure fair and consistent pay practices
- Comply with applicable federal and state laws and regulations
- Operate within budget and financial resources
- Offer salaries that place the College among comparable organizations in the market for which we compete in order to attract and retain top talent
- Align with the College’s overall business and educational strategies
Employee compensation and salary grades are reviewed annually by Human Resources who consider such factors as cost of labor, market data, talent supply and demand fluctuations, along with federal and state wage guidelines. The College deeply values the contributions of our employees and we are committed to pay for performance.
Market Compensation Initiatives
As we roll out our annual merit pay and performance management programs this month, the information below provides helpful context for compensation work we have done at the College, impacting our employees from 2021 into 2023.
• Since September 2021, the College invested $1.3 million in base compensation adjustments following the completion of a compensation market review by HR.
• HR has developed several new variable compensation programs including service and retention, referral, and holiday bonuses. We supported the review of multiple discretionary bonuses issued by the College. The College invested $2.5 million in these programs.
• Total resources invested in the above initiatives is $3.8 million