Market Study and Salary Assessment Services

The Vendor is required to provide a comprehensive market review study and salary assessment services.
- Requires market study and salary assessment services against relevant labor markets and industry standards to evaluate its current compensation for employees classified as faculty and to support future compensation planning.
- The Consultant will:
• Receive and analyze university provided data
• Conduct the agreed upon studies (compression, inversion, market comparison, peer group validation)
• Consult with a designated Advisory Group who will serve as the liaisons between the Consultant and the University as the study is conducted, and questions emerge.
- Project objectives include, but are not limited to:
• Identifying appropriate external labor markets, similar institutions for benchmarking purposes
• Assessing the competitiveness of current salaries against market data
• Evaluating internal alignment and consistency
• Identifying compensation gaps, compression issues, or misalignment risks
• Reporting to include prioritized findings and recommendations to guide compensation decisions
- Project Initiation, Planning, & Advisory Engagement
• Establish project governance and communication protocols
• Confirm project objectives, assumptions, and constraints
• Develop a comprehensive project timeline with specific milestones for Advisory Group reviews
• Present and finalize with the Advisory Group the specific definitions for salary compression and inversion, the criteria for peer institution selection, and the statistical modeling to be used throughout the study.
- Compression & Inversion Study
• Analyze university provided data and conduct the compression and inversion studies
• Perform an internal-facing analysis to identify misalignments between seniority, rank and pay between new hires and others covered by the collective bargaining unit.
• Review existing salary compared to market and evaluate internal equity across comparable roles
• Assess alignment between faculty positions and compensation levels
- Market Data Collection & Market Comparison
• Conduct market comparison studies against university provided data
• Identify compensation gaps and recommend prioritization of gaps based on the market
• Assess recruitment and retention impacts related to pay competitiveness.