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| Posted to Website: | 04/24/2008 |
Career Banding Pay Factors
Managers are accountable for making, justifying and documenting fair, consistent, non-discriminatory and fiscally responsible recommendations and decisions with regard to managing compensation and internal pay alignment. Managers are accountable for fair and consistent application/documentation of the pay factors:
Financial Resources: The amount of funding (budget) that a manager has available when making compensation decisions based on business need. (Click here for more information.)
Appropriate Market Rate: The market rate applicable to the competencies required in the position to meet stated business needs and demonstrated by the employee as determined by the manager. Consideration is given to contributing, journey or advanced market rates for the position, related labor market information and market dynamics. (Click here for more information.)
Internal Pay Alignment: The consistent placement of salaries among employees. Consideration is given to: market index; position-based attributes such as branch, role, competency level and job scope; and person-based attributes such as demonstrated competencies and demonstrated results.
Required Competencies: The competencies and associated levels that are required based on organizational business need. Consideration is given to: minimum qualifications for the position; knowledge, skills, abilities and competencies required in the position; related education and experience requirements; duties and responsibilities (job scope); and training, certifications and licenses required in the position.
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