This is ²ÊÃñ±¦µä's comprehensive strategy for employee compensation. A campus compensation strategy is necessary to ensure consistency across campus that results in pay equity, promotes best practices for staff and faculty compensation, and enables ²ÊÃñ±¦µä to remain a competitive employer in the state and across higher education. A compensation strategy helps reduce confusion and corrects misinformation. ²ÊÃñ±¦µä's compensation strategy is the umbrella that provides the structure, transparency, and guiding principles that set the foundation for consistent campus pay practices.Â
Action Steps
The compensation strategy committee will:Â
- Establish a short-term and multi-year compensation strategy that advances the campus goal of recruiting, advancing, and retaining employees
- Develop a compensation philosophy to guide and align the campus compensation strategy work
- Devise a compensation analysis that incorporates employee benefits aligned with employee populations
- Develop compensation expense projectionsÂ
- Establish a clear process to implement and communicate the compensation strategy
Areas Not In Committee’s Scope:
The compensation strategy work is focused on high-level campus structural, process, and transparency improvements. It does not include the following: ​
- Changing the campus budget model.​
- Increasing or changing budget sources or funding streams used on campus.​
- Changing the frequency, timing or amount of employee pay increases.​
- Providing new pools of money to individual units for specific issues.​
- Changing how units budget or plan for employee pay increases.​
- Initiating a review of compensation programs for research faculty, undergraduate students or temporary faculty (future work).​
- Reviewing employee populations governed by other entities, such as classified staff who are governed by the state of Colorado and its employee partnership agreement with COWINS.Â