The Compensation Initiative September 2017 Chuck

Transcript:The Compensation Initiative September 2017 Chuck:
The Compensation Initiative September 2017 Chuck L. Pizzano Joanna Tieu 2 What is the Compensation Initiative? The Compensation Initiative will establish a compensation foundation and the practices that enable MIT to effectively attract, develop, reward, and retain staff. The scope includes Admin Staff, Sponsored Research Admin Staff, and Support Staff. What are some of the objectives? Develop consistent and transparent job descriptions Create consistent and current job titles Modernize compensation salary structures Increase transparency of pay decisions Simplify administration Ensure market competitive compensation to attract, reward and retain key talent Who has been involved? Sponsors: VPHR, Deputy EVP, Assistant Provost Advisory Group consisting of 25 members from across MIT – see Appendix for list Human Resources Mercer Consulting The Compensation Initiative — Overview Pay Philosophy A pay philosophy was drafted and reviewed as the first phase of the project.  Job Catalog / Job Structure An on-line tool was created to house job descriptions. Jobs have been grouped by Job Family, Subfamily, Track (Support, Individual Contributor or Management) and Level (1-6) to ensure consistency in level of work performed. Job guides and descriptions 650 job descriptions have been written and are available for viewing within the Job Catalog. Job titles New job titles have been assigned and are in the Job Catalog. Market Pricing Market pricing of 370 benchmark jobs has been completed and results used to develop the pay structure. Pay Structure A new pay grade structure is being established which will replace what we have today. Compensation Initiative Phases — Current 3 Job Families/Sub Families 4 Job Track Definitions Support Performs diverse duties (e.g., administrative, technical, or production) using knowledge and skills in support of the Institute’s daily operations Individual Contributor Achieves objectives through his/her own work and is accountable for the outcomes AND Performs specialized work using knowledge and skills in area of expertise OR Coordinates the development and/or implementation of programs, projects, or processes Management People Managers: Directly supervise at least 1 full-time MIT employee Achieve objectives through, and is accountable for, the work of his/her direct reports Responsible for conducting and completing the performance evaluation and development plan for his/her direct reports Make recommendations on pay and hiring decisions (which may be subject to review and approval) OR Functional Managers: Accountable for project/program/function outcomes Manage a project/program/function and achieves objectives through the work of others Influence and direct the work required to achieve the project/program/function’s