The Compensation Initiative September 2017 Chuck

The Compensation Initiative September 2017 Chuck
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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,

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01
The Compensation Initiative September 2017
Chuck L. Pizzano
Joanna Tieu<br>
02
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<br>
03
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<br>