March 1, 2016
Total Rewards Initiative update
Total Rewards is about so much more than base pay. Human Capital Services, HCS, is hard at work with the analysis of 3,402 jobs involved in the Total Rewards Initiative. HCS presented initial results to president's cabinet on Feb. 23. Meetings will be held with deans and Fiscal Budget Officers in early March, with the intent of generating ideas for funding salaries where those salaries fall below the market.
Here is a glimpse how salaries are analyzed.
The factors involved in the market analysis are:
- Size of the organization: In K-State's case, we are applying survey data considering other organizations that compare with K-State's operating budget of $819 million.
- Geographic scope: This depends on where K-State recruits employees — either locally, regionally, or nationally.
- Industries from which the university recruits: Some jobs only exist within a certain industry and are most accurately compared to that industry.
As Human Capital Services works with leadership to review the analysis, we will send regular articles to explain more about the methods used. For more information on the Total Rewards Initiative, including a timeline of the project, please visit the Total Rewards Initiative website.