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April 26, 2007 Human Resources

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April 26, 2007 Human Resources

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    1. Administrative/Professional and Support Staff Compensation (Salaries/Wages) Review Part of Skidmore College's Total Compensation Framework Update   April 26, 2007 Brown Bag Lunch 11:30 a.m. to 1:30 p.m. Tisch 305 Description: This is an information session updating the total compensation framework and the process used to ensure Skidmore is keeping on track toward our compensation (salaries/wages) goals.  The session is an update of the 2004-2005 process.  This program might be of particular interest to new employees or those who would like a reminder or were not able to attend the informational sessions from three years ago. Points of the information session: We will review the history of the project, and We will review how we determine our market comparators and how the market information influences our salary band range creation/update. There will be time for questions and answers, but due to the setting, we will not be able to discuss individual situations. There is limited seating and we will accommodate those signing up on a first come, first served basis.  To register for the program, please go to:Administrative/Professional and Support Staff Compensation (Salaries/Wages) Review Part of Skidmore College's Total Compensation Framework Update   April 26, 2007 Brown Bag Lunch 11:30 a.m. to 1:30 p.m. Tisch 305 Description: This is an information session updating the total compensation framework and the process used to ensure Skidmore is keeping on track toward our compensation (salaries/wages) goals.  The session is an update of the 2004-2005 process.  This program might be of particular interest to new employees or those who would like a reminder or were not able to attend the informational sessions from three years ago. Points of the information session: We will review the history of the project, and We will review how we determine our market comparators and how the market information influences our salary band range creation/update. There will be time for questions and answers, but due to the setting, we will not be able to discuss individual situations. There is limited seating and we will accommodate those signing up on a first come, first served basis.  To register for the program, please go to:

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    11. April 26, 2007 Skidmore College Human Resources 11 How Market Salary Ranges Are Developed Preliminary ranges are developed around clustering of market data for those benchmark positions that have been matched to a survey position, as shown below

    12. April 26, 2007 Skidmore College Human Resources 12 How to pay within the range The salary range should provide appropriate pay opportunities for a variety of skill, knowledge, experience and performance levels required to fulfill the position Salary ranges will be aligned with the median of the market You will note 7 years listed as the length of time to get to midpoint. This is a typical number of years and is reasonable when considering the ranges move almost every year, and sometimes at a much larger percent than the gsa. The whole idea is to have people clustered around the midpoint and not have too many at the high end or the low end.Salary ranges will be aligned with the median of the market You will note 7 years listed as the length of time to get to midpoint. This is a typical number of years and is reasonable when considering the ranges move almost every year, and sometimes at a much larger percent than the gsa. The whole idea is to have people clustered around the midpoint and not have too many at the high end or the low end.

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    20. April 26, 2007 Skidmore College Human Resources 20 The base year is aged to 1/1/07 by 2.5% per year. Excel has done the calculation and there’s a formula in the cell if one double clicks on the chart. The Cost of Living figures come straight from the ERI database that Sibson pays for and gets updated every month. The actual column is the actual cost of living % of each area based on the national average. Then it’s indexed to Albany by changing the focus area to Albany and comparing each other area to it. The calculations are all done through the database. So, in this case, the cost of living in Albany is 111.8% of the US average. Saratoga Springs is 110.9%. So, Saratoga’s cost of living is 99% that of Albany. Finally, divide the updated living wage number by the corresponding % as indexed to Albany and that gives you the cost of living adjusted wage. The estimated COL Adjusted Wage for Skidmore is calculated by averaging the adjusted wage from the other areas and multiplying by the 99%. The base year is aged to 1/1/07 by 2.5% per year. Excel has done the calculation and there’s a formula in the cell if one double clicks on the chart. The Cost of Living figures come straight from the ERI database that Sibson pays for and gets updated every month. The actual column is the actual cost of living % of each area based on the national average. Then it’s indexed to Albany by changing the focus area to Albany and comparing each other area to it. The calculations are all done through the database. So, in this case, the cost of living in Albany is 111.8% of the US average. Saratoga Springs is 110.9%. So, Saratoga’s cost of living is 99% that of Albany. Finally, divide the updated living wage number by the corresponding % as indexed to Albany and that gives you the cost of living adjusted wage. The estimated COL Adjusted Wage for Skidmore is calculated by averaging the adjusted wage from the other areas and multiplying by the 99%.

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