A labor market analysis shows how other employers with comparable positions pay their employees. An analysis can help University managers and supervisors determine the right pay level for a new position or current employee. It can also help them make decisions about retention or internal equity.
Requesting Market Data
For help in determining the appropriate pay for an employee in a broadbanded position, including labor market data requests, please contact your collegiate or administrative unit's HR department.
What Is the University's Labor Market?
The University's competitive labor market is defined as the organizations that are sources of new employees to the University, or the destinations for our departing employees. Some jobs are unique to the University, and labor market information may not be available. There may not be comparable jobs or market survey data for every job at the University.
The University compares itself to the service market (other employers providing the same product or service) as well as the labor market (other employers competing for the same talent or employees).
In general, labor markets vary from job to job. They may be local, regional, or national, both private sector and public sector, including higher education. They may include a broad range of employers or a specific type of employer.
Labor market information ensures fair compensation, helps to attract and retain University employees, and provides information so management can allocate resources effectively.
Making Pay Decisions
Market information is one factor that managers, supervisors, and human resource professionals consider in making pay decisions and recommendations. Other factors include:
- Internal equity within the work group
- Work performance
- Education, certification, licensure
- Related work experience
- University/college/unit budget