How Babson Stays Competitive
The compensation department regularly reviews the external market to ensure the college is compensating positions competitively. The HR department feels strongly that transparency in the compensation process is critical. To that end, at any time a manager can request that the compensation department share the current market value for the positions in their area. Similarly, employees interested in learning the market value for their own position can also request this information from the compensation department. When a request is made, please allow for appropriate time to research and respond so that we can provide the most accurate and up-to-date information to you.
Market Data Sources
Market data comes from a variety of reliable third-party sources including but not limited to: The Survey Group, College and University Personnel Association, Western Management Group, Yaffe & Company, Mercer and WTW. In addition, research is conducted on hiring ranges for appropriate matches at local and other higher education institutions. Different aspects of data are collected depending on the position being reviewed in order to ensure an appropriate comparison.
The Merit Process
Merit Process Defined
The merit process is designed to recognize employees on an annual basis who are meeting or exceeding performance expectations.
Merit Process Timing
The staff merit process takes place at the end of May/early June for a July effective date. All employees hired before April 1st of a particular year are eligible for the merit process. At the beginning of the merit process, the compensation department sends a request to the cabinet to work with their managers on employee increases for everyone in the division. If you are a manager, you should contact your cabinet member in early May to let them know you would like to be part of the decision-making process for your impacted employees. Faculty adjustments follow a different process and questions should be directed to the Dean of Faculty Office.