Classification & Compensation Studies for Higher Education Institutions

INSIGHTS

At MGT, we understand the critical importance of fair and strategic compensation. Our comprehensive Classification and Compensation Studies are designed to help your institution attract and retain top talent, ensure equity, and align your workforce with your strategic goals. Discover the key benefits of conducting a classification and compensation study and how it can transform your institution.

What is a Classification and Compensation Study?

A Classification and Compensation Study is a systematic process designed to evaluate and align your institution’s job roles and pay structures. By conducting this study, we ensure that your institution’s compensation strategy is equitable, competitive, and compliant with industry standards and regulations.

Our Comprehensive Approach

1. Job Analysis and Classification: We conduct detailed job analyses to understand each role’s scope, responsibilities, and requirements. This ensures accurate job descriptions and classifications that reflect the work performed.

2. Market Benchmarking: We compare your current compensation structure with market standards, considering regional and national data to ensure competitive pay rates.

3. Internal Equity Assessment: We evaluate internal pay equity to identify and address disparities, ensuring fair and consistent compensation across your institution.

4. Recommendations and Implementation: We provide clear, actionable recommendations for updating your classification and compensation structures based on our findings. We also offer support during the implementation phase to ensure a smooth transition.

5. Ongoing Support and Review: Our commitment doesn’t end with the study. We provide ongoing support and periodic reviews to help you maintain a dynamic and effective compensation strategy.

Benefits of a Classification and Compensation Study
Why Choose MGT?

At MGT, we bring unparalleled expertise to the higher education sector with a team that has extensive experience addressing the unique challenges and opportunities colleges and universities face. In addition to former higher education leaders, our team also includes SHRM-SPC, PMP, and CCMP-certified professionals, ensuring the highest standards of excellence. We partner with industry leaders like Salary.com and Qualtrics to leverage comprehensive market data and advanced analytics to provide actionable, data-driven insights for informed decision-making. We prioritize transparency by collaborating closely with your leadership, HR, and faculty, fostering buy-in and support. Our customized approach ensures that our solutions are tailored to your institution’s specific needs, aligning with your strategic objectives to help you achieve long-term success.