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IClientsNJITbenchmark.review.12.10.01.ppt1 Agenda Introductions Project Objectives Project Steps Project Timeline Q&A Position Information Questionnaire Addendum IClientsNJITbenchmark.review.12.10.01.ppt2 About the Hay Group Global Human Resources Management Consulting Firm 2,000 Employees Worldwide 9,000 Clients in Various Industries Partners with Clients to Implement Human Resources Strategies which Align with Business Objectives Leader in Compensation Assessment and Design IClientsNJITbenchmark.review.12.10.01.ppt3 Project Objectives Assess New Jersey Institute of Technologys current position classification program and make recommendations to ensure that it enables pay in an equitable and competitive manner. NJITs current classification program has not been formally reviewed in a number of yearsconcerns have developed about: comparability of roles and job value across the organization, turnover in certain areas, and the increasing complexity of work. IClientsNJITbenchmark.review.12.10.01.ppt4 Project Objectives Benchmark sample of 80 positions (both aligned and non-aligned) selected to encompass a representative sample of titles and job levels in the following functional areas: Finance and Budget North Jersey Transportation Planning Authority Information Technology IClientsNJITbenchmark.review.12.10.01.ppt5 Project Objectives Recommend modifications to the design of the current program to ensure that pay structure: Reflects job value and contribution in a consistent methodology Achieves desired and appropriately competitive market targets Note: There will be no reductions in pay as a direct result of this study nor do we anticipate wholesale increases in compensation levels. IClientsNJITbenchmark.review.12.10.01.ppt6 Step 1: Conduct Employee Orientation Sessions Two sessions to familiarize NJIT employees with the objectives and steps in the process, answer questions and distribute position information questionnaires. IClientsNJITbenchmark.review.12.10.01.ppt7 I:/GKN0524.ppt Step 2: Conduct Interviews Interviews will be conducted with the defined area Division Heads and Human Resources to understand NJITs: Mission and Strategies Job Roles and Challenges Compensation Philosophy and Issues Current Pay Structures and Processes IClientsNJITbenchmark.review.12.10.01.ppt8 Step 2: Review and Update Job Documentation Classification and corresponding compensation parameters should be linked to job content - in order to fairly “size” the benchmark positions at NJIT: Employees will complete a position information questionnaire to provide current information on job accountabilities, requirements and competencies. Managers will review, comment on and approve the completed questionnaires. New Jersey Institute of Technology Expertise New Jersey Institute of Technology Position Information Questionnaire IClientsNJITbenchmark.review.12.10.01.ppt9 Step 3: Evaluate Jobs Hay will train a committee comprised of NJIT employees in Hays proprietary job measurement methodology. Committee members will include senior management and select representatives from: Human Resources NJIT currently uses a job measurement approach that is similar to Hays methodology. IClientsNJITbenchmark.review.12.10.01.ppt10 Step 3: Evaluate Jobs (Contd) A subset of the Committee will work with Hay to evaluate the benchmark positions over a four day period. Hays facilitation will ensure: An objective process is applied to all jobs Evaluations are consistent with external references and standards IClientsNJITbenchmark.review.12.10.01.ppt11 Step 3: Evaluate Jobs (Contd) Quality Control. The Committees evaluations will then be reviewed with the Division Heads to ensure that the relative importance of jobs has accurately been reflected. IClientsNJITbenchmark.review.12.10.01.ppt12 Step 3: Evaluate Jobs (Contd) Hays Methodology is the most widely used process in the world: Measures jobs to reflect their relative weight in the organization Provides means to assess pay across different market/functions Evaluates jobs and not people Not based on performance, title, writing skills or current salary IClientsNJITbenchmark.review.12.10.01.ppt13 Hays Job Evaluation Methodology values all jobs against three factors: Know-How Problem Solving Accountability Step 3: Evaluate Jobs (Contd) IClientsNJITbenchmark.review.12.10.01.ppt14 Know-How - the sum total of knowledge, however acquired, necessary for competent job performance: Technical Know-How Managerial Know-How Human Relations Skills Step 3: Evaluate Jobs (Contd) IClientsNJITbenchmark.review.12.10.01.ppt15 Problem Solving - the amount of original, “self”starting” thinking required to analyze, evaluate, create and make conclusions: Thinking Environment Thinking Challenge Step 3: Evaluate Jobs (Contd) IClientsNJITbenchmark.review.12.10.01.ppt16 Accountability - the latitude to take action and commit resources and the measured effect of the job on the organization: Freedom to Act Impact on End Results Magnitude (Monetary Value of Impact) Step 3: Evaluate Jobs (Contd) IClientsNJITbenchmark.review.12.10.01.ppt17 The result of the job evaluation process is a ranking of positions from top to bottom: Step 3: Evaluate Jobs (Contd) IClientsNJITbenchmark.review.12.10.01.ppt18 Step 4: Conduct Internal Equity Analysis Internal consistency of pay levels can be assessed by matching dollars to points: Base Salary Practice Internal Equity Assessment $ Points IClientsNJITbenchmark.review.12.10.01.ppt19 Step 5: Conduct Market Pricing Analysis Njits pay levels will then be compared to appropriate competitive markets e.G., Regional companies, education sector, not for profits. Annual Dollars (000s) Client Points 140 120 100 80 60 40 20 0 0240480720960 90th Percentile 75th Percentile ABC Pay Practice Average 25th Percentile 10th Percentile IClientsNJITbenchmark.review.12.10.01.ppt20 Hay will prepare a final report of findings and recommendations for NJIT Executives and Human Resources that will cover: Assessment of internal equity Results of market pricing analysis Adjustments to classification and/or compensation structure Cost of implementing changes Impact of changes on current processes and bargaining agreements Hay will review the results of the study with NJIT Human Resources and Division Heads from the Benchmark groups . Step 6: Present Report IClientsNJITbenchmark.review.12.10.01.ppt21 Once NJIT has had the opportunity to review Hays report, NJIT will present a summary of the findings and recommendations to al