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Compensation Philosophy

HR Compensation at the University of New Mexico strives to maintain a comprehensive and competitive total compensation plan for all staff employees. It serves as a consultative resource on classification and compensation matters, collaborates to resolve issues, and establishes the University's compensation structures. The compensation program aims to attract and retain quality staff, reward excellence and growth, provide fair pay, and support the University's mission within its fiscal means.

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165 views2 pages

Compensation Philosophy

HR Compensation at the University of New Mexico strives to maintain a comprehensive and competitive total compensation plan for all staff employees. It serves as a consultative resource on classification and compensation matters, collaborates to resolve issues, and establishes the University's compensation structures. The compensation program aims to attract and retain quality staff, reward excellence and growth, provide fair pay, and support the University's mission within its fiscal means.

Uploaded by

Aadhya_Lucky
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© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
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HR Compensation strives to maintain a comprehensive and competitive total compensation plan for all UNM staff

employees, and to continuously provide University managers with clear and consistent compensation tools that
contribute to the success of the overarching missions of The University of New Mexico.

As a means of supporting the University community, HR Compensation:

• Serves as the principal institutional source of consultative expertise on all classification and compensation
matters pertaining to staff employees

• Collaborates with managers and organizational leaders in the resolution of complex day-to-day classification
and compensation issues

• Establishes and maintains the University’s classification and compensation structures

• Leads major institutional initiatives to align the University with industry-leading practices and to ensure
compliance with University policies and state and federal compensation laws

Learn more about what we do at hr.unm.edu/compensation.

OUR VISION & PHILOSOPHY


The University’s Compensation Vision, ratified by the
Executive Cabinet, provides a clear philosophical framework
to achieve a comprehensive and competitive total
compensation plan for all UNM staff employees.

The University recognizes the vital role its staff employees


play in carrying out its stated mission to serve as New Mexico’s
flagship institution of higher learning through teaching,
research, patient care, and community service.

The University’s compensation program is designed to:

• Attract and retain top quality staff at all organizational


levels,

• Reward individual excellence and promote employee growth and development,

• Provide fair and equitable compensation of its staff employees at all organizational levels,

• Support the University’s commitment to the community to serve within its fiscal means and legal obligations
as a public institution of the State of New Mexico.

The University’s Total Compensation Program strives to be dynamic, flexible, and responsive to enable us to
quickly address current and emerging compensation challenges and support the changing needs and operating
objectives of the institution.

hr.unm.edu/compensation | [email protected] | 505.277. 0610


THE STAFF TOTAL COMPENSATION PLAN
There are four factors that are key to the success of the University’s Staff Total Compensation Program:

To provide a sound framework for addressing these key factors, we will aspire to develop and maintain a
comprehensive staff compensation program that consists of the following elements:

COMPETITIVENESS IN THE JOB MARKET


A responsive, market-based pay grade and salary range system that allows for structured, merit-based salary
growth and advancement, both within defined pay ranges and between established pay grades.

INTERNAL JOB & PAY EQUITY


A position classification hierarchy that has been aligned within the pay grade system, using a combination of
market comparison and job evaluation methodologies.

This approach helps to establish both the external job worth and the relative intrinsic work value of individual
positions, and provides a framework for creating job equity and meaningful career progression opportunities
for employees.

REWARDING INDIVIDUAL PERFORMANCE & GROWTH


A comprehensive, flexible, and competitive employee benefits plan consisting of a variety of quantifiable
monetary benefits and substantial retirement benefits.

RECOGNIZING QUALITY OF LIFE NEEDS OF EMPLOYEES


An array of work-life programs and policies, to include educational opportunities, an attractive paid leave
policy, a range of health and wellness programs, and access to alternative work arrangements.

OUR GUIDING PRINCIPLES


In order to support the University’s Compensation Vision and Philosophy, compensation programs are
administered in alignment with the following guiding principles:
• University compensation programs acknowledge that staff contributions are critical to the achievement of
the University’s missions, goals and objectives.
• Compensation decisions support and promote diversity in the workplace. Policies and procedures are based
on principles of transparency, consistency and objectivity, resulting in decisions that are fair and equitable.
• Staff salaries are determined by the nature and level of responsibility required to perform the job, as well as
the individual’s performance, job-related education and training, and demonstrated competencies and skills.
• Classification structures provide meaningful career development opportunities based on increasing levels of
knowledge, skills, abilities, achievement and demonstrated performance on the job.
• Quantifiable, objective measures are used to evaluate the success of the University’s Compensation program
over time.

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