If you’re running a development office, this is not a question that should be answered through generosity alone. Every industry has its particular trends and practices, some of which can only be understood by taking a close look at benchmarked data. The development space is no different.
Nor are bonuses the only question; all of your salary decisions are critical as you attract top talent and meet the needs of your employees. By looking at the values of specific roles in the marketplace, the practices of similar institutions, and the importance of factors such as experience and degree level, you can allocate your budget appropriately and effectively.
At the end of the day, your office will be happier and more productive, knowing that they are being treated fairly and that institutional resources are being spent in line with industry standards. Plus, they might end up with a bonus.
In an effort to clarify and gain insight into this inherently opaque question, Human Resources offices at colleges and universities nationwide will be participating in the Eduventures 2013 Compensation Benchmarks Study. The results of last year’s study continue to help institutions answer key questions about compensation, such as:
- Should you be paying bonuses?
- Which factors most influence salary decisions?
- Which positions are gaining or losing value in the marketplace?
The 2013 Compensation Benchmarks Study, led by Principal Analyst Cara Quackenbush, will provide valuable insights as you strives to achieve fair, sustainable compensation standards for your institution.