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to the market by rank within each discipline ? Pay range widths are market focused ? Faculty rank (promotional) increases reflect market increases ? Other Total Reward practices can be linked to petitive ranges including merit pay ? Provides a roadmap for LMU to position pay in the short term (Traditional) and longterm (Aspirational) 22 Implementation of Competitive Market Zones ? Faculty whose salary falls below the petitive market zone are likely to receive market adjustments by the Academic Vice President after discussion with the respective Deans ? Since this is a significant investment of LMU financial resources, the University will use a phasedin approach to provide these adjustments over the next three years ? Process is consistent with staff pensation program ? Communication of study findings and implementation are being handled by the developed by the Academic Vice President’s Office ? This summary presentation will be available on LMU’s intra ? Detailed market analysis report will be available in the Academic Vice President’s Office by request Total Rewards Findings 24 University Total Rewards ? Health/ Welfare ? Retirement ? Dental ? Time Off ? Housing ? Tuition Remission NONMONETARY Growth amp。s findings include summary results rather than individual input ? All responded openly, without reservation and with apparent candor to all questions ? Comments were recorded by Watson Wyatt consultants for analysis and reporting 9 Methodology ? All key findings emerging during the interviews and focus groups are presented ? Given the consistency of participants’ responses within and across groups, the validity of the findings is likely high ? Please be mindful that focus groups spend a majority of the time discussing their issues and concerns rather than praising the positive attributes of the University ? The overall attitude toward the University as an educational institution was generally very positive 10 Overall Value of Total Rewards* Most Important ? Work Environment ? Base Pay/Salary Increases ? Teaching Load ? Housing ? Promotion Award/Process Very Important ? Health/Welfare/ Dental ? Retirement ? Tuition Remission ? Sabbatical Important ? Research Stipends/Grants ? Curriculum Stipends/Grants ? Administrative Stipends ? Teaching/Research Assistants ? Travel Stipends ? Communications ? New Faculty Programs ? Recruitment ? Salary Administration ? Summer School Policy ? Time Off ? Turnover/Retention Not Applicable *Grouped and sorted in order of magnitude 11 Greatest Concerns for Total