Through this RFI, we are requesting respondents to provide recommendations on: 1. Key Considerations for a Compensation Study o Identification of critical elements that should be analyzed to assess the effectiveness and fairness of our compensation structures, such as: ▪ Salary structures and pay scales. ▪ Internal equity across roles and departments within defined institutions. ▪ Equity and market competitiveness through peer benchmarking. ▪ Pay compression and progression trends. o Additional factors to consider based on industry best practices and emerging trends. 2. Data Points and/or Variables to Include in the Analysis o Respondents are asked to identify and recommend key data points and/or variables necessary for a thorough analysis, including but not limited to: ▪ Employee demographics (e.g., range assignments, positions, department). ▪ Compensation components. ▪ Market data and how it relates to pay within the MSUAASF bargaining unit at the seven state universities ▪ Bargaining unit-specific compensation rules and guidelines. ▪ Legal and regulatory compliance factors. 3. Proposed Methodology and Approach. Vendors should outline their recommended approach for conducting the compensation study, including: o Data collection methods and tools to ensure accuracy and completeness. o Market benchmarking methodologies, and the comparison should be within defined institutions. o Analytical techniques for pay equity and compliance evaluations. o Strategies for stakeholder engagement and communication throughout the study. o Best practices for aligning compensation with organizational objectives and bargaining agreements...
