Mines Compensation Philosophy
Mines is a top of mind, nationally recognized university, Colorado School of Mines utilizes a compensation philosophy that positions total rewards offerings (direct salary and indirect benefits) to be market competitive within higher education. This combination of rewards is key to attracting, developing, and retaining the diverse workforce needed to fulfill the vision, mission, values, and strategic goals of the University. In addition, Mines prides itself on having a comprehensive benefits program that includes robust health and wellness benefits for all employees.
The Guiding Principles of Pay
Colorado School of Mines champions equitable, market-driven, competitive pay practices within an established set of guiding principles:
- Market Competitive Pay: Compensation for all employees in-line with the relevant labor market for work performed.
- Pay Program Equity: Administer compensation programs to be internally fair and equitable across similarly situated positions and use the six compensable factors in the CO Equal Pay for Equal Work Act. Mines maintains a commitment to nondiscrimination, affirmative action, equal opportunity and equal access as reflected in the administration of its policies, procedures, programs and activities and in its efforts to achieve a diverse student body and workforce.
- Program Flexibility: Mines’ compensation programs are designed to be agile in relation to evolving market trends, talent supply, and best practices.
- Pay Communication: Communicate openly with employees about their salary range, compensation, and total rewards value proposition. Post all jobs with hiring ranges in accordance with the CO Equal Pay for Equal Work Act.
The compensation program is reviewed annually to adjust as other factors and emerging trends arise and to ensure ongoing equity and market competitiveness.