Term Details - Pay Factors
Financial Resources -The amount of funding that a manager has available when making pay decisions.
• Agency business need (budget)
Appropriate Market Rate - The market rate applicable to the functional competencies demonstrated by the employee.
• Journey market rate guidelines/market reference rate guidelines and related market information
• Market dynamics
Internal Pay Alignment - The consistent alignment of salaries among employees who demonstrate similar required competencies in the same banded class within a work unit or organization.
• Internal pay alignment (equity)
• Current salary and total compensation
Required Competencies - The functional competencies and associated levels that are required based on organizational business need and subsequently demonstrated on the job by the employee.
• Minimum qualifications for class
• Knowledge, skills, and abilities
• Related education and experience
• Duties and responsibilities
• Training, certifications, and licenses