Academic Faculty—Total Compensation Philosophy Summary
APPROACH
Vision:
 To be a top destination STEM university, known for:
 The compensation program wil help support Mines’
 Technical excellence, leading-edge research, and innovation;
vision, aligning with the overall institutional strategy by:


Strong connections to applications, industry, and business; and
Focusing on ensuring that total compensation is
competitive and consistently applied
 Embracing and promoting context, impact, and passion; with the aspiration that our

graduates, ideas, actions and innovations have a transformative impact on society;
Attracting and retaining high performing faculty to
solving the world’s most pressing needs, creating shared prosperity, and ensuring
emphasize quality and excellence in education,
the sustainable use of the earth’s resources.
research, and services that Mines delivers
The compensation program is guided by the following guiding principles (detailed compensation philosophy available):
Mines believes in a high level of transparency and providing on-going communication around the compensation
Communication
program.
The compensation program emphasizes external competitiveness, while recognizing strong performance and
Work/Job Valuation
contribution to the institution and the importance and value of internal equity. The program leverages competitive
market data, and faculty pay will be based on external and internal equity, and role within Mines.
External benchmarks are pul ed from CUPA’s Data on Demand, the Oklahoma State University Survey, and data
Comparison Markets
from Colorado State University and University of Colorado-Boulder where available, for each rank and discipline.
Department and college differences will be considered when choosing comparison markets.
Market targets are at or above market median; this may vary based on mission/criticality determined by institutional
Competitive Positioning
leadership.
Base Salary is the primary method of compensation. Benefits are a key component of the total compensation
Total Compensation Mix
package, including health, dental and other insurance benefits, tuition waivers, retirement, leaves, etc. Merit
increases are determined by an individual’s performance and contribution.
Link to Performance
Performance and level of contribution are important factors in determining salary along with additional recognition
Clearly defined roles, responsibilities, and decision rights for the design, approval, and management of
Program Administration
compensation programs are outlined for Senior Administration, Human Resources, and Deans and Department
Heads.
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