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Market Relevance and Market PricingApril 2020Updated September 2021
Market Pricing JobsWhat is Market Pricing? Benchmarking Ohio State jobs against relevant competitors through credible survey vendors with a focus on base pay. The (board approved) Ohio State compensation philosophy includes “ competitive salaries as a component of acompetitive total rewards framework.”Higher EducationHealth SystemShared ServicesSurvey evenue/FTE)2
Aligning Ohio State Jobs to Market SourcesComparability in Career Levels increases accuracy and ease of market pricing but requires similar comparability inCareer Level guides.3
Reflecting the Market Through Pay RangesRange midpoint reflects median salary12Sample Job:Function: FinanceSubfunction: Financial AnalysisBand/Level: S2Title: Financial AnalystMarket Reference Value of Job 67,6184Career Roadmap Working Salary StructureGrade Profile31213141516171819202122Minimum(75% of m(125% of 50104,500112,875121,875**Salary Structure is only for illustration purposes. Values are not final.**4
Understanding Market Patterns of PayWillis Towers WatsonGeneral IndustryProfessional and MiddleManagement – 2018N 1.4M5
Demonstrating Parallel Career Path OpportunitiesCareer FrameworkTermDescriptionJob FunctionBroad group of occupational disciplinesSub FunctionRecognized occupational disciplineIndividual Contributor SeriesCareer BandCareer BandTechnicalClinicalPeople Leader SeriesSpecializedManagerialExecutiveE5 N/A E4 N/A E3 N/A E2 N/A E1 N/AM5 Expert* S6 Principal* M4 Lead S5 Expert M3 Senior C4 Lead S4 Consultant M2 Experienced C3 Senior S3 Senior M1 Entry C2 Experienced S2 ExperiencedC1 Entry S1 Entry Career LevelT4 Lead T3 Senior T2 Experienced *Limited RolesT1 Entry 6
The Journey to CompletionThank you for your time with this learningsession.Check out our other videos athr.osu.edu/career-roadmap/resources7
Willis Towers Watson General Industry Professional and Middle Management - 2018. N 1.4M. Here is another way to think about pay in different career bands.\爀屲This slide shows the average, or median, salaries of speci\ൡlized and managerial bands from a survey by Willis Towers Watson, a well-known survey vendor.
