Salary Range Adjustment - which guides movement of pay grades due to market conditions. Individual Pay Determination Policies - which guide progression of an individual's pay through the pay range. Salary Schedule A salary schedule is necessary to provide a systematic method of determining base pay for all staff. The salary schedule consists of 27 evaluated pay grades and additional market based pay grades. The Office of Compensation, Human Resource Services conducts an annual market analysis to compare Vanderbilt salaries with other organizations in relevant market areas.
Market surveys determine rates paid by competitors for similar jobs.
How an organization positions its pay in relation to the market is the result of balancing its ability to recruit and retain qualified staff in relation to the budgetary resources available. Vanderbilt generally reviews its pay ranges annually and makes necessary market adjustments. More frequent adjustments may be made in response to a volatile market or specific organizational needs. Staff may receive corresponding salary increases, based upon satisfactory job performance and current placement within the pay range. Using established pay ranges, new or less experienced staff salary rates are generally at or near the minimum of the pay ranges.