Market Assessment & Pay Study
Towson University is conducting a review and assessment of pay and pay programs for faculty and exempt staff.
Recruiting and retaining a highly qualified and diverse workforce to meet Towson University’s strategic objectives requires competitive and equitable pay and pay processes as key components of a comprehensive total rewards package.
TU is committed to ensuring our pay is:
- externally competitive
- internally equitable
- regularly updated
- easily understood
- financially responsible
TU has engaged Segal, a nationally recognized consulting firm with experience analyzing and assessing pay programs in higher education, to assist with this project. They will work with us to reassess and update our faculty and exempt staff pay programs to ensure our pay is competitive and our tools, resources and processes are in alignment. An internal project team and advisory groups will work closely with Segal to make recommendations to TU’s senior administration on the following:
- develop a total compensation philosophy
- develop a standard approach to benchmarking jobs
- identify the institutions with whom we compare ourselves or with whom we directly compete for faculty and staff to determine the market competitiveness of our pay for similar jobs at these institutions
- identify and use reputable sources of market pay survey data from which to compare our pay for the purpose of this study as well as regularly after the study is complete
- analyze the pay data collected to identify any issues of competitiveness with the external market as well as any issues of internal equity
- recommend changes (based on the data collected) to our pay, pay policies and pay practices.
We will use a similar approach for non-exempt staff positions for inclusion in the final recommendations.
Timeline and Updates
TU and Segal began the Market Assessment and Pay Study in December 2019. Segal completed their recommendations in December 2020. The Market Assessment and Pay Study is ongoing: please see the Timeline and Updates page for more information.