Loyola University Maryland maintains a compensation program directed toward attracting, retaining, and rewarding a qualified and diverse workforce. Within the boundaries of financial feasibility, employee compensation is externally competitive and internally equitable.
Establish and maintain an externally competitive position in the market
- On average, salaries will be targeted at the 50th percentile of salary levels of employees in comparable positions in our various labor markets.
- Some salaries may exceed the average of the 60th percentile of the labor market to recognize exceptional recruiting and retention needs.
Maintain internal equity
- Within the parameters of discipline, function, and individual effectiveness, employees are paid similarly for similar work.
- Salaries for new employees are established at levels that recognize the individual's skills and experience while considering the salary levels of current employees within the same or similar job areas.
Administer a compensation program to reflect this philosophy and these objectives
- Pay ranges are reviewed on a fiscal year basis to monitor our position in relation to the market, and to support efforts to obtain appropriate salary funding. The office of human resources uses salary surveys and other resources to develop the range structure and make recommendations to the executive council and the president. Final authority to approve salary ranges rests with the president and board of trustees.
- As funding permits, salary increases shall focus on recognizing performance, supporting internal equity, recognizing length of service, and maintaining market alignment.
- Merit pay increases are based on the results of performance reviews as defined by Loyola’s performance-based pay program.