MARKET DIFFERENTIALS Clause Samples
MARKET DIFFERENTIALS. D4.1 A Market Differential may, at the discretion of the Board, be added to a Member’s salary when necessary to recruit or retain a person in a high market demand occupation. A high market demand occupation is one in which a salary premium is necessary to recruit or retain persons with well-defined qualifications in the face of competition in the academic market, taking into consideration salaries paid to individuals of comparable qualifications, experience and levels of accomplishment at other universities.
D4.2 Where Market Differentials are applied, a base salary shall be determined in the usual manner for determining rank and step, and then a market differential consisting of a lump sum shall be applied to arrive at the total annual salary.
D4.3 Salary adjustments shall be applied to the total annual salary. The total annual salary shall be utilized for pertinent pension and benefits calculations.
D4.4 Unless otherwise specified in the letter of appointment, the Market Differential will remain in effect as long as the Member continues to work in the same position.
D4.5 The Association shall be notified of the names of the recipients of all Market Differentials and the amount of each. Any information contained therein which has the effect of revealing individual salaries shall be held in strict confidence.
D4.6 Not more than twenty-five (25) percent of the academic salary budget in each academic year is to be administered as Market Differentials.
MARKET DIFFERENTIALS. (a) Contract Academic Instructors will be paid no less than the base stipend and market differentials may be applied if market factors relative to discipline warrant.
(b) The University will provide the Association with the amounts of stipends paid to Contract Academic Instructors that exceed the base rate provided for. In addition, the University will provide the Association with its reasons for offering stipends in excess of the base stipend, or in the Faculties of Law and Engineering, in excess of 1.5 times the base stipend.
(c) Nothing in this agreement prevents Contract Academic Employees donating all or part of their stipend to the University, provided such donations are voluntary, not a condition of employment.
MARKET DIFFERENTIALS. This compensation practice comes into play when the supply and demand in the job market impacts certain types of jobs. It is identified through labor market analysis and shows up as an inconsistency between internal job value (valuation) and external market pay. These adjustments are temporary and are utilized as needed to retain quality employees who have recognized the marketability of their knowledge, skills, and abilities.
MARKET DIFFERENTIALS. As there is no provision for market differential payments under the CBUFA collective agreement, academic staff who sign separation agreements and who are receiving market differential payments will have the payments cease after five years at CBU.