Labor market analysis
The Compensation unit participates in a number of compensation surveys to obtain market data for the majority of occupations found at the UC Davis Health System. The surveys range from local to national markets and include specific jobs and major occupational groupings. Surveys include a number of well-defined (benchmark) jobs in the market that are matched to similar jobs in the university. Participation in these surveys, and analysis of the results, helps the health system to maintain competitive compensation (wages, benefits, etc.) that allows recruitment and retention of qualified employees.
The labor market is defined as the area within which employers compete for employees. The market is composed of those businesses and organizations from which the health system recruits or could logically recruit and with which health system employees might seek employment.
Labor market analysis consists of the following components:
- Identification of the appropriate labor market (geographic area) within which the health system typically recruits for a target job
- Participation in surveys by reporting average salaries, ancillary pay, benefits, and other compensation practices for target jobs, ensuring appropriate matches of health system jobs to survey jobs (benchmarks)
- Analysis of survey results to identify market practices and trends for benchmark jobs for which the health system has appropriate matches
- Recommendations for establishing or adjusting salary ranges to help the health system remain competitive in the labor market
When analyzing salary survey information, the Compensation unit makes an effort to use data reported for institutions that are similar to the health system in terms of size (number of beds, number of staff, etc.), business status (teaching hospital, non-profit, etc.), and financial statistics (net revenue, operating expenses, etc.)