| Overall Rating | Gold - expired |
|---|---|
| Overall Score | 66.56 |
| Liaison | David Blodgett |
| Submission Date | March 13, 2015 |
| Executive Letter | Download |
Babson College
PA-9: Employee Compensation
| Status | Score | Responsible Party |
|---|---|---|
|
1.47 / 3.00 |
Donna
Bonaparte Vice President, Human Resources Human Resources |
"---"
indicates that no data was submitted for this field
None
Number of employees:
1,066
None
Number of staff and faculty covered by sustainable compensation standards, guidelines, or policies; and/or collective bargaining agreements:
77
None
Does the institution have employees of contractors working on-site as part of regular and ongoing campus operations?:
Yes
None
Number of employees of contractors working on campus:
14
None
Number of employees of contractors covered by sustainable compensation standards, guidelines, or policies and/or collective bargaining agreements:
0
None
A brief description of the sustainable compensation standards, guidelines, or policies; and/or collective bargaining agreements covering staff, faculty and/or employees of contractors:
The 77 staff listed are all union employees.
All other staff are covered by Babson's Compensation Philosophy:
Babson College is committed to being fair, flexible, competitive, and forward thinking when designing and implementing faculty and staff compensation practices. The College’s compensation program is designed to:
-Ensure fair and consistent pay practices
-Ensure compliance with applicable federal and state laws and regulations
-Operate within budget constraints and financial resource limitations
-Allow the College to offer competitive salaries relative to the labor markets in which the College recruits
-Ensure alignment with the College’s overall business and educational strategies and goals in order to attract and retain key faculty and staff
Babson targets the 85% percentile of labor market survey numbers, and salary is adjusted for cost of living in the Town of Wellesley, which is higher than many of the surrounding communities.
None
Does the institution wish to pursue Part 2 of this credit (assessing employee compensation)?:
Yes
None
Number of staff and faculty that receive sustainable compensation:
982
None
Number of employees of contractors that receive sustainable compensation:
2
None
A brief description of the standard(s) against which compensation was assessed:
Babson bases employee compensation on a regional market analysis. This is then supplemented with a cost of living review. Due to the high cost of living in our local area (the Wellesley and Needham communities), Babson pays considerably higher than many other institutions.
The sustainable compensation headcounts were based on 120% of the federal poverty guidelines for 2014.
Many of the 84 employees that did not meet sustainable compensation standards are temporary seasonal workers, who while still included in our payroll system, are not actively working for the college.
None
A brief description of the compensation (wages and benefits) provided to the institution’s lowest paid regular, full-time employees:
The Babson College suite of benefits includes:
-Medical coverage offered through Blue Cross Blue Shield of Massachusetts
-A Health Savings Account administered by Wells Fargo
-Dental coverage offered through Delta Dental of Massachusetts
-Vision coverage offered through Vision Services Plan
-Flexible Spending Accounts administered by Crosby Benefit Systems
-Salary Continuation coverage self-administered by Babson College
-Long Term Disability coverage administered through Cigna
-Basic Life and AD&D Insurance administered through Cigna
-Supplemental Life Insurance administered through Cigna
-A 403(b) Defined Contribution Retirement Plan
-Tuition Benefits
-Time-Off Benefits
-Additional programs, discounts and benefits
None
A brief description of the compensation (wages and benefits) provided to the institution’s lowest paid regular, part-time employees:
The Babson College suite of benefits includes:
-Medical coverage offered through Blue Cross Blue Shield of Massachusetts
-A Health Savings Account administered by Wells Fargo
-Dental coverage offered through Delta Dental of Massachusetts
-Vision coverage offered through Vision Services Plan
-Flexible Spending Accounts administered by Crosby Benefit Systems
-Long Term Disability coverage administered through Cigna
-A 403(b) Defined Contribution Retirement Plan
-Time-Off Benefits
-Additional programs, discounts and benefits
None
A brief description of the compensation (wages and benefits) provided to the institution’s lowest paid temporary (non-regular) staff:
Massachusetts' minimum wage or higher. Depending on the position, a salary survey may be conducted.
None
A brief description of the compensation (wages and benefits) provided to the institution’s lowest paid temporary (non-regular, adjunct or contingent) faculty:
Babson bases employee compensation on a regional market analysis. This is then supplemented with a cost of living review. Due to the high cost of living in our local area (the Wellesley and Needham communities), Babson pays considerably higher than many other institutions.
None
A brief description of the compensation (wages and benefits) provided to the institution’s lowest paid student employees (graduate and/or undergraduate, as applicable):
Student employee wages are set by Human Resources based on the position. Students are limited to 20 hours per week for on campus jobs.
None
The local legal minimum hourly wage for regular employees:
9
US/Canadian $
None
Does the institution have an on-site child care facility, partner with a local facility, and/or provide subsidies or financial support to help meet the child care needs of faculty and staff?:
Yes
None
Does the institution offer a socially responsible investment option for retirement plans?:
Yes
None
The website URL where information about the institution’s sustainable compensation policies and practices is available:
Data source(s) and notes about the submission:
Additional information here: http://hr.babson.edu/handbook/2014_benefits_guide.pdf
Contractor information was not available for dining services staff.
The information presented here is self-reported. While AASHE staff review portions of all STARS reports and institutions are welcome to seek additional forms of review, the data in STARS reports are not verified by AASHE. If you believe any of this information is erroneous or inconsistent with credit criteria, please review the process for inquiring about the information reported by an institution or simply email your inquiry to stars@aashe.org.