Our goal is to pay fairly and be competitive in the marketplace. Your pay is based on:
- Value of your position to the company, as determined by the labor market.
- Your contribution to the company. The more you contribute to the success of Stimson, the more likely your pay will increase within your pay range. You’ll also have more opportunities to take on higher-level roles that earn higher wages.
Each position in the company has a pay range. If you start in a position with little or no experience, you will be paid at or near the bottom of the range. Over time and with good performance, you will move up within your pay range.
- If you reach the top of the range, you may no longer receive annual merit increases. However, you can continue to increase your pay by learning and getting promoted into a higher-level role.
- If you are a long-term employee, you might reach the highest-level role available in your specialty area and be “capped” within your salary range. You can still earn small increases when salary ranges move upward with inflationary changes. If there is no movement, good job performance may be recognized with an annual “lump sum bonus.”
How Pay is Determined
Stimson determines the appropriate pay for each position based on market data. This data is reviewed annually and adjustments are made as needed. Pay is determined based on:
- What competitors are paying for the same position. This gives us an idea of what we would need to pay to attract someone to a position.
- Similar jobs outside of our industry. This tells us what we would need to pay someone to transfer skills from another industry.
- Internal equity. We compare the knowledge, skill level and accountability of various roles to make sure positions are paid correctly relative to one another.
- Economic factors provided by the Department of Labor. This helps us determine if we need to move our pay ranges up or down based on overall inflation. Then we compare our pay ranges against other companies in our industry to ensure we remain competitive.
Over time, as you learn your job and perform well, you will receive annual merit increases. If you are not meeting the performance expectations set by your supervisor, you will not receive a merit increase.
Performance and ability affect your opportunity to move into higher-paying roles within Stimson (e.g., jobs with greater responsibility, level of accountability, etc.). Ask your supervisor for guidance and advice to help you develop your career.