Employee Compensation

2024-2025 Compensation Updates

On July 1, staff will receive updated compensation. The information on this page is intended to help you understand these investments. The images on the left link to videos that provide a summary of the topic. You can also skip to the summary that shows you how to interpret the letter staff will receive about their 2024-2025 pay changes. 

Overview of Colorado College's Compensation Philosophy

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Compensation Philosophy Video

Our compensation philosophy helped determine our compensation investments in 2024.

We are making investments by:

Updated Compensation Structure


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Compensation Structure Video

We worked to determine a new compensation structure (bands) that will provide us more accuracy in our compensation matches.  

We added additional bands and reviewed every role to confirm that it was in an appropriate band.

All employees will be brought to the minimum of their new band and no one had their pay reduced. 

2024 Annual Compensation Increase

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Annual Compensation Increases Video

Increases for each eligible staff member based on their quartile. All eligible benefits-eligible staff received at least a 2% increase this year. 

Annual Increase Table

Note: To be eligible for these increases, an employee must have been hired before 12/31/2023 and not have received a promotion since 4/1/2024.

Internal Equity Changes

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Internal Equity Video

We made adjustments to employees who have been in their year more than 6 years and were below a target percentage of their new band.

We also addressed situations where people were earning less than the people they supervised.

Imagee of equity investments as a table

Maintaining a Living Wage


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Living Wage Video

We addressed the increase in the cost of living by increasing our minimum living wage by 10% to $19.25.

Putting it all together: 2024 compensation changes

 

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Putting it Together Video

Correction: The video states that the Quartile in your letter is your quartile at the end of this process. The letter lists your quartile at the beginning of the process and your quartile may move up as a result of your raise. 

The video on the left summarizes these changes and explains how to interpret the letter that staff will receive explaining their specific changes. 

This table provides a summary of key changes.

 

 

2024 Compensation Change Summary

Annual Increases

Quartile

Percent increase

Eligibility

Q1

3.5%

Hired before 12/31/23

Q2

2.7%

Not promoted since 4/1/24

Q3+

2%

Bring to minimum of band

All employees were brought to the minimum of their new band

Living wage

The CC living wage was increased by 10% to $19.25

Tenure Adjustment

Years in Role

Target Position in Band

6-10 years

30%

11-15 years

40%

15+

50%

Supervisor Compression

(up to $6,000 maximum increase)

Supervisee Quartile

Target Compensation Gap

Below Q3

10%

Q3

7%

Q4

5%

above maximum

3%

Staff Salary Structure (Pay Bands and Salary Ranges)

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Staff Salary Structure 2024-2025 (click to expand)

Faculty Salary Structure

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Faculty Salary Structure 2023-2024 (click to expand)

Report an issue - Last updated: 07/02/2024