Compensation study finds half of Lakeway employee salaries 5% behind market
Published: Sat, 07/22/23
Compensation study finds half of Lakeway employee salaries 5% behind market
Lakeway City Council meets at City Hall, located at 1102 Lohmans Crossing, Lakeway.
(Community Impact staff)
Community Impact
By Zara Flores |
Updated
The Lakeway City Council received the findings of a new compensation study that could increase the salaries of city employees at a special meeting July 18. The city contracted Public Sector Personnel Consultants to conduct a compensation study which began in May, through the last two months, to gather data of other cities
including Austin, Bee Cave, San Marcos and New Braunfels. The consultant firm also created cost estimates for the implementation of a new pay plan of which there are four.
The compensation study was based on the comparable cities in close geographical proximity to Lakeway.
Public Sector Personnel Consultants specialize in classification and compensation studies and, for Lakeway, took jobs with the same duties in different cities and compiled them to get a representation of the Central Texas market.
Benchmark positions, jobs most commonly found in other cities, were then identified and compared to each other to identify the pay ranges in the area, Senior Consultant Sam Hines said.
Around half of the positions in Lakeway are 5% or more behind the market, according to data presented by the consultant firm; 40% of the positions in Lakeway are at market with 9% ahead of the market.
With all the data gathered, the City Council has four salary implementation options to choose from. An employee’s salary could potentially increase the most with Option 4.
The cost for implementing each plan is as follows:
- Option 1: $71,842
- Option 2: $167,040
- Option 3: $389,238
- Option 4: $660,223