The compensation study was based on the comparable cities in close geographical proximity to Lakeway.
“We have people that come into Lakeway from pretty far away, and they are passing through other cities to come here and work for us and with us,” City Manager Joseph Molis said. “We felt that those were the things that we needed to look at when we’re looking at compensation fairness.”
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 salary ranges for employees in Lakeway are 5% or more behind the market, according to data presented by the consultant firm; 40% of the ranges 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
