Overview
A Market Factor Adjustment (MFA) is a temporary supplement to the regular base hourly pay rates for certain job classes, implemented at the State's discretion, to support effective recruitment and retention of employees in job classes affected by unusual labor market conditions. A Market Factor Adjustment may be implemented for any job class when either or both of the following conditions exist:
- There is clear documentation of substantial, compensation-related difficulties in recruiting applicants for the particular job class in a defined labor market area.
- Retention of current employees is jeopardized by the limits of the compensation plan when compared to appropriate labor market rates.
Restrictions
- An MFA is a temporary supplement to the pay rates for specific classes. For that reason, any or all MFA's may be implemented, reduced or eliminated at the State's discretion, subject to Vermont Statute and the provisions of the current labor agreement.
General Steps for Initiation of a Market Factor Review
Carefully read Market Factor Adjustment, Policy Number 12.3.
Complete a Request for Market Factor Review.
Attach documentation as outlined in the Request for Market Factor Review.