VCU Compensation Study Update
Saturday, May 16, 2015
To VCU Faculty and Staff:
In support of Quest for Distinction, the university’s strategic plan, it is important to have a talented, engaged and committed workforce. Compensation is one component in our efforts to attract and retain quality individuals.
You may recall that we embarked on a comprehensive study of compensation for faculty and classified staff. The Titan Group, a Richmond-based human resources consulting firm, was engaged to conduct the study utilizing technical compensation methodologies in the assessment of the university’s competitive position. After almost two years, the Titan Group has completed its market analysis. Overall findings show VCU is paying competitively; however, there appears to be some market range deviation. Senior members of our human resources organization will meet with VCU’s vice presidents and deans to share the detailed findings.
Going forward, VCU is committed to attracting, engaging and retaining diverse high-quality faculty and classified staff in support of our Quest for Distinction strategic plan. As part of this initiative, the university has created a Compensation Philosophy to serve as the baseline from which all future pay decisions are made. The goal of VCU’s Compensation Plan is to:
· Align salaries within the 50th percentile of the appropriate competitive market for the job.
· Establish and maintain internal base pay equity by considering differences in skill, effort, experience, contribution and responsibility among incumbents in like jobs.
· Pay for performance based on sustained contribution.
· Provide variable compensation for short- and long-term contribution/achievements.
· Offer a total rewards package viewed as valued by employees and flexible to accommodate changing university needs and market conditions.
· Encourage value-added contributions to the university and careers by better linking career development, performance management and rewards.
· Provide compensation and benefits within VCU’s financial ability to pay.
There is still much work to be done. The next steps in support of VCU’s Compensation Plan are to develop job descriptions and career paths and to ensure individuals have been placed in the correct jobs. We will identify the most urgent/critical areas where compensation impacts our ability to recruit and retain outstanding employees. This will be an ongoing iterative process, and we will keep you informed of our progress along the way.