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Compensation Strategy

Role of Pay

The University of Richmond will maintain a career and compensation program directed toward attracting, retaining, and rewarding a highly qualified and diverse workforce to serve students, faculty, and staff. Pay will be set at levels that are competitive with the University's comparison markets.

Work/Position Valuation

A position's grade is determined based on an evaluation of both the external competitive market for the position, as well as the relative grade among similar positions across the University.

Comparison Markets

The University benchmarks its pay against organizations with similar characteristics. Different market comparisons are used for different positions across the institution based on the type of position.

Pay Systems and Delivery

Base salary is the primary means of pay delivery at the University. Annual merit increases are the primary method for salary increases, but market adjustments may also be considered when deemed necessary. Incentive based programs may be considered where appropriate.

Annual Performance Increase

Annual salary increases shall be based on the performance of an individual and the contribution he/she makes to the institution.

Career

The University provides staff with meaningful career opportunities that include opportunities for growth.

Communication/Openness

Information about pay ranges, market competitiveness, how pay decisions are made, how performance is reviewed, and career definitions will be publicly available to the University community. However, information on individual pay levels will remain confidential between the University and the individual.

Roles and Responsibilities

President's Cabinet: Communicate openly and clearly with the University community on the career compensation program design and its administration. Endorse compensation and performance management design and support ongoing administration in accordance with program guidelines.

Managers and Supervisors: Understand the career, compensation, and performance management philosophy and policies, communicate effectively on matters relating to career and compensation, partner with HR to deliver consistent practices. Actively participate in the University's performance feedback and development program.

Employees: Understand the career, compensation, and performance management philosophy and policies, and ask questions to managers and supervisors when clarification is needed. Actively participate in the University's performance feedback and development process.

Human Resources: Administer and interpret career, compensation, and performance philosophy and policies. Partner with managers and supervisors to effectively deliver on career, compensation, and performance practices.