Compensation
The compensation program is based on UR’s employment value proposition and compensation strategy, which:
- Establishes compensation ranges for positions at UR that enable the University to pay competitively compared with the market and reward individual experience, skills, and performance
- Sets and upholds policies for managing compensation and career progression that ensure internal equity and consistent application of the program
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. |