Compensation

All new staff positions and salary changes with budgetary impact should be proposed through the annual budget process to be implemented on or after July 1st of the following fiscal year. This includes: 

• New position requests (full-time or part-time)
• Reorganizations involving added positions or increased costs
• Promotions
• Market Adjustments typically proposed by HR

Review: Requests submitted through this process are subject to review and approval by HR and the Office of Planning and Budget for alignment with market data, internal equity, and budget capacity.

Requests for off-cycle compensation changes may be submitted only under the following conditions:

• Grant-funded positions
• Temporary or limited-term appointments
• Reorganizations or position changes resulting from vacancies

Review: Off-cycle approvals are jointly reviewed by HR and the Office of Planning and Budget. Requests not meeting these criteria will be deferred to the next annual budget cycle. 

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.

Deans and Division Leaders: Manage staffing and budgets within their areas, ensure alignment of compensation and staffing decisions with institutional priorities. Prior to submitting requests to Human Resources and the Office of Planning and Budget, requests for position and compensation changes must be approved by the Dean or Division Leader.

Managers and Supervisors: With approval of their Dean or Division Leader, initiate compensation and position change requests and support regular cycle of review of position descriptions in coordination with Human Resources.

Office of Planning and Budget: Evaluate financial feasibility of compensation and position requests, ensure alignment with strategic resource allocation, and collaborate with Human Resources in review processes.

Human Resources: Conduct market analyses, ensure internal equity, and provide compensation and staffing guidance aligned with policy and market data. Advise on job structure, compensation, and reorganizations. Collaborate with the Office of Planning and Budget on request reviews and ensure consistent application of HR Policies. 

Cost Center Managers: Evaluate costs of position and compensation change requests related to staffing and compensation and jointly review significant staffing proposals and off-cycle request reviews with the CHRO.

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.