The compensation guidelines are designed for university leadership, managers, employees and human resources personnel to use in conjunction with the Working @ VCU: “Great Place” HR Policies in the implementation of the pay practices for VCU University and Academic Professionals. This program does not apply to classified employees. The objective is to provide a common understanding of the purpose, methods, and procedures involved in compensation administration at VCU. These guidelines become effective January 1, 2018.
Virginia Commonwealth University (VCU) is committed to providing competitive and equitable compensation that supports the university’s goal of attracting and retaining a competent, engaged, and diverse workforce. The compensation section of the Working @ VCU: Great Place policy supports the fair and transparent administration of compensation for all University and Academic Professionals. The information provided in these guidelines describes the design of the new compensation plan and is intended to assist all stakeholders in the proper administration of the compensation program in support of VCU's strategic goals and overall mission.
Intrinsic link to the university’s six year strategic plan
In 2011, as VCU took its place among the nation’s top 50 public research universities, launched a strategic plan designed, in part, to attract, retain and support a nationally competitive and diverse faculty and increase the number of diverse university staff who are supported and prepared to deliver high quality service commensurate with the expectations of a premier urban, public research university.
Guiding principles and philosophy
In support of those strategic goals, VCU Human Resources (HR) is committed to providing competitive and equitable compensation to attract and retain a competent, engaged and diverse workforce. The compensation program serves as the framework for the continued implementation and development of compensation practices that embrace and support the mission of the university. VCU administration endorsed the following guiding principles to support its overall compensation philosophy:
- Align VCU salaries overall within the appropriate competitive market for the job
- Pay for performance (base pay salary increases for merit and promotions) based on sustained contribution
- Encourage value-added contributions to the university and careers by better linking career development, performance management and rewards
- Establish and maintain internal base pay equity by considering differences in skill, effort, experience, contribution and responsibility among incumbents in like jobs
- Offer a total rewards package valued by employees with flexibility to accommodate changing conditions
- Provide flexibility through variable compensation (recognition award, annual bonus, incentive) for short-term contributions/achievements
- Provide compensation and benefits within VCU’s financial ability to pay which supports a performance-based culture