Compensation program design

    University compensation program primary components
    The compensation program is designed around two primary components: (1) market-based salary ranges and (2) pay for performance. These two components work in concert to build an HR Plan that supports VCU’s Great Place Initiative. Each component of the compensation program is identified in detail below.

    University job structure
    The university job structure consists of 18 Functional Job Families. Each job family incorporates university-established jobs that span from operational, technical and administrative support jobs, through several levels of professional jobs, to management and executive leadership. The university job structure is established, reviewed, evaluated, and maintained by VCU HR. The established job families are: 

      1. Academic and Faculty Affairs
      2. Athletics and Recreational Sports
      3. Communications
      4. Community Engagement and Outreach
      5. Development
      6. Environmental Safety and Risk Management
      7. Facilities Management
      8. Financial Services
      9. General Administration
      10. Health Sciences
      11. Human Resources
      12. Information Technology
      13. Legal, Audit, and Compliance
      14. Library Services
      15. Museums and Fine Arts
      16. Public Safety and Security
      17. Research and Innovation
      18. Student Services

    Salary survey sources
    VCU’s peer group for compensation changes over time as the strategic initiatives of the university are updated. VCU participates in and receives salary data from survey sources that include:

    1. Other national, similarly or slightly higher ranked universities in the comparable field as designated by Carnegie Classification System
    2. National and regional salary surveys
    3. All profit and nonprofit organizations in metropolitan Richmond

    Utilizing compa-ratio for analysis
    The formula commonly used by compensation professionals to assess the competitiveness of an employee’s pay level involves calculating a comparative ratio (compa-ratio). A compa-ratio is calculated as the employee’s current salary divided by the current market rate (the midpoint of the market range). Compa-ratios may be calculated at the individual position or organizational level. A compa-ratio of 1.00 or 100% means that the salary is at the market rate -- the midpoint for the salary range. A ratio of 0.75 means that the salary is 75% of the market rate for the position. A compa-ratio of 1.15 or 115% means the salary is 15% above the market rate for the position.

    Major components