Date post: | 03-Jan-2016 |
Category: |
Documents |
Upload: | myles-richardson |
View: | 214 times |
Download: | 1 times |
Annual Increase Program
July 2010
People Pillar: Compensation
Community Survey: Compensation consistency across the organization
– Annual Merit Increases
– Targeted Market Assessments for Compensation and Benefits
– Nationally recognized Human Resources Consulting Firm Engaged to Provide Recommendations
The Message
“We care deeply about our people. We are taking proactive and comprehensive measures to make sure everyone working at Vanderbilt is fully compensated.”
Jeff Balser, Leadership Assembly Spring 2010
CompensationFY 2011
• $40 million annual increase budget for VUMC
• Conservative – economic indicators remain unclear and health system cash balance modest
• Same pool and parameters for all faculty and staff – all VU
• At or above most universities peers
6
Raise pools for 2010-2011 at peer universities
Emory- 2%Duke- 0% for all faculty above $80,000; $1,000 payment below $80,000Hopkins- 2% raise with a delay in the onset of the raise for 6 moMiami- 2%Michigan- 3% (layoffs)Washington Univ- 2.75%Stanford- 2%Cal Tech- 2%Harvard- 2%Chicago- 3% (over 500 layoffs in FY2010)Wake Forest- 2%Penn- 2.5%Cornell- 2%
Raise pools for 2010-2011 at peer universities
Emory- 2%Duke- 0% for all faculty above $80,000; $1,000 payment below $80,000Hopkins- 2% raise with a delay in the onset of the raise for 6 moMiami- 2%Michigan- 3% (layoffs)Washington Univ- 2.75%Stanford- 2%Cal Tech- 2%Harvard- 2%Chicago- 3% (over 500 layoffs in FY2010)Wake Forest- 2%Penn- 2.5%Cornell- 2%
7
CompensationFY 2011
Average 2010 Projected Merit Increases Summary
Source: Compensation Advantage
Not Available
10
Annual Increase Program
Ratings (Range) % Inc.5 (4.5 - 5.0) = 3.25%4 (3.8 - 4.4) = 2.50%3 (3.0 - 3.7) = 2.00%
• Annual pay increases this year will be based on individual performance– Applied to individual current rates of pay– May result in partial or full lump sum payment
• Performance based lump sum payments eligible for retirement contributions and match
Ratings (Range) % Inc.5 (4.5 - 5.0) = 2.75%4 (3.8 - 4.4) = 2.25%3 (3.0 - 3.7) = 2.00%
Market pay adjustments based on individual performance Current performance evaluation for 2010 in VPES with at least a “3” ratingOpportunity to review employment status and record for these staff PRN Licensed
Market Based PerformanceLicensed PRN
Licensed PRN Jobs
Job Code Job Title6621 Coord, Patient Acc & Tri, PRN8489 EMT Transport - PRN6714 Licensed Pract Nurse - PRN T16716 Licensed Pract Nurse - PRN T26724 Licensed Pract Nurse-CC PRN T16726 Licensed Pract Nurse-CC PRN T26677 Nurse Practitioner-PRN3904 PRN Licensed5411 Paramedic - PRN6663 Registered Nurse, PRN Tier 16638 Registered Nurse, PRN Tier26662 Registered Nurse-CC, PRN Tier16639 Registered Nurse-CC, PRN Tier2
Effective & Paycheck Dates
Payroll Effective Date Paycheck Date
Biweekly 7/04/2010 7/23/2010
Monthly 7/1/2010 7/31/2010
Total Compensation
BENEFITS
Insurance & Retirement
Paid TimeOff
Tuition
SpendingAccounts
Pay for Performance
SuccessSharing
PerformanceEvaluation
PERFORMANCEDEVELOPMENT
Recognition & Rewards
x 2 = $184,338
Creating Organizational Alignment
Alignment of goals creates momentum to achieve results…
Leader GoalsIndividual Goals