Compensation Program Review & ApprovalCompensation Program Review & Approval
The Compensation Program Review & Approval process provides a means of periodic internal management assessment of the Institute’s policies, procedures and practices covering its compensation programs thus ensuring that those programs are properly designed and administered. Compensation programs consist of those covering academic faculty, research faculty and professional/administrative and other staff.
Annually, the Office of Human Resource will coordinate the production of a written report on the condition of the Institute’s compensation program to include those covering research faculty and classified personnel. The OHR Compensation staff will compile and report on comparisons of actual pay practice (salaries being paid) for research faculty management and professional level personnel as well as various levels of classified management and staff to appropriate external markets. The report may also include comparison of additional elements of compensation such as supplemental pay and benefits. This report will be completed in March of each year and cover current conditions as well as those of the previous twelve months. The report will include an executive summary and be addressed to the President, the Provost & Executive Vice President for Academic Affairs and the Executive Vice President for Administration & Finance.
The report will include:
- Background materials on what policies and procedures are currently in place for monitoring and controlling academic faculty, research faculty and classified staff compensation including Board of Regents policies and Board of Regents reporting requirements.
- Comparative data to include compensation survey data covering faculty and staff practices of peer institutions and general industry.
- Analysis and recommendations for adjustments and modifications to existing practices to maintain or improve competitive posture relative to applicable markets.
With regard to compensation paid to academic faculty personnel, the Institute Research and Planning Office will prepare and analyze comparative data on external pay practices for academics which will then be reviewed by Deans and School Chairs.
Upon review, the President in consultation with the Provost & Executive Vice President for Academic Affairs, the Executive Vice President for Administration & Finance and others that may be designed by the President, will assess the status of compensation programs currently in place and take whatever action deemed appropriate to correct, maintain or improve those programs.
Additionally, compensation programs will be subject to review and reporting by the Institute’s Internal Audit organization.
The Office of the President provides oversight and guidance to the Compensation Program Review & Approval Process. Specifically, the President assisted by the Provost & Executive Vice President for Academic Affairs and the Executive Vice President for Administration & Finance periodically review all existing and proposed compensation policies, authorize corrective actions and approve new programs as appropriate. Additionally, the Office of the President may appoint other senior level administrators and faculty to review and advise on programs related directly to their areas.