As part of our continuing efforts to recognize, reward and retain top talent, West Virginia University Research Corporation is formally kicking off its 2022 Compensation Program this week.
Through the program, WVURC seeks to provide merit-based increases to faculty and staff who have strong performance in areas that support the WVURC’s mission and operations and have a compensation ratio (compa-ratio) that needs enhanced to be in a market-competitive position.
Q. What are the objectives of the 2022 WVU Research Corp. Compensation Program?
A. West Virginia University Research Corporation's (WVURC) 2022 Compensation Program is designed to provide merit-based increases to employees who have strong performance in areas that support WVURC mission and operations and have a compa-ratio that needs enhanced to be in a market-competitive position.
Q. What are eligibility requirements for participation in the program?
A. To be eligible for the program, employees must be a benefits-eligible position and be an active WVURC employee before April 4, 2022. Employees must have an overall rating higher than "Development Needed" in their most recent performance review to be eligible for the program. Further, employees must not be on active discipline to be eligible for the program.
Q. Will all eligible employees receive a pay increase?
A. The program does not include an across-the-board increase for all employees. Therefore, it is possible that some eligible employees may not receive an increase.
Q. What is the effective date for the program?
A. The target effective date for the program is July 3, 2022. Increases will be reflected in pay statements dated July 29, 2022.
Q. How will the pay increase amount be determined?
A. Leaders will plan increases based an employee’s performance evaluation and position in range (compa-ratio).
Talent and Culture will provide leaders a matrix of recommended increases that is designed to prioritize and provide the largest increase amounts to those with the strongest performance rating and the lowest market position. Other priorities within the college or unit also may be considered.
Q. Tell me more about the term "compa-ratio."
A. A compensation ratio (compa-ratio) is a comparison of an employee's pay versus the market rate or applicable range midpoint. An employee's compa-ratio is determined by dividing his/her salary by the market rate or applicable range midpoint. For example:
Q. What does my compa-ratio mean?
A. Market-competitive range for salary generally is defined as 90% to 110% of market. Further, a compa-ratio below 90% is identified as below market competitive pay.
However, it should be noted there may be legitimate reasons why some employees may be paid below 90% of market, for example, experience and performance.
Q. Will pay ranges be adjusted as part of the program?
A. Yes. WVURC's salary ranges have been adjusted 3-5% for most positions. The lowest range minimum also will be set to no less than $13 hour.
Q. What if I am at the maximum of my pay range?
A. If you are at or above the maximum of your range, you will be eligible for consideration for an increase according to the recommendations outlined for compa-ratio and performance.
Q. When can I expect to learn if I received a pay increase as part of the program?
A. Individual communications on pay increases as part of the program will begin in late June by managers and leaders.