BOARD FINANCE AND BUDGET COMMITTEE — Fiscal Year 2006
UNIVERSITY OF THE VIRGIN ISLANDS BOARD FINANCE AND BUDGET COMMITTEE Fiscal Year 2006 Employees’ Compensation Adjustment Authorizing the approval of a compensation adjustment for faculty and staff for Fiscal Year 2006. WHEREAS, the University is committed to developing and maintaining levels of employee compensation that are sufficiently competitive to enable the institution to carry out its mission; and WHEREAS, the University is expected to maintain fair compensation policies that respond to market changes, keep pace with the cost of living, motivate high performance, recognize employee and job growth, are affordable to the university and comply with legal requirements; and WHEREAS, it is becoming increasingly difficult to recruit and retain employees at present salary levels; and WHEREAS, the overall salary levels of the University are generally below optimal ranges, and are continuing to contribute to high turnover especially among the faculty; and WHEREAS, the University is cognizant of the impact of the relationship of employee salaries to external market rates and the need for …
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UNIVERSITY OF THE VIRGIN ISLANDS BOARD FINANCE AND BUDGET COMMITTEE Fiscal Year 2006 Employees’ Compensation Adjustment Authorizing the approval of a compensation adjustment for faculty and staff for Fiscal Year 2006. WHEREAS, the University is committed to developing and maintaining levels of employee compensation that are sufficiently competitive to enable the institution to carry out its mission; and WHEREAS, the University is expected to maintain fair compensation policies that respond to market changes, keep pace with the cost of living, motivate high performance, recognize employee and job growth, are affordable to the university and comply with legal requirements; and WHEREAS, it is becoming increasingly difficult to recruit and retain employees at present salary levels; and WHEREAS, the overall salary levels of the University are generally below optimal ranges, and are continuing to contribute to high turnover especially among the faculty; and WHEREAS, the University is cognizant of the impact of the relationship of employee salaries to external market rates and the need for market-based salary adjustments; and WHEREAS, the University has not implemented salary adjustments for its employees since Fiscal Year 2001-2002 because of the unavailability of funds; and WHEREAS, the Board of Trustees directed the administration of the University to prepare an employee compensation adjustment plan for the review and approval of the Board of Trustees in Fiscal Year 2006; and WHEREAS, in the Omnibus Authorization Act of 2006 the Government of the Virgin Islands appropriated $2.5M to the University for salary increases. NOW THEREFORE BE IT RESOLVED BY THE BOARD OF TRUSTEES OF THE UNIVERSITY OF THE VIRGIN ISLANDS AS FOLLOWS: I. That the University will implement the compensation adjustment plan for Fiscal Year 2006 in the following phases: a) Phase I— The University shall implement in accordance with the attached compensation proposal: market conditions. Phase II proposal is projected to be presented for review and approval by the Board of Trustees in June 2006. Phase III Performance Incentive Program — A plan to award employees for excellence in performance is projected to be presented to the Board of Trustees for review and approval in September 2006. Points of Consideration: Be reminded that the University remains committed to a compensation adjustment for its employees that: 1. Strives for equity in compensation with persons in comparable positions at other workplaces in our defined job market, over a comparable period of time; 2. Strives for equity in compensation among University employees who are in comparable positions, with similar experience and performance histories, over a reasonable period of time; Applies accepted compensation practices that work well in most cases; Adapts to the reality of financial resources, Results in the hiring and retention of quality people; and Motivates excellence in performance. Ce i