Compensation Philosophy

 

Overview

At Florida A&M University, the total compensation program is employee-focused and aimed to attract and retain diverse, motivated, well-qualified, and engaged talent. In doing this we strive to accomplish the following:

  • Total compensation program aimed to attract top talent who will invite change, innovation, and social mobility, and strive to make an impact on our student’s.
  • Value internal equity while also maintaining equitable compensation practices within the market.
  • Provide compensation and benefits programs that are focused on base salary while also providing health and wellbeing benefits, time off, tuition reimbursement, etc.
  • We strive to be competitive with our peers while also being fiduciarily response.

 

Our Total Compensation Philosophy considers seven components which are summarized below. If you have any questions related to the Total Compensation Philosophy, please reach out to the human resources team at hrinquiries@famu.edu.

 

 

  1. Role of the Compensation Program: Attract and retain, diverse, motivated, and engaged talent.

  2. Internal and External Equity: We value a mix of internal and external equity. We value employees and want to put the individuals who work at Florida A&M University first while also maintaining market competitiveness to the extent possible.

  3. External Comparison Markets: We know that we recruit most of our talent from other institutions like us, but we also understand the importance of comparing our positions to industries outside of higher education. To the extent afforded to us by budget availability, we intend to consider and benchmark against our comparison markets.

  4. Compensation and Benefits Systems: At Florida A&M University, the primary portion of employee pay is base salary. However, we also offer other benefits such as health, retirement, paid time off, tuition reimbursement, etc. If you are unsure what benefits are available to you, please contact Human Resources at hrinquires@famu.edu.

  5. Beyond Market Factors: We strive to consider more than just external market data. Our goal is to consider individual experience, performance, and the strategic value of each role as well as we continue to refine and develop our compensation program.

  6. Program Communications & Transparency: We know that transparency at our university is in part dictated by State legislation, however, it is our goal to proactively communicate and share processes behind decision making to help create understanding and cement trust across the University. Our leadership is committed to transparency and is equipped to explain compensation programs. Employees are always encouraged to ask questions.

  7. Governance: Our compensation philosophy cannot be successful if we don’t all work together.
    • Leadership will communicate openly and regularly with employees on compensation processes, policies, and strategy as well as provide the ultimate approval over any pay adjustments.
    • Human Resources will ensure pay practices are equitable and consistent across the university as well an seek opportunities for enhancements or updates to the compensation program.
    • Managers, Faculty, and Staff should seek understanding of their job responsibilities as well as to understand the compensation program. If questions arise either personally or from direct reports, reach out to your immediate supervisor.