Academic Division
Enterprise Risk Management (ERM)
Audit and Compliance Committee
March 24, 2015
Achieve competitive compensation
Risk Category
Management of human capital
Risk Description
The University's faculty compensation may not be competitive with peers
Risk Owner
Executive Vice President & Provost
Key Stakeholders
Board, Senior Management, Faculty
Current Mitigation Activities
• At its February 2013 meeting the Board of Visitors approved a resolution supporting the goal of
raising average faculty salaries into the Top 20 among U.Va.'s Association of American University
(AAU) peers. The University's current average faculty salary is ranked No.26 in the AAU.
•
The resolution sets a goal of reaching the Top 20 within a four-year period ending in June 2017, with
the understanding that it will be addressed in the University's annual operating budget.
Due Date
6/30/2015
11/30/2015
Responsible
Person
Action Plans
Senior Vice
• Monitor university's position in AAU rankings. Data is available each April.
Provost
Senior Vice
• Assess recruiting and retention metrics annually, late fall. Key metrics to
include success in hiring our first choice in a search and whether we were able to Provost
keep faculty we actively sought to retain.
Manage generational turnover in faculty
Risk Category
Management of human capital
Risk Description
The University may not effectively manage the generational turnover in faculty
Risk Owner
Executive Vice President & Provost
Key Stakeholders
Board, Senior Management, Faculty
Current Mitigation Activities
• Continuous recruiting process will more accurately identify high-potential faculty, build stronger relationships
with targeted candidates, and close recruitment efforts successfully (Cornerstone Plan, Pillar 4, Strategy 10)
• The University will identify its hiring priorities and, in those cases where they are interdisciplinary in nature,
adjust institutional and professional incentives appropriately. (Cornerstone Plan, Pillar 4, Strategy 11)
• The University will leverage current talent and new faculty hiring opportunities to focus research on those
intellectual and social challenges where it can have the most impact. As part of this effort, the University will
develop several cross-Grounds institutes that address key issues and provide valuable educational opportunities.
(Cornerstone Plan, Pillar 2, Strategy 4)
• The University will enhance institution-wide infrastructure and services to encourage and support research,
scholarship, creative arts, and innovation by faculty and students. (Cornerstone Plan, Pillar 2, Strategy 5)
• The University will enhance its ability to deliver a broad range of high-impact educational experiences for
undergraduate, graduate, and professional students, including meaningful research with faculty members,
service learning, entrepreneurial experiences, and internships. (Cornerstone Plan, Pillar 2, Strategy 6)
Manage generational turnover in faculty (continued)
Due Date
6/30/2015
6/30/2015
Action Plans
Assign Provost staff to work on dual career appointments for academic positions
and partner with Human Resources for those seeking non-academic employment.
Report on efforts and success to secure positions for spouses and partners of new
faculty hires.
The provost and deans will address necessary changes in University policy to
accommodate potential joint hires and to provide for fair development and
assessment of faculty careers. Annually, the provost will work with deans and
faculty to develop hiring plans that are coordinated across schools as part of the
annual budget process. Develop pilot memoranda of understanding to document
interdisciplinary hires, salary, job responsibilities, and expectations in each
department.
11/30/2015 Financial forecasting will show the overall cost of start-up packages and the
necessary STEM hires. Estimates and briefing provided to the Board at its
November 2014 meeting.
Responsible
Person
Senior Vice
Provost
Senior Vice
Provost
Senior Vice
Provost
Effective succession planning
Risk Category
Management of human capital
Risk Description
The University may have ineffective succession planning
Risk Owner
Executive Vice President & Provost (for faculty)
Executive Vice President & Chief Operating Officer (for staff)
Key Stakeholders
Board, Senior Management
Current Mitigation Activities
Faculty
• The University will invest in, mentor, and support current faculty members to further their careers, assisting
them in gaining the knowledge and skills needed to enhance their effectiveness as teachers, researchers, and
leaders in the University community. (Cornerstone Plan, Pillar 4, Strategy 9)
• The University will enhance institution-wide infrastructure and services to encourage and support research,
scholarship, creative arts, and innovation by faculty and students. (Cornerstone Plan, Pillar 2, Strategy 5)
Staff
• The University has established the Center for Leadership Excellence to take a multifaceted approach to
employee development (Cornerstone Plan, Pillar 5, Strategy 13). The center seeks to encourage and enable
shared leadership at all levels through programs tailored for managers and individual contributors throughout
the institution. Programs include courses in leadership, systems and technical training, career and professional
development, and personal enrichment.
Effective succession planning (continued)
Current Mitigation Activities
• Robust career development tools associated with each of the over 100 job sub-families are available online and
address a wide variety of development opportunities from the more traditional instructor-led in-person classes to
relevant professional associations and conferences.
• The Center for Leadership Excellence launched its inaugural Cornerstone program in October which is a yearlong deliberate succession development program targeting 25 high-potential individuals across the institution.
The program includes both individual contributors and managers. It has several different components
including: a 360 evaluation, mentoring, and formal development opportunities.
• The Education Benefits Program provides eligible employees with access to a defined benefit amount available
from a central University fund, currently $2000 per year, for eligible, approved education, undergraduate,
graduate, professional or vocational study. Schools and departments may provide additional, departmental funds
to eligible employees.
Effective succession planning (continued)
Due Date
9/30/15
9/30/15
10/31/14
6/30/15
12/31/15
Responsible
Person
Action Plans
Faculty
Senior Vice
• Expand the Leadership in Academic Matters (LAM) program to train and
develop new department chairs in the areas of management, human resources, Provost
and budget. Launch new Course Development Institute (CDI) through the
Teaching Resource Center to focus on course development and teaching skills.
Report on new course offerings and faculty feedback.
• Collaborate with University development to find donors who support faculty
development initiatives, including the creation of termed chairs. Report on
success in raising funds to accomplish goals.
Staff
• Initiate a formal succession development program. The first year-long program Vice
President and
is underway. A new cohort will begin in the fall, following review and
Chief Human
assessment of the program.
Resources
• Create robust career development opportunities linked to each of the university’s Officer
job sub-families.
• Analyze organizational structure and the role of the manager in that structure.