Human Resources has recently launched the Total Rewards Project as part of the HR Excellence portfolio. This strategic initiative will ensure that Rice offers an attractive benefits and compensation package that is competitive within the Houston and higher education markets. By achieving this goal, the University will be better positioned as an employer of choice, attracting, selecting, and retaining highly skilled professionals.
The concept of total rewards encompasses the complete range of compensation and benefits that an employer offers its employees. It is inclusive of salary as well as a broad spectrum of tangible and intangible rewards, such as health insurance, retirement plans, bonuses, career development, paid time off, and more.
The project is currently in phase one, which began in February. During this phase, the project team, consisting of Human Resources and Mercer (the project consulting partner), has been conducting a comprehensive study of Rice's total rewards package. This involves collecting data through campus stakeholder interviews and analyzing internal HR data, including employee benefits, compensation, and job structures. The findings from this review will be used to formulate a multi-year implementation plan, which will include input from campus leaders. The finalization of this plan is expected in September.
Once the implementation plan is in place, the project team will engage in the following activities:
- Communicate the timeline and initial updates regarding staff compensation and employee benefit programs to the campus community.
- Collaborate with leaders across campus to review and update job architecture, including job families, subfamilies, and job classifications.
- Partner with the budget office to develop a multi-year funding plan to support any necessary changes to staff compensation and employee benefits programs
- Initiate Phase 2 of the project, focusing on the implementation of the plan, which may include changes to benefits, compensation, and job structures.
By achieving this goal, the University will be better positioned as an employer of choice, attracting, selecting, and retaining highly skilled professionals.
What does this mean for employees?
Benefits: Changes may occur to Rice benefits in order to better align with the needs and interests of our collective campus community.
Compensation: Adjustments may occur to current salaries, pay rates, and pay range classifications. These adjustments could potentially result in increased employee compensation. The first compensation-related changes will be implemented in January 2024, and the campus community will receive ample advance communication regarding these changes. It is important to note that base pay will not be reduced as an outcome of this study.
Job Structure: Changes may occur to job classifications and titles, potentially leading to new career growth opportunities for staff if new job levels are added.
Have questions?
Email the project team at compensation@rice.edu or benefits@rice.edu.