Question: What is the basic structure of the new Clinical Compensation Plan?
Answer: Each department will determine the percentage of target total cash compensation for a new hire that will be distributed as the annual base salary. This may range from 70% to 85% of the target total cash compensation based on national benchmarks. The remainder of the target total cash compensation can be earned as incentive, based on department defined metrics, with no cap on individual payments, provided that compensation is aligned with national benchmarks and market pay and is consistent with fair market value.
If you have specific questions about the Clinical Compensation Plan redesign, please contact your department chair or Department Compensation Plan Committee members. You may also send an email inquiry to: clinicalcompplan@uvahealth.org. Further, an internal website is being developed that will host information on the Clinical Compensation Plan. More details to follow.
Filed Under: Clinical