Compensation

Philosophy

Wake Forest University seeks to recruit and retain diverse, well-qualified, and highly-motivated faculty and staff members, while rewarding individual contributions to the institution, its students, and the community.

Objectives

• Recruit and retain diverse, well-qualified, and highly motivated faculty and staff members; incent equitably and fairly, based on individual, departmental, and organizational performance.
• Provide strategic and operational advice to leadership on pay issues, market trends, and performance management.
• Set policies for managing compensation and career progression that ensure internal equity and consistent application of the program.
• Regularly monitor the effectiveness and compliance of the Compensation program and practices and its continued competitiveness, while mitigating risk for the University.
• Communicate the program to ensure understanding within the university community.

Position Descriptions 

• Can be used to recruit, determine salary, orient new colleagues, set expectations, provide ongoing performance feedback, establish titles and pay grades, and meet legal requirements for compliance and accreditation.
• Are maintained by the individual’s department, and should be reviewed annually.
• Enable Human Resources to provide guidance to hiring managers about paying staff competitively for their contributions toward department and University success.

Position Titling

• Titling Guidelines provide a standard format to help ensure leadership titles are used consistently across the University. Additionally, the guidelines facilitate cross-university comparisons to advance pay equity.
• Titles should represent the accountabilities and responsibilities of the job, not the individual and create consistency in institutional reporting to federal agencies.
• Titles should not reward incumbent performance or longevity or replace appropriate pay.