Rice University’s Human Resources launches Total Rewards Project
Rice University’s Office of Human Resources recently launched its Total Rewards Project to ensure the institution offers both a competitive and attractive benefits and compensation package within the Houston and higher education markets.
“By achieving this goal, Rice will be better positioned as an employer of choice, attracting, selecting and retaining highly skilled professionals,” said Kelly Fox, vice president for Finance and Administration.
The Total Rewards Project encompasses the compensation and benefits Rice offers its employees. This includes salary as well as benefits like health insurance, retirement plans, bonuses, career development, paid time off and more.
The project team conducting the survey consists of Human Resources and the consulting agency Mercer. Mercer offers more than 75 years of experience in retirement and investment outcomes geared to address health and well-being needs.
The Total Rewards Project was initiated in February and will continue into the upcoming academic year. During this phase, the team is conducting a comprehensive review of Rice’s total rewards packages, which includes collecting data through campus stakeholder interviews and analyzing internal data like employee benefits, compensation and job structures.
The findings from the study, which will include input from campus leaders, will be used to formulate a multi-year implementation plan. Once the findings are analyzed, the project team will collaborate with management across campus to review and update job architectures, including job families, subfamilies and job classifications.
The finalization of phase one is expected in September, and Rice employees can expect further communications about the timeline and updates regarding staff compensation and employee benefits programs once the implementation plan is in place.
In addition, the project team will collaborate with the Budget Office on the development of a multi-year funding plan to support any necessary future changes to staff compensation and employee benefits programs.
Potential changes to perks may include the following:
Benefits: Changes may occur to more closely align with the needs and interests of Rice’s collective campus community.
Compensation: Adjustments to pay ranges for staff jobs 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 plans. Base pay will not be reduced as an outcome of this study.
Job Structure: Job classifications and titles may shift in an effort to create career growth opportunities for staff if new job levels are added.