There is still much to do to build a working model. We will continue to have compensation model discussions and updates at upcoming division director meetings and soon will select a compensation committee that is broadly representative of our department. In addition, the DOM administrative team will have discussions and training with division administrators, financial managers and research managers over the next several months. These teams are working to resolve important technical and financial issues that will enable operation of a compensation model. Some of these tasks include curating our effort reporting and finance systems to properly identify and distinguish various revenue streams, including sponsored and non-clinical salary support for faculty.
As a future participant in the model, faculty can take an active role in reviewing draft data as it is disseminated in the coming year. Our goal is to spend the next fiscal year (FY16) modeling performance using the compensation plan framework in order to address specific issues and resolve barriers to implementation. This process will only be successful through a high level of engagement from division leadership and individual faculty who carefully review reports and provide timely and constructive feedback. After this modeling process, I feel confident we will be ready for a July 1, 2016 go live date where performance above a target may result in productivity-based incentives.
In summary, I want to reiterate my enthusiasm and dedication to this process. I truly believe taking the time to implement a data-driven, transparent compensation model is the best way forward to recognize success across our missions, to quantitatively address institutional priorities for expanded clinical services and to mechanize a system of equal pay for equal work. Below is a bulleted list of the tangible effects of a DOM-wide compensation model. Please review it and be prepared with questions at the faculty forums and future meetings on this topic. Thank you for taking the time to engage in this blog series and in helping to realize one of my major goals as department director.
How will the compensation model directly benefit faculty?
- Generate transparent expectations with compensation committee input
- Grant flexibility to match career goals and effort with salary
- Create opportunity for productivity bonuses
- Form the basis for an annual salary letter
How will the compensation model benefit our department?
- Allow delivery of a transparent, fair and consistent plan for all departmental faculty
- Provide data for clinical work force ‘gap’ analysis
- Allow quantitative information to use in negotiations with our health system
How will the compensation model benefit our health system?
- A quantitative tool to measure work force
- A quantitative tool to understand access
- A quantitative tool for negotiating clinical services
