Compensation Director is responsible for the design, implementation, and ongoing evaluation of the organization's compensation programs, including base pay, incentive pay, and performance management programs. Leads the compensation function and works with senior management to ensure that compensation strategy and programs support the organization's business objectives, meet all legal requirements, and deliver value and equitable pay. Being a Compensation Director develops compensation budget for assigned areas and manages budget after it is approved. Establishes data collection and analysis processes for market, pay equity, and other compensation studies. Additionally, Compensation Director may be responsible for entire organization or for one or more major segments of a larger organization. Requires a bachelor's degree. May require a Certified Compensation Professional (CCP) certification. Typically reports to a head of a unit/department. The Compensation Director typically manages through subordinate managers and professionals in larger groups of moderate complexity. Provides input to strategic decisions that affect the functional area of responsibility. May give input into developing the budget. To be a Compensation Director typically requires 3+ years of managerial experience. Capable of resolving escalated issues arising from operations and requiring coordination with other departments. (Copyright 2024 Salary.com)
Essential Job Statements
Manages the design, implementation, and maintenance of physician compensation programs to ensure equitable, legally compliant, and competitive pay practices.
Monitor and evaluate trends in physician growth utilizing ramp up reports, workforce planning models.
Develops and aligns strategic initiatives, pay practices, and supporting infrastructure to achieve results that align with compensation and data analytics goals established across the enterprise.
Serves as the subject matter expert in providing information on market trends and pay strategies that impact provider compensation.
Establish and maintain relationships with physician leadership, physicians, department administrators, VCUHS leadership and VCU leadership to successfully collaborate in implementing and monitoring efficient physician compensation practices.
Reviewing and approval, under the direction of the Chief Operating Officer all position requests for new positions, upgrades, or reallocation of positions and budgets. Manage team of physician compensation plan analyst and interface with Administrators, SoM clinical department finance team, and SoM Faculty Affairs.
Models and develops compensation plans for specialty groups and individual sub-specialists along with advising on best practices with MCVP and VCU SoM.
Responsible for overseeing high-level project-work and engaging in complex analytics pertaining to physician compensation and data analytics. Oversees the development and maintenance of databases, dashboards, and custom reports/inquiries.
Oversees the physician compensation analysts and serves as primary contact for external consultants.
Partners with executive leadership from both VCUHS and VCU SoM to determine which market surveys to participate in. Oversees interpretation of survey results to ensure MCVP's competitive position regarding benchmark jobs and the local, regional, and national markets.
Works proactively with executive leadership from both MCVP and VCU SoM on interpretation of existing compensation plans, including attending and leading monthly meetings, including but not limited to the physician compensation committee monthly meeting, and following up on outstanding questions/items regarding physician compensation.
Collaborates with MCVP and VCU SOM finance and research administration to perform financial modeling to ensure compliance with policies, regulatory requirements, enterprise mission and values, and financial constructs.
Keeps abreast of changes in physician compensation marketplace, including change from volume to value, and proposes changes to current physician compensation plans to keep pace with the market within legal and regulatory requirements
Serves as liaison to physician leadership in physician compensation design, changes, or interpretations of compensation plans or amendments and communication liaison with recruitment, operations, finance, human resources, and payroll
Ensures responsibility and visible commitment to diversity, equity, and inclusion programs/initiatives through collaboration and implementation of initiatives across the health system.
Performs other duties as assigned and/or participates in special projects to support the mission of VCUHS. Accepts alternate assignments, as required to fulfill business needs.
Patient Population
Not applicable to this position.
Employment Qualifications
Required Education:
Bachelor's degree in Business Administration, Health Care Administration or related field from an accredited program.
Preferred Education:
Advanced Degree preferred.
Licensure/Certification Required:
Licensure/Certification Preferred:
Membership in MGMA, FACHE (certification) preferred
Diversity Equity and Inclusion certification preferred
Minimum Qualifications
Years and Type of Required Experience:
Seven (7) years of relevant human resources/compensation/finance experience with a minimum of five (5) years of physician compensation experience required.
Three (3) years of previous management experience required.
Other Knowledge, Skills and Abilities Required:
Experience managing staff or functions in a healthcare organization
Excellent communicator with strong interpersonal skills and abilities
Highly collaborative individual with ability to build strong professional relationships
Understanding the organization's vision, mission, and values
Excellent planning, problem solving, and time-management skills
Proven success and experience with physician employment and physician compensation plan.
Demonstrate personal ownership and accountability for safety across the area of responsibility by role modeling daily key concepts of a high reliability organization as personal work habits.
Experience in physician billing and compliance
Cultural Responsiveness
Demonstrate a commitment to diversity, equity, and inclusion through continuous development, modeling inclusive behaviors, and proactively managing bias.
Other Knowledge, Skills and Abilities Preferred:
Preferred: Healthcare experience in academic medicine preferred.
Working Conditions
Periods of high stress and fluctuating workloads may occur.
General office environment.
May have periods of constant interruptions.
Physical Requirements
Physical Demands: Lifting/ Carrying (0-50 lbs.)
Working Position: Sitting, Walking, Standing
Additional Physical Requirements/ Hazards
Physical Requirements: Repetitive arm/hand movements
Hazards:
Mental/Sensory - Emotional
Mental / Sensory: Strong Recall,Reasoning,Problem Solving,Hearing,Speak Clearly,Write Legibly,Reading,Logical Thinking,Emotional
Emotional: Steady Pace,Able to Handle Multiple Priorities, Able to Adapt to Frequent Change
Workday Day (United States of America)EEO Employer/Disabled/Protected Veteran/41 CFR 60-1.4.