The following resolution approves the personal interests of School of Medicine faculty arising from their clinical income interest in HSF, which serves the University as its group practice plan. Approval by the Health Affairs Committee and the Board of Visitors. The Medical Center retained the human resources consulting firm Watson-Wyatt to assist in the design of a new Human Resources System. Changes to the Compensation, Benefits and Retirement programs of the Human Resources System must be presented to the Board of Visitors for its review and approval. The Human Resources System is being designed to align our policies and practices more closely with others in the health care industry.
Health care is a business and our customers have choices as to where they go for services.
Because more than half of our costs of operations are for the salaries and benefits of employees, the Medical Center must ensure that compensation and benefits programs are designed to keep our costs competitive. The Compensation Program is designed to be competitive with programs used by other health care organizations. It is designed with flexibility so that we can accommodate several different salary plans within a single compensation program. It incorporates compensation practices that will allow us to recruit and retain a competent workforce. The legislation also allowed the Medical Center to design its own optional retirement programs and to offer other benefits programs.