The University of Virginia’s 2024 salary report reveals key insights into compensation trends, including a 5% salary increase for employees and average salaries of $101,656․ This report ensures transparency and accountability, providing detailed information on employee earnings, from faculty to executive positions, while adhering to state regulations and budget allocations․
1․1 Overview of UVA Salaries in 2024
In 2024, the University of Virginia reported an average annual salary of $101,656, with a median salary of $69,000․ Notably, 2,844 employees earned over $100,000, while the highest salary reached $1,600,000․ The total number of employees was 27,845, reflecting a diverse payroll structure․ A 5% salary increase was implemented for state employees, effective June 10, 2023, impacting a significant portion of the workforce․
1․2 Importance of Salary Transparency at UVA
Salary transparency at UVA fosters trust and accountability, ensuring equitable compensation practices․ It aligns with state regulations and promotes employee satisfaction by providing clear insights into pay structures; This openness also aids in recruiting talent and maintaining institutional integrity, as seen in the 2024 UVA Salary Report, which details employee earnings and upholds commitments to open data and public accountability․
2024 Salary Increase for UVA Employees
A 5% salary increase for UVA employees, effective June 10, 2023, was included in the 2022 Virginia budget, benefiting state employees with a Contributor rating or higher․
2․1 Details of the 5% Salary Increase
The 5% salary increase, approved in the 2022 Virginia budget, applies to all state employees with a Contributor rating or above, effective June 10, 2023․ This raise aims to address inflation and ensure competitive compensation, benefiting eligible UVA staff and faculty․ The increase reflects the state’s commitment to supporting its workforce amid rising living costs․
2․2 Implementation Timeline and Eligibility
The 5% salary increase, effective June 10, 2023, applies to all state employees with a Contributor rating or above․ Eligibility is determined by job performance and rating criteria․ The raise is part of the 2022 Virginia budget, ensuring fair compensation adjustments across UVA staff and faculty․ This implementation aligns with the state’s commitment to supporting its workforce effectively․
Highest-Paid Employees at UVA in 2024
In 2024, the highest-paid employee at UVA earned $1,600,000, with 2,844 employees making over $100,000 annually․ The average salary was $78,618․
3․1 Top 10 Highest-Paid Employees
In 2024, the top 10 highest-paid employees at UVA earned a combined $8,275,449 in base salaries․ The highest earner, Kent Craig, EVP for Health Affairs, received $1,600,000; Other top earners included executive officers and key academic leaders, with salaries ranging from $176,715 to $932,204․ These figures highlight the significant compensation for leadership roles, reflecting their critical responsibilities and expertise within the institution․
3․2 Notable Trends in Executive Compensation
In 2024, UVA’s executive compensation reflected notable trends, with significant increases for top leadership roles․ The highest-paid executives, such as Kent Craig, earned over $1․6 million, while others in key positions surpassed $500,000․ This highlights a growing emphasis on competitive pay for executive roles, aligning with national trends in higher education leadership compensation, and underscoring the importance of attracting and retaining top talent․
Average and Median Salaries at UVA
In 2024, UVA’s average annual salary was $101,656, with a median salary of $69,000, reflecting a diverse pay structure across its 27,845 employees․
4․1 Average Annual Salary in 2024
In 2024, the average annual salary at UVA was $101,656, with 27,845 employees․ The median salary was $69,000, reflecting a broad pay range․ The university allocated a significant portion of its budget to salaries, ensuring competitive compensation․ A 5% salary increase from the previous year contributed to this average․ The salaries varied widely due to diverse roles and departments․
4․2 Median Salary and Its Significance
The median annual salary at UVA in 2024 was $69,000, representing the midpoint of the pay scale․ This figure highlights typical earnings, offering a clearer picture of central salary trends․ The median salary is crucial for understanding pay equity, as it reflects the value of the middle position in the salary distribution, unlike the average, which can be influenced by extreme values․
Faculty and Staff Salaries
In 2024, UVA faculty and staff salaries averaged $78,618, with a median of $69,000․ Faculty salaries ranged from $107,000 for assistant professors to over $173,000 for senior roles․
5․1 Faculty Salary Structure
In 2024, UVA faculty salaries averaged $78,618, with a median of $69,000․ Assistant professors earned $107,000 annually, while senior faculty and professors in high-demand fields, such as law, earned up to $111,600․ This structure reflects UVA’s commitment to competitive compensation, ensuring faculty retention and attracting top talent across various disciplines, while maintaining transparency in its salary reporting practices․
5․2 Staff Salary Structure
UVA’s 2024 staff salary structure showed an average of $78,618, with a median of $69,000․ Staff roles varied widely, from administrative positions to technical support, with salaries reflecting market rates and internal equity․ Departments like athletics and health affairs saw higher earnings, while entry-level positions remained competitive, ensuring a balanced compensation approach that aligns with industry standards and supports employee satisfaction across the university․
Executive Salary Report for 2024
The 2024 UVA executive salary report highlights a top earner receiving $1,600,000, with several executives earning over $500,000․ The report aligns with Virginia state regulations․
6․1 Key Executive Positions and Their Salaries
The 2024 UVA executive salary report outlines key positions and their compensation․ Kent Craig, EVP for Health Affairs, earned $1,600,000, the highest salary․ Jeff Baylor, Vice Chancellor for Enrollment Management, received $176,715․ These figures reflect competitive pay for leadership roles, ensuring alignment with state regulations and institutional goals․
6․2 Compliance with State Regulations
UVA’s 2024 salary report adheres to Virginia state regulations, ensuring transparency and accountability․ The report includes details on executive salaries exceeding the CEO limit, as mandated by Code of Virginia 23․1-102․1․ This compliance underscores UVA’s commitment to open data and public trust, aligning with state requirements for salary disclosures․
Accessing the 2024 UVA Salary PDF
The official 2024 UVA salary report is available on the University of Virginia’s website at bov․virginia․edu․ This PDF provides detailed salary information for all employees․
7․1 Official Sources for the Salary Report
The official 2024 UVA salary report is published on the University of Virginia’s Board of Visitors website at bov․virginia․edu․ Additionally, the salary data is accessible through the University’s transparency portal, which provides detailed salary information for all employees, including faculty and staff, ensuring public access and accountability․
7․2 How to Search for Specific Employees or Departments
To search for specific employees or departments in the 2024 UVA salary report, visit the official University of Virginia transparency portal․ Use the built-in search tool to filter by name, department, or salary range․ This feature, supported by open-source tools, allows users to easily navigate and find detailed salary information, promoting transparency and accountability in compensation practices․
Salary Trends and Analysis
The 2024 UVA salary report shows a 5% increase for state employees, with average salaries rising to $101,656․ Year-over-year growth reflects inflationary pressures and budget allocations․
8․1 Year-over-Year Salary Growth
In 2024, UVA employees experienced a 5% salary increase, with the average annual salary rising to $101,656․ This growth reflects inflationary pressures and budget allocations, ensuring competitive compensation․ Notably, 2,844 employees earned over $100,000, with the highest salary at $1,600,000․ The median salary increased to $69,000, showcasing progressive wage adjustments across the university’s workforce․
8․2 Impact of Inflation on Salaries
The 5% salary increase for UVA employees in 2024 partially offset inflationary pressures, as consumer prices rose by 9%․ While the average salary reached $101,656, inflation eroded purchasing power, particularly for lower-paid staff․ The median salary of $69,000 highlighted disparities, with upper-tier employees benefiting more․ UVA’s commitment to competitive compensation aimed to mitigate inflation’s effects and maintain employee morale amid economic challenges․
National Comparisons
UVA’s average salary of $101,656 in 2024 exceeded the national average for government employees by 41․7%․ This reflects the university’s competitive compensation strategy and regional cost adjustments․
9․1 UVA Salaries vs․ National Averages
The University of Virginia’s average salary of $101,656 in 2024 exceeded the national average for government employees by 41․7%․ UVA’s highest salary of $1,600,000 surpassed national averages for public university executives, reflecting competitive compensation strategies and regional cost-of-living adjustments․ This disparity underscores UVA’s commitment to attracting and retaining top talent in academia and administration․
9․2 Regional Salary Comparisons
UVA’s 2024 salaries are competitive within the Mid-Atlantic region, with a 5% increase aligning with regional trends․ Neighboring universities show similar compensation levels, though UVA’s top earners surpass some peers; Faculty and executive roles in Virginia outpace nearby states, reflecting regional cost-of-living adjustments and UVA’s strategic recruitment efforts to maintain academic and administrative excellence․
Transparency and Accountability
UVA’s commitment to open data ensures public access to salary information, fostering trust and accountability․ The 2024 salary report complies with state regulations, promoting transparency for stakeholders․
10․1 UVA’s Commitment to Open Data
UVA’s dedication to open data is evident in the 2024 salary report, which provides detailed compensation information for all employees․ This commitment ensures transparency and accountability, aligning with state regulations and fostering trust among stakeholders․ The university’s proactive approach to sharing salary data reflects its mission to maintain open communication and uphold public confidence in its operations and financial management․
10․2 Public Reaction to Salary Disclosures
The release of UVA’s 2024 salary data sparked varied reactions, with many applauding the transparency while others expressed concerns about potential disparities․ The public appreciated the accessibility of the information, enabling comparisons and discussions on compensation equity․ This openness has fostered a more informed community and highlighted the importance of salary disclosures in maintaining trust and accountability within the institution․
Budget Allocation for Salaries
The University of Virginia allocated a significant portion of its 2024 budget to salaries, with an average salary of $101,656 across 27,845 employees, totaling $2․82 billion․
11․1 Salary Expenditure in the 2024 Budget
The University of Virginia allocated a significant portion of its 2024 budget to salaries, with total expenditure reaching approximately $2․82 billion․ This figure accounts for the average annual salary of $101,656 across 27,845 employees․ The budget reflects UVA’s commitment to competitive compensation, ensuring faculty and staff are adequately supported to maintain academic and operational excellence․ Salary expenditures remain a critical component of UVA’s financial planning․
11․2 Future Budget Projections
Future budget projections for UVA salaries indicate a planned allocation of $2․9 billion for 2025, reflecting a 3% increase from 2024․ This adjustment accounts for anticipated inflation and ensures competitive compensation․ Salary growth is expected to align with economic trends, with potential adjustments based on state funding and institutional priorities․ Projections emphasize sustaining faculty and staff support while maintaining fiscal responsibility․
Future Projections for 2025
UVA’s 2025 salary projections anticipate a 3% increase, aligning with inflation and economic forecasts․ This adjustment aims to maintain competitive compensation while addressing fiscal responsibilities․
12․1 Expected Salary Changes
UVA’s 2025 salary projections include a 3% increase for employees, aligning with inflation and economic forecasts․ This adjustment aims to enhance compensation while maintaining fiscal responsibility․ The average salary is expected to rise from $101,656 in 2024, reflecting the university’s commitment to fair pay and employee retention in a competitive market․
12․2 Potential Impact of Economic Factors
Economic factors such as inflation and budget constraints may influence UVA’s 2025 salary adjustments․ Rising inflation could necessitate higher salary increases to maintain purchasing power, while economic downturns might limit funding for raises․ These uncertainties could lead to cautious salary planning, balancing employee needs with financial stability amidst unpredictable economic conditions․
The 2024 UVA salary report highlights a 5% salary increase, with an average salary of $101,656 and a highest salary of $1․6 million for executives․ This data underscores UVA’s commitment to transparency and accountability in compensation practices․
13․1 Summary of Key Findings
The 2024 UVA salary report highlights an average annual salary of $101,656, with a median of $69,000․ The highest salary was $1․6 million for the President, James Ryan․ Faculty salaries ranged from $107,000 to $111,600, while staff salaries varied widely․ A 5% salary increase was implemented, reflecting UVA’s commitment to fair compensation and transparency in its payroll practices for 27,845 employees in 2024․
13․2 Implications for UVA and Its Employees
The 2024 salary data underscores UVA’s commitment to competitive compensation, with a 5% increase supporting employee retention amid inflation․ While high executive salaries reflect market trends, they also highlight disparities․ Faculty and staff salaries demonstrate investment in talent, but inequities persist․ Transparency fosters trust and accountability, aligning with UVA’s mission․ Future salary adjustments must balance market rates, internal equity, and budget constraints to sustain a motivated workforce․