Competitive benefits represent one aspect of UF’s “total rewards” approach to faculty and staff compensation
As we pursue our goal of becoming one of the nation’s top-five public research universities, UF is committed to a “total rewards” strategy that encompasses not only a competitive market- and merit-based approach to pay, but also quality benefits, meaningful work and opportunities for career growth and development for our exceptional faculty and staff.
A fundamental component of this strategy is our commitment to providing competitive compensation. Salary increases provided as part of the 2019–2020 pay program represented an infusion of $15.6 million into faculty salaries and $16.5 million into staff salaries. This investment, along with other investments like the Faculty 500 initiative, resulted in a 6.60-percent increase in faculty salary expenditures and a 7.58-percent increase in staff salary expenditures in FY19.
While competitive salaries are a key component of any total rewards strategy, it is not only about pay.
A recent collaboration between UFHR and Sibson Consulting found that UF’s health care options were highly competitive with our peers and provided a significant value to our faculty and staff. This benefit is only getting richer. While UF will see an increase of 4 percent in the employer premium it pays, there will not be a corresponding increase to employee health care premiums this year. UF’s employee premium for family coverage will remain $180 per month for the PPO and HMO Standard plans, or $2,160 annually. Additionally, UF is contributing $1,540 per month, or $18,480 annually, for family coverage.
To highlight the value of this benefit, a recent study conducted by the Kaiser Family Foundation as part of its 2019 Health Benefits Survey found that the annual health care premiums employees are paying for family coverage averaged $6,015 per year—almost three times more than what UF employees are paying for family coverage. Additionally, on average, employers are paying 71 percent of the cost of family coverage, while UF pays 90 percent of the cost of family coverage. Lastly, the UF PPO and HMO Standard plans will see no change in plan design, and deductibles remain well below the national average. The family deductible for the PPO Standard plan is $500, while the national average is $2,000.
With benefits Open Enrollment running Oct. 14 through Nov. 1, now is the perfect time to review your benefits to ensure you’re taking advantage of UF’s competitive offerings.
One benefit to highlight is that during this year’s Open Enrollment only, employees may enroll their spouse or dependent children in UFSelect Standard Life Insurance with no evidence of insurability requirement. Spouse life insurance is available in increments of $5,000 up to $50,000, and child life insurance is available in increments of $5,000 up to $25,000. This is a great opportunity to provide life insurance benefits for dependent children and your spouse with no medical questions asked.
Employees interested in learning more about the value of their benefits package may review their UF Employee Year End Statement accessible in myUFL. This statement provides a detailed explanation of employee and employer contributions toward your total rewards. To access the statement in myUFL, select Main Menu > My Self Service > Payroll and Compensation > UF Employee Year End Statement.