Implementation of the compensation policy could begin as early as the 2016-17 academic year, although significant work remains in reaching a final version and assuring community support.
The Faculty Compensation subcommittee recommended forming a standing Faculty Personnel Committee to advise administrators, faculty employees, and potential employees of our salary policy, to make initial assessments of credit for experience, and to support the hiring process and support of faculty. Please feel free to comment on that part of the proposal. They also make recommendations about support for faculty diversity, hiring processes, promotions, and other issues.
There are also other potential areas of concern, such as:
- How quickly will we implement this policy?
- Will we prioritize salary adjustment over new hiring?
- Will new hires be brought in at their target salaries, or at some level below target (as most other faculty will be for the near future)?
- How will we prioritize any available raise pool? The compensation philosophy says we should prioritize those most below their target levels, but even that is complex (see here for some examples).
- How will we adjust the formula in the future? All parts of it will need to be adjusted to keep pace with our comparison institutions and also with inflation. Also, if we intend to phase out the market-based discipline component of the formula, how quickly will we do so?
- Most faculty will be under their target levels, but some may be over. Will we reduce the salaries of faculty who are over their targets? Most work on this have assumed that we will not reduce anyone’s salary as a result of implementing this policy.
Feel free to add your comments or ask other questions below.