Faculty Compensation Services
In these economically challenging times, institutions of all types are looking to ensure that their investments in faculty compensation are internally equitable and externally competitive. All too often there is not an institutionally owned framework against which to benchmark current investments and help guide future investments.
Further challenges to institutions include valuing and rewarding both individual and team performance while at the same time ensuring collaboration. This is especially challenging in times of limited salary budgets, decreasing retirement balances, and increased cost-sharing for health benefits.
Many institutions are now taking the time to establish faculty compensation philosophies and structures so that when resources become available there is valid, reliable, and institutionally owned framework to guide investment decisions.
Our services can help you get a faculty compensation philosophy and framework in place:
Readiness Assessment
- Initial Issues Analysis and Discussion
- Sponsorship, Championship, and Internal Support
- Committee Selection
- High Level Competitive Assessment
Faculty Reward Strategy Development - Facilitation of Committee Through Four Phase Process of:
- Knowledge Building
- Internal Influences on Compensation
- External Influences on Compensation
- Peer Group Analysis
- Detailed Competitive Assessment
- Design
- Implementation
- Cost Analysis
- Prioritization of Investments
- Maintenance and Communications
Call us today for a quick and simple readiness assessment!
