Faculty Salary Policy 2012-2016
Approved by Faculty and Trustees February 2012
*A new peer group, the University Salary Comparison Group (USCG) of co-ed, four-year,liberal arts institutions that are most like us in mission and student body. At the end of four years, the peer group may be revised according to the same parameters, allowing individual schools to be added and subtracted based on those schools’ individual fortunes.
*Our goal is to have average salaries at least at the median of the peer equivalent group.
*The salary pool will equal the median of the increase that the peer group provides their faculty in the previous academic year (3.1% in 2011-12), plus a catch-up equal to the difference between SLU's average salary and the SLU weighted median salary of the peer group spread evenly over the first three years of the policy. In 2011-2012, that difference was 3.1%.
*This first year of the catch-up factor amounting to 34% of the total catch-up is guaranteed or (1.05%). The total pool will be 4.15% of the salaries of all continuing faculty. As described in the salary distribution policy, the floor adjustment and promotional increases, as well as the general increase, will come from this pool. After seven promotions the general pool will be 3.840%.
*The full increase will take place effective January 1 of each year.
*Salaries will be the first charge on the budget after the legally binding calls on the budget. There will be no change in the structure of the compensation package in terms of the percentage of contributions toward retirement or health insurance.
*We agree that in all circumstances other than those that threaten the secure financial position of the institution, this agreement will be adhered to for four years. However, should such threatening circumstances arise, we agree that no decision about altering the policy would be made without consultation with representatives of the faculty about options and possibilities for achieving equilibrium in University finances and the operating budget.
University Salary Comparison Group (USCG)
College of Holy Cross
College of Wooster
Franklin & Marshall
Hobart William and Smith