Faculty Salary Policy 2017 - 2021
Approved by Faculty April 4, 2016 and Trustees May 21, 2016
- A new peer group, the University Salary Comparison Group 2016 (USCG16) of co-ed, fouryear, liberal arts institutions that are most like us in mission and student body. At the end of five 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 or target is to have average salaries at least at the median of the peer equivalent group.
- The salary pool increase will equal the median of the increase of the USCG16 peer group provides their faculty in the previous academic year.
- There will be a separate budget for promotions as the salary pool will not be reduced for this purpose. Promotion dollars will grow at an annual rate equal to the median increase of the USCG16.
- There will be a one-time adjustment to the salaries of full professors to correct for distortions caused by the last policy from reducing the salary pool for promotions. The total resources allocated to this are $112,200 and will be payable over two years.
- The full increase will take place effective January 1 of each year.
- There is a separate document which defines, in detail, the methodology of calculation and measurement associated with the administration of this policy.
- 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 unless approved in the normal course, which includes participation of the faculty-staff Salary & Benefits Committee and communication with faculty and staff.
- We agree that in all circumstances other than those that involving a substantial and significant change in the financial position of the institution, this agreement will be adhered to for five years. However, should such circumstances arise, and in keeping with our commitment of good practices in shared governance, we agree no decision about altering the policy will be made without consultation with the faculty-staff Salary & Benefits Committee and the tripartite Budget & Finance Committee and then discussion with the faculty, senior staff, the President and the Board of Trustees about options and possibilities for achieving equilibrium in University finances and the operating budget.
University Salary Comparison Group 2016 (USCG16)
College of the Holy Cross
College of Wooster
Franklin and Marshall College
Hobart & William Smith Colleges
Saint Michael's College
Bard - ADD
Sarah Lawrence - ADD
Washington & Jefferson - ADD
Vassar – ADD
Drew University – DROP falls out due to ranking and resources