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The Faculty Salary Plan Le Moyne College A presentation by the Faculty Senate Finance Committee February 2009.

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Presentation on theme: "The Faculty Salary Plan Le Moyne College A presentation by the Faculty Senate Finance Committee February 2009."— Presentation transcript:

1 The Faculty Salary Plan Le Moyne College A presentation by the Faculty Senate Finance Committee February 2009

2 Role of Compensation Systems Attract suitable employees Retain successful employees Provide incentives for career development and promotion

3 Historic Goals of the Plan (now some 30 years old) 1)Provide competitive starting salaries 2)Provide faculty with a predictable and transparent salary structure as they advance their careers at the college 3)Allow long-serving faculty to avoid being lapped by newer faculty 4)Provide the faculty and the college with predictable raises to facilitate planning and avoid annual battles

4 Outline of Plan - Parameters 1)Starting salary for assistant professor 2)Step raises for years )Promotion raises to Associate Professor and Professor 4)More Recent Additions are Continuing Proficiency Increments for Professors and later added for Associate Professors

5 Economic impact of the FSP In a steady state the faculty salary plan requires funds to increase by only as much as the Consumer Price Index to fund it –People retiring or leaving would be enough to fund new hires, step raises, promotion raises, and continuing proficiency increments –If we need to devote more money than the consumer price index, it is not because of the plan but because of other factors

6 Have Salaries Risen Too Fast? Le Moyne Faculty Salaries have not gone up faster over the long term than those at other institutions Accordingly, elimination of the salary plan would not mean we could distribute less money Salaries have almost always risen less rapidly than tuition

7 Where has the FSP put Le Moyne Faculty? Use of several samples of comparable colleges shows our compensation to be appropriate Over the past decade we have seen small improvements in our relative standing for professors and associate professors Be careful about choosing sample by handpicking comparison schools

8 Le Moyne College Ranking among all Carnegie 2A Private Schools in New York, Ohio and Pennsylvania Prof RankAssoc RankAsst Rank Salary15 of of 47 Comp20 of 4719 of 4731 of 47

9 Le Moyne College Ranking among the top 15 private schools with which we compete for students Prof RankAssoc RankAsst Rank Salary5 of 167 of 1611 of 16 Comp8 of of 16

10 Le Moyne College Salary Rank for Given Years compared to our top 20 competitors for students Prof RankAssoc RankAsst Rank of of of of of 2113 of 2117 of 21

11 Le Moyne College Averages Compared to Group Averages for the top 15 private schools with which we compete for students ProfessorAssociateAssistant LMC Salary$89,000$71,900$51,700 Mean Salary$90,200$70,700$58,000 LMC Comp$113,100$89,900$66,100 Mean Comp$125,300$92,700$75,500

12 Le Moyne College Averages Compared to all 2A Schools in NY, the Mid- Atlantic, or New England ProfAssocAsstAverage LMC$92,200$74,400$53,300$73,300 NY$89,003$70,721$55,851$72,838 Mid Atl$95,205$73,567$61,786$76,853 New Eng$96,261$74,627$60,642$77,162

13 Flexibility FSP allows flexibility in determining what cost-of-living factor to use in any given year (with faculty participation) Still plan shows us what we should normally expect (what the default cost-of- living factor should be) Need to follow handbook processes

14 What is in the Projected Budget? Promotion raises are funded The cost-of-living factor is zero There is no funding for step raises There is no funding for continuing proficiency increments

15 Where do we go from here? Compensation Task Force seems dead! Consultant coming to campus How would you like us to respond? What position would you like us to take? Contact Professor Theresa White with your ideas:


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