Presentation on theme: "Comprehensive Faculty Compensation Plan Joint Presentation By Faculty Senate Budget & Welfare Committees."— Presentation transcript:
Comprehensive Faculty Compensation Plan Joint Presentation By Faculty Senate Budget & Welfare Committees
The Plan We plan to discuss two items at a time For each discussion we would like to: –Initially discuss in Senate –Individual Senators discuss in departments –Revisit discussion in Senate, change if needed –Senate vote to support and vet plan
1. Equity/Parity Biannual Equity Study and Adjustment. The committee proposes that there be an equity study conducted every two years with an adjustment to faculty salaries in the subsequent year to bring them inline with the NCHEMS identified peer institutions. This study shall be conducted jointly by the Faculty Senate and the Office of Administration and Finance. –Rationale: The criteria used in defining the NCHEMS peer group, which was developed by the National Center for Higher Education Management Systems based on similar institutional missions, size, service and program mix, has been used at MSCD as the basis for tuition comparisons, increases program growth and development, and administrative salaries. No inversion of salaries created by new hires, unless by department vote (Redlining). No new tenure-track faculty member shall be hired in at an annual salary greater than an existing tenure/tenure-track faculty member the same department unless by simple majority consent, via confidential vote, within the hiring department (Redline). –Rationale: Although salary inversions may occur among faculty for reasons including merit raises and extra duty pay, no new tenure-track faculty member shall be hired in at an annual salary greater than an existing tenure/tenure-track faculty member the same department unless a consensus within the hiring department determines an inversion is necessary. Additionally, an initiating sponsor (Chair or Dean) of the Redlined individual will be responsible for the individual’s performance.
2. Base Salary Simple Base Adjustment. The committee proposes that there be a minimum annual base adjustment to pay for all tenured/tenure track faculty, equivalent to the annual rate of inflation in the state of Colorado. –Rationale: This adjustment will hold the faculty at “no harm” in years where no additional merit based adjustments can be made. This will help ensure that Metro State faculty salaries do not actually decrease in relative purchasing power relative to the localized economy of the state of Colorado. Merit Based Raises. The committee proposes that there be base-building raises to faculty member’s salaries based on performance and merit, separate from the annual cost of living adjustment. This shall be implemented at levels that allow parity growth and spread compared with peer institutions. –Rationale: This almost universal mechanism of employee reward and compensation will motivate faculty and reward them commensurate with their talents and effort.
3. Compensation Policies Summer Pay. The committee proposes that summer pay for teaching shall be paid at a rate commensurate with pay rate of the Academic Year. Meaning a 9 unit summer workload would be compensated at a rate of 9/24ths of the AY salary. Faculty pay rates for the summer will not be reduced without a commensurate reduction in staff and administrator pay rates for the same period. Grants Pay. The percentage pay for externally funded activities (grants, contracts, etc.) shall be raised to 37.5% (increased by 7.5%) to facilitate an increase in submitted proposals and to bring the institution to parity with its peers and with summer pay rates. Compensation Banking. In times of financial hardship or instability as defined by a freeze in the state budget allocations to the institution, cost of living adjustments, merit evaluations, and equity comparisons shall be conducted as at any other time. If the institution is unable to enact the appropriate adjustments to faculty salaries in the following year, those adjustments shall be “banked” and paid out in the following year or as soon as the funds are available on a percentage of budget basis.