Update, October 2015
The 2015-16 budget provided for an overall increase of 2% in the faculty and staff compensation pools. A combination of retirements and funds made available through endowed professorships allowed for an across-the-board salary increase of 2% for faculty, with an additional 3.5% increase for those faculty members who made particularly strong contributions to the college’s mission and priorities.
Last year, the ad hoc committee on faculty salaries developed, in collaboration with President Bierman, a set of shared principles (see Appendix A) intended to guide the decisionmaking process with regard to faculty compensation. These principles were shared with the Faculty Status and Performance Committee and the Academic Senate in the spring. The salary group, FS&P, the Provost, President, and VP for Finance continue to collaborate on a plan with the goal of bringing Beloit to the median of the ACM for average faculty salaries by 2018-19.
Compensation Principles (shared with campus, May 4, 2015)
- We (the Beloit College Faculty and Administration) have a clear goal for average compensation by rank, with a realistic timeline and expectations around reaching that goal, to be updated annually. This goal will be informed by comparisons to ACM and other peer institutions, and that data will include health and retirement benefits in addition to salary.
- Compensation for faculty is a top priority, understood within the context of competing uses of resources.
- We will explain, in a principled way, variance in compensation within and across ranks.
- We are sensitive to market conditions.
- We recognize basic principles of equality (within ranks, across ranks, across different faculty profiles).
- We are committed to raising compensation across the board, recognizing that performance differences may yield pay differences. Such differences will be addressed in FS&P.
- The above principles will be subject to bi-annual review, in both Senate and all-faculty meetings.