The importance of appropriate compensation and employment security for college faculty is discussed, in light of the declining purchasing power and wages for teachers and the erosion of benefits and pension prospects. From 1970 to 1985, the national average faculty salary, adjusted for inflation, fell 15.1%. Regardless of personal commitments and rewards of academic life, the faculty member's salary is not comparable with even beginning professional salaries in corporate or commercial positions. The increasing use of part-time or adjunct faculty is also a concern. Many faculty rely on these appointments for their primary livelihood, sometimes holding part-time jobs at two or more campuses. Since these positions are rarely equal in salaries or benefits with full-time positions, the part-timers experience a kind of marginality within the college that is economically constraining and professionally demoralizing. Another issue concerns mandatory retirement. Some have linked early retirement to the financial incentives for teachers. It is proposed that many of the problems with modern teaching may be directly related to the problems of compensation, standard of living, career development, and material well-being of teachers. (SW)