ERIC Number: ED430425
Record Type: Non-Journal
Publication Date: 1999-Apr
Reference Count: N/A
Wheaton College. Exemplars.
Zemsky, Robert, Ed.; Wegner, Gregory R.
This report describes efforts by Wheaton College in Norton, Massachusetts, to address the problem of inadequate faculty salaries by developing and implementing a "profit-sharing" plan that adjusts the faculty salary pool in relation to changes in the institution's financial well-being. It notes that faculty-administration relations at the small liberal arts college had soured in the early 1990s as a result of faculty salary issues. The plan posits that as the college's resources increase or decrease relative to the mean of nine comparison institutions, Wheaton faculty salaries will change by the same margin. The "floor" of the plan stipulates that faculty salaries will increase at the rate of the consumer price index, while the "ceiling" stipulates that if Wheaton faculty salaries become equal to the mean salaries at the comparison institutions, they will not exceed that mean until Wheaton's resource base increases to within 20 percent of the average resources of the comparison institutions. The plan was successfully implemented and created a climate in which faculty began to consider themselves stakeholders in the institution's financial well being, leading to their increased participation in recruitment, retention, and fund raising. (MDM)
Descriptors: College Administration, College Faculty, Econometrics, Educational Finance, Financial Problems, Higher Education, Labor Economics, Models, Private Colleges, Revenue Sharing, Teacher Salaries
Exemplars, Institute for Research on Higher Education, 4200 Pine Street, 5A, Philadelphia, PA 19104-4090; Tel: 800-437-9799 (Toll Free); E-mail: firstname.lastname@example.org; Web site: http://www.irhe.upenn.edu/knight/knight-main.html
Publication Type: Reports - Descriptive
Education Level: N/A
Sponsor: John S. and James L. Knight Foundation, Miami, FL.
Authoring Institution: Knight Collaborative, Akron, OH.; Pennsylvania Univ., Philadelphia. Inst. for Research on Higher Education.