Changing markets drive businesses to improve their product and service offerings, with customer satisfaction being the ultimate goal. However, for decades now, higher education has remained static, typically serving a fixed product to an unchanging market. No thorough review has been conducted to assess the state of higher education, the curriculum and programs offered, and […]
Jan 12, 2022
Dec 22, 2021
Organizations across all industries will have to raise wages for their lowest-paid workers sooner or later. Competition in the labor market and local, state, or federal mandates will make this pay adjustment necessary, and many employers are already working out strategies to comply ahead of time. However, raising the minimum wage introduces another headache—pay compression. […]
Dec 08, 2021
A 2017 Bureau of Labor Statistics (BLS) report revealed that increased compensation helps improve employee productivity. This is true even for higher education faculty. Unfortunately, institutions of higher learning have little to no control over the availability of funds to compensate their faculties appropriately. Other than the higher education stakeholders who determine the availability of […]
Nov 10, 2021
According to a 2021 report by Candid (based on tax filings for over 100,000 nonprofits in 2019), salaries for chief executive officers (CEOs) and executive directors (EDs) in the charitable sector increased steadily between 2015 and 2019. When it comes to nonprofits, executive compensation isn’t just about attracting top talent; it’s also a compliance issue. […]
Oct 20, 2021
Over the years, higher education organizations have had to restructure their compensation schemes multiple times to comply with changes in the Fair Labor Standards Act (FLSA). The U.S. Department of Labor (DOL) enforces this law, which determines federal minimum wage and overtime pay thresholds. Also, the FLSA classifies employees as either exempt or non-exempt from […]
Oct 06, 2021
In the U.S., the COVID-19 recession has hit institutions of higher education particularly hard. For instance, the pandemic has caused the average salaries for full-time faculty members to decrease for the first time since the 2008 Great Recession. Besides salary cuts, many colleges across the country have cut programs and furloughed some of their employees […]
Sep 23, 2021
During the height of the COVID-19 pandemic, many businesses across the U.S., both large and small, laid off or furloughed workers, leading to a dramatic spike in unemployment across the country. For instance, in March 2020 alone, non-farm payrolls fell by 701,000. While some employers laid employees off for safety concerns, others did so due […]
Sep 09, 2021
Various stakeholders, including students, parents, the public, and the government, persistently demand higher education quality and accountability. To meet these expectations, most universities and colleges use management tools such as mission statements and strategic planning. However, faculty compensation can also help these institutions achieve their mission and satisfy their high expectations. Here’s a look at […]
Aug 18, 2021
For years, the average minimum wage in the U.S. has been $7.25 per hour. Although some institutions pay slightly higher, only a few of them have surpassed the $15-per-hour mark. Even worse, the COVID-19 recession not only resulted in massive job losses in the U.S. but also a cut in wages for those lucky enough […]
Aug 11, 2021
A recent National Education Association (NEA) report revealed that faculty compensation in higher education has increased over the past 10 years. While the salary for a full-time professor averaged $90,000 in 2020, there are still significant discrepancies in pay across faculty ranks, with unfair or inadequate compensation impacting the quality of higher education. Here’s a […]