The Use of Benchmarking to Ensure Competitive Faculty Pay
How higher education institutions can use benchmarking to offer faculty competitive pay.
Offering competitive pay is one of the best strategies that higher education institutions can use to attract and retain the best faculty members. But how can you ensure that you are offering fair and competitive pricing to new and continuing faculty? By benchmarking the faculty salaries at other higher education institutions, you can determine what to offer your staff. Here’s how higher education institutions can use benchmarking to offer faculty competitive pay.
When benchmarking faculty salaries, you need to use a source that offers accurate salary data that you can compare your institution against. For instance, your benchmarking source should collect data by rank and discipline. This is because salaries across departments and seniority level naturally vary considerably. You also need to ensure that the source you are using offers current salary information. Relying on older sources might mean that you are missing important economic changes.
Your benchmarking source should also gather information on your peer institutions and should allow you to compare yourself against institutions in your state and region. This will ensure that you are matching against relevant institutions rather than institutions that are across the country or of a different rank. Naturally, your benchmarking source must be credible. The data you use should come from a research facility with a solid reputation and longevity in the field. Finally, your source should maintain institutional anonymity to prevent unbiased reporting.
This is how higher education institutions can use benchmarking to offer faculty competitive pay. Are you interested in learning more about university payroll news or are looking for a consulting firm with experience in higher education institutions or medical centers? Then don’t hesitate to contact the professionals at McKnight Associates, Inc. We are ready to offer you hands-on human resources consulting for colleges, universities, medical centers, and organizations of all sizes.