Building and Managing the Faculty of the Future
Edited by Robert L. Clark and Jennifer Ma
Chapter 15: Developing new employment and compensation policies in higher education
15. Developing new employment and compensation policies in higher education Robert L. Clark and Madeleine B. d’Ambrosio American colleges and universities face a series of important challenges as they strive to remain the best in the world. We are all familiar with reductions in state appropriations, ﬁnancial market ﬂuctuations and their impact on institutional endowments and pension funds, and the limited growth in federal research funds. Academic administrators must seek to maintain high quality faculties in the face of rising salaries in non-academic employment and the escalating costs of health beneﬁts for active and retired faculty. Changing faculty demographics also present institutions with new issues in the cost of retaining older professors, the ﬂexibility to respond to changes in student preferences, research and teaching productivity, and the ability to hire and promote a more diverse workforce. The impact of these trends varies by academic discipline, implying that there may be a shortage of faculty in some areas while other disciplines may have an excess of potential faculty. The chapters in this volume provide an in-depth assessment of the current state of the academic labor market and how it is evolving in response to the changing economic, demographic, and social environment. The rapid aging of university faculties is described for the academy at large and for speciﬁc institutions. Faculty aging, changes in mandatory retirement policies, and new retirement policies have fundamentally altered the ability of institutions to recruit, retain, and retire quality faculty. The implications of an aging professorate...
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