Staff at Independent Institutions see Salary Freezes and Benefit Cuts
August 26, 2009
According to a new report by Yaffe & Company, "Recession's Impact on Executive Compensation in Independent Colleges & Universities," 67 percent of staff had their salaries frozen, while 9 percent experienced a salary reduction. Most of these adjustments in compensations affected everyone at the institution.
During a recession, freezing salaries is a common method to address budgetary problems. This recession, however, has affected benefits as well. More than half of the respondents reported that their institutions were reducing employees' benefits. One fourth of them are reducing or eliminating retirement employer contributions. Another 27 percent are increasing the employee's share of health benefit costs.
Furthermore, most staff at independent higher education institutions (59 percent) don't have variable-pay plans based on achievement, discretion, or a combination of both. More than one fourth (28%) of the institutions that have a variable-pay plan for employees are suspending such programs, and 15 percent are reducing the maximum award potential.
To see a full copy of the report visit www.yaffeco.com.
- Implementation of Overtime Proposal Could Cost Schools Millions
- NACUBO Responds to GASB Exposure Drafts
- ED Corrects Cash Management Rules
- 2016 CAO and CBO Collaborations
August 1-2, 2016
- 2016 Planning and Budgeting Forum
September 19-20, 2016
- 2016 Managerial Analysis and Decision Support
November 17-18, 2016
- WEBCAST: The Clery Act: Strategic Planning to Mitigate Institutional Risk
Thursday, May 26, 2016 1:00PM ET
- ON-DEMAND: Title IX: Key Issues Surrounding Institutional Compliance
- ON-DEMAND: Containing Cost and Risk with Renewables – the Power Purchase Agreement Story
- ON-DEMAND: NACUBO Live! Higher Education Accounting Forum
- ON-DEMAND: Are Hedge Funds and Private Equity Right for You? An Analysis of Alternative Investments
- ON-DEMAND: Responsibility Center Management: Two Different Perspectives