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.
- Federal Court Postpones Effective Date of Overtime Rule
- 1098-T Box 1 Reporting Will Not be Required Until 2018 Tax Year
- EPA Issues Hazardous Waste Generator Improvements Rule
- 2017 Intermediate Accounting and Reporting - Winter
January 23-24, 2017
- 2017 Endowment and Debt Management Forum
February 1-3, 2017
- ON-DEMAND: The CBO's Role in Diversity and Inclusion on Campus
- ON-DEMAND: The Clery Act: Strategic Planning to Mitigate Institutional Risk
- ON-DEMAND: Title IX: Key Issues Surrounding Institutional Compliance
- ON-DEMAND: NACUBO Live! Higher Education Accounting Forum
- ON-DEMAND: Responsibility Center Management: Two Different Perspectives