What you may want to Consider #6: Planning faculty compensation
We have decided to write a series of short articles giving suggestions on what business managers and school leadership may consider doing now or this month. These may require some effort, but we have found that they promote organization, understanding and build trust around the finance and operations of a school. Like schools, these articles are calendar driven and are relevant to the school month in which they are published.
Planning now of faculty compensation for the 24/25 academic year is crucial for ensuring the school can attract and retain top talent, remain competitive in the international school landscape, and provide stability for faculty members in a challenging environment.
Planning faculty salaries for the 24/25 academic year needs to be started now as it is a complex process that requires a great deal of market information to be collected. This information includes salary surveys, market trends, and competitive benchmarks. Collecting this data takes time, and starting the process early ensures that the school has enough time to gather all the necessary information and make informed decisions.
Additionally, planning faculty salaries for the 24/25 academic year requires financial resources to be allocated. This includes determining the budget for faculty salaries, which is a critical component of the overall financial plan for the school. Starting the planning process now allows the school to make considered decisions on how it allocates funds as it starts its 24/25 budgeting process in a few months' time.
Finally, the process of planning faculty salaries requires collaboration with faculty staff and administrators. Engaging these stakeholders early on in the process ensures that their perspectives and needs are taken into account, which can help improve the overall planning process and increase buy-in from faculty members.