Hiring and retaining a president are among the core fiduciary responsibilities of governing boards. This puts them on the front lines for ensuring that the compensation and benefits paid by a college or university to its leaders (and coaches) are reasonable, compliant with the law, befitting of the institution’s philosophy and budget, and effective at securing the best talent possible.
The Compensation Committee offers concise tips for determining salary and benefit packages that:
- Meet the oft-conflicting goals of remaining within the institutional budget,
- Stay true to institutional principles,
- Meet compliance requirements, and
- Remain generous enough to retain a leader the board wants to keep or secure top new candidates for leadership.
The author also discusses four pitfalls to avoid regarding:
- Expense reimbursement,
- Spousal/partner compensation and benefits
- "Gratitude" benefits, and
- Confidentiality issues.