Compensation is the total of salary plus all programs and benefits with monetary value include health and other insurance, contributions to retirement and pension programs, holiday and leave provisions, educational opportunities, bonuses, and other employer costs that benefit employees. The compensation policies of an organization are viewed by the employees as indicators of the management’s attitude and concern for them. Traditionally, pay scales in companies reflected the importance of the work and the responsibility level. Today, organizations try more to assess the worth of an individual in terms of his performance and contribution to the organization. As far as university’s compensation and salary structure is concerned, it includes the compensation package for the teachers, staff, student workers, OSS, the Board Members, etc. the package should be designed in such a way that coves maximum benefit and motivation of the employees of the university. But then question arises that, what is the Current Standard for Teacher Compensation? Teacher compensation currently is based on the basis of their years of experience and educational units or degrees. Teacher compensation is gaining renewed attention in state legislatures and school district offices as policymakers seek to attract and retain qualified individuals to teaching and also explore creative ways to promote higher educational and professional standards. There are two types of compensation systems in use today: (1) pay for performance, and the other is (2) knowledge- and skills-based pay systems. Pay for performance is adopted to improve the overall quality of teaching by rewarding the performance of outstanding individuals. KSA’s based pay system usually is adopted to enhance the present knowledge that the teachers posses and improve their skills so that both the teachers as well as the students are beneficial. What type is the university adopting while compensating their employees, not only teachers but also other members attached to the university is the main concern in this report? The main focus will be of course teachers and staff members. The Universities that are on focus are: University of Kentuky, University of Minnesota, and University of Notre Dame. Their compensation packages will be described along with their benefits and later analysis will be made on the pay structure and on the relative compensation packages.
Objective of this Report:
The main purpose of this report is to see the compensation system and the pay structure of different universities and how they are different form universities of other countries. Basically the salary of the employees in the year 2006-2007 will be focused in this project. The four different universities analyzed here are from four different countries like USA, Australia, Minnesota and Bangladesh. Compensation is a motivating factor for all. But it is to see that how does the compensation package vary from country to country and how do they motivate the employees. Are the employees satisfied with the compensation packages cannot be verified in this project as we are using secondary data to prepare this project, but at least we can estimate the progress of the universities through the compensation packages.
There are many methods to collect information when making a project. The different methods can be Questionnaire, Interviews, Observation, etc which are the primary source of collecting data. But as this particular project contains compensation system of universities from different countries so face-to-face interviews and primary data are impossible to collect. So in this project mainly the source of secondary data has been used which is Internet. The information regarding compensation policies and pay structure are taken from the internet from different websites. The names of the websites are given in the appendix. Chapter One
The University of Notre Dame is a...