ST. LOUIS — As one of the St. Louis region's largest and oldest employers, Saint Louis University is committed to compensating its faculty and staff with competitive salaries and benefits. With the support of the President and the Board of Trustees, SLU is providing approximately $13.4 million in salary increases for faculty and staff for Fiscal Year 2014, which began July 1.
As part of its FY14 compensation plan, the University provided $10 million for performance merit increases and another $2.7 million for market adjustments to faculty and staff positions across the University, as well as $650,000 in additional faculty compensation for rank and tenure promotions. Nearly 98 percent of all eligible full-time faculty and staff received salary increases for FY14. These increases come during a time when some other Jesuit universities have announced they were giving smaller or no salary increases this current year.
"Providing this generous $13.4 million compensation pool clearly demonstrates SLU's ongoing commitment to attracting and retaining the very best faculty and staff to serve our students and our patients," said University President Lawrence Biondi, S.J. "This financial commitment to our faculty and staff shows the strength of our University and recognition of the important contributions of all of our employees."
Continuing the long tradition of shared governance at SLU, compensation of faculty and staff was a joint priority in developing the University's FY14 budget, which was approved by the President and the Board of Trustees in December 2012.
In providing this significant compensation pool, SLU followed a long-established process for annual performance reviews and merit-based salary increases that has been in place for more than 30 years and is consistent with University policies and procedures.
In the case of faculty, salary recommendations are made by academic department chairs and reviewed by the deans, who then forward their recommendations to the academic vice presidents for review. For staff, salary recommendations are made by department managers and vice presidents. Ultimately, recommendations for faculty and staff salary increases are reviewed and approved by the president in consultation with the appropriate vice presidents and deans.
In addition to this regular performance review process, the academic vice presidents for the St. Louis campus completed a preliminary analysis of faculty compensation using national and discipline-specific data. Based on the findings of this analysis — and in collaboration with the Compensation and Benefits Committee of the Faculty Senate — the University provided salary market adjustments outside of the normal salary program to numerous members of the faculty.
Further, SLU worked with an external consultant this year to conduct a market analysis of staff positions at the University. Based on the findings of this independent study, SLU adopted a new salary structure and salary guidelines for staff, which resulted in additional salary increases for numerous staff members.
"In light of our nation's economic challenges and our continuing efforts to keep tuition affordable for all of our students, SLU is blessed to be able to fund these salary increases for this fiscal year," Biondi said.