The University of Florida College of Dentistry

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1 The University of Florida College of Dentistry

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4 Faculty Compensation Why? Faculty are our greatest asset and our largest expense Disparity between private sector and academic salaries National faculty shortage Incentives motivate behavior and positive outcomes?

5 Faculty Compensation: Why? UFCD Personnel Costs Faculty Grad Asst/Post docs/residents Support Staff Totals $24,015,002 $3,052,832 $15,882,645 $42,950,482 Approximately 70% of our operating budget!

6 Friendly reminder: Money isn t everything!

7 Institutional Commitment

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9 Strategies Tactics Responsible Person Timeline

10 Faculty and Staff Turnover Jan 1 Dec 31, 2009 Faculty Terminated Resigned Retired TOTAL of % % Staff Terminated Resigned Retired TOTAL of % %

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16 Faculty Compensation Work Group Proposed UFCD Faculty Compensation Plan Goals Develop a transparent plan that will be utilized across the college to define all the components of faculty s total compensation paid through the university payroll system. Promote enhanced faculty performance in the teaching, research and service activities supporting the mission of the college by clearly identifying opportunities for increased compensation and performance awards.

17 Purpose Establish a transparent and understandable faculty compensation structure that clearly illustrates the various components and their sources of compensation including base salary, fringe benefits, supplemental payments and incentive awards. Incentivize productivity, reward excellence, provide clear pathways to rewards for superior performance for all faculty members, and support the recruitment and retention of the highest caliber faculty. Provide the flexibility to fairly and consistently compensate faculty members for increased or significantly altered duties, superior performance and increased productivity. Similarly, it also allows for a decrease in compensation in cases of activity and performance below expectations. Provide improved stability and strength to the fiscal health of all the college and departments

18 Total Annual Compensation = (x + x ) + y + z + (fringe benefits package)

19 Definitions of x, y, & z Components x The core salary based on the discipline, rank, experience, training, etc. x The flexible component of the base salary that also reflects most of the same factors that go into the determination of x, but is funded through the professional efforts of the recipient or a pool of potential recipients. x + x = base salary of an individual faculty member y z Compensation paid for effort and/or responsibility in addition to that compensated by (x + x ) such as administrative responsibilities. Monetary reward for performance excellence in teaching, patient related activities, research or other assigned activity. Fringe Benefits Package: A variable percentage of the sum of x, x and y and on z that pays for employee benefits

20 Funding sources Appropriated funds from the state of Florida Patient-related service revenues (Academic Enrichment Funds, or AEF), which includes revenue generated from: Student clinics, Resident/Advanced Education clinics Professional practice fees Salary support funds on extramural grants and contracts Other institutions (usually grant or contract related) University of Florida Foundation (includes endowment funds) UFCD Continuing Education, which includes: Dental Intern program, Self-funded programs, Distance education Affiliated agency support (e.g., Shands HealthCare) President/Provost special appropriations Special state or federal appropriations

21 Future Directions Employee compensation plan to include staff? Adjust benefit packages? Develop better national salary, turnover, and other benchmarking data Use more holistic approach to faculty recruitment and retention pay attention to all factors that motivate faculty Communicate, communicate, communicate!

22 Thank you!