Institutions of higher learning have played a significant role in the development of the US economy. According to the National Center for Education Statistics, there are 4,298 institutions of higher learning in the United States. Of the total number of the institutions of higher learning in the United States, only 1,626 are public colleges. It is also important to realize that the number of colleges in the US has been declining because they are struggling financially. Staff salaries make up a significant part of the total expenses incurred in colleges. Lecturers are some of the key employees of colleges. The lecturers are responsible for preparing and delivering regular lectures for students. They also guide class discussions, prepare, and mark student assignments. They also conduct further research into their specific field of knowledge.
The elements of compensation for a lecturer in the United States include base pay, incentive pay, regular benefits, overtime pay, travelling and housing allowances. The base pay excludes the extra lump sum compensation such as overtime pay. The incentive pay is aimed at promoting research among the lecturers. Lecturers who are involved in research are motivated through the incentive pay. The regular benefits include medical insurance, retirement plans, leave and vacation allowances (Katsinas et al., 2016). The benefits are intended to motivate the lecturers and improve retention. The overtime pay refers to the amount paid for extra hours worked. The travelling allowance is meant to facilitate the travelling needs of the lecturers. The housing allowance is the amount paid to lecturers to facilitate their housing arrangements. Proper and attractive compensation is important in attracting and retaining talent in the colleges (Sarmad et al., 2016). Better compensation also ensures quality education as the lecturers can effectively focus on delivering content to learners.
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References
Sarmad, M., Ajmal, M. M., Shamim, M., Saleh, M., & Malik, A. (2016). Motivation and Compensation as Predictors of Employees' Retention: Evidence From Public Sector Oil and Gas Selling Organizations. Journal of Behavioural Sciences , 26 (2).
Katsinas, S. G., Ogun, J. A., & Bray, N. J. (2016). Monetary compensation of full-time faculty at American public regional universities: The impact of geography and the existence of collective bargaining. Journal of Collective Bargaining in the Academy , 8 (1), 3.
