President Krise has sent an email to PLU”s faculty announcing that PLU’s Board of Regents has come to a decision about faculty compensation. Krise promised pay parity, meaning PLU will look at peer institutions and their faculties’ salaries. The pay equalization will happen over the course of the next seven years. Krise explained that during this seven-year period, additional revenue must be found and cost reductions must be made.
In the email to the faculty, sent Monday, Krise explained that “the achievement of this objective will require the development of new sources of revenue.” New sources of revenue include new programs, though the email did not include any information on these new projects.
Krise thanked the Board of Regents, the Faculty Affairs Committee, the Office of Human Resources and the Long-Range Planning Committee. According to Krise the Long-Range Planning Committee has already “determined specific steps the university must take to achieve its vision,” referring to their analysis of the PLU 2020 financial plan.
Krise reminded faculty that “all PLU students, facullty, staff, and administrators will benefit from the ambitious goals set forth in this resolution; but, we’ll only achieve this goal with everyone’s cooperation and input.”
No specific numbers or staff departments were mentioned in the email. Krise said this plan has been in progress since October 2012.