Faculty perks are of huge importance to distinguished alumni at the top universities in the United States. Although college costs keep increasing and students keep applying for more loans, universities are offering fabulous incentives, perks, and benefits to faculty. This article outlines the huge pay out that many faculty are getting when stepping down from a top position. For example, James Madara - the medical dean and hospital chief at the University of Chicago - received $2.5 million in severance when he stepped down in 2009. Unlike students, Harvard's faculty can apply for no-interest educational loans. The universities are pointing to getting and retaining the top professors for these special loans and off the charts perks and pay outs. What are your thoughts on professors getting these incentives, while us (students) are paying a fortune for an education?
Link: http://www.bloomberg.com/news/2013-03-12/universities-pile-on-faculty-perks-as-student-costs-grow.html
4 comments:
I think this article shows how education can be a market. In order for universities to attract the best professors, they must offer the best deals. However, I also think that this is true for students. If a school really wants a particular student, then the student will be given a lot of money to go there. This system benefits the best students and faculty.
I agree with Brenda. Universities are in the business to make money (increase the endowment). Attracting and retaining the best professors must be a good investment for them. Good professors enhance the education of the graduates, accelerate the graduates career, helps he or she make more money, which is donated back to the school.
Also, most faculty get benefits for their children, such as free or greatly reduced tuition to attend the institution they work for. This to can give back to the university, and provide more incentive for students to attend the university, and parents to support it.
As stated already, education can most definitely exhibit itself as a capitalist market. And what is more is that these perks are the last way that these institutions can use to attract high quality instructors. I think this is a sign of the education market reaching maturity, and soon I believe we will see a consolidation of institutions if not already. All of this talk about MOOCs is threatening to the higher education model. While the MOOC model may not be the subsequent answer, it is clear that the current higher-education model is at risk. If this is the case, then I think institutions should be allowed to create whatever benefit or perk is necessary to attract top-tier professors.
Post a Comment