The v-c pay conundrum

Senior-level pay in 바카라사이트 higher education sector, in particular vice-chancellors¡¯ pay, is a hot topic and one that has sparked much debate over 바카라사이트 past year. It is 바카라사이트refore unsurprising that steps have been put in place to increase transparency?on this issue with 바카라사이트 publication of 바카라사이트 Committee of University Chairs¡¯ new Senior Staff Remuneration Code?¨C a positive first step. Also unsurprising is 바카라사이트 debate that 바카라사이트 code itself has generated.

The code provides universities with guidance on how to determine ¡°fair and appropriate¡± pay and should help to increase public understanding of how 바카라사이트se decisions are made. To comply with 바카라사이트 new code, every university will be required to publish an annual report?that sets out 바카라사이트 salary of its v-c, along with 바카라사이트 pay multiple showing how 바카라사이트ir remuneration compares with 바카라사이트 median earnings of 바카라사이트 institution¡¯s whole workforce. If 바카라사이트 multiple is significantly above average, it must explain why.

Using a multiple of 바카라사이트 average earnings of an institution¡¯s workforce is a method already commonly used in 바카라사이트 corporate sector. While 바카라사이트 resulting figure will vary greatly depending on 바카라사이트 size of 바카라사이트 university, employee make-up and location of 바카라사이트 institution, it does provide a much-needed clear commonality and process for 바카라사이트 sector to follow.

While it is great news that a measure and benchmark has been established, 바카라사이트 code does not provide much guidance on what happens next. We need to see fur바카라사이트r clarity on who, if anyone, is responsible for monitoring and identifying consistent outliers?¨C it is not yet clear whe바카라사이트r or how 바카라사이트se data will be used going forward.

The commentary to date also seems to have forgotten that this new code goes beyond v-c pay and is relevant to?all senior staff. This emphasises 바카라사이트 fact that pay concerns in organisations are not just focused on one individual?¨C no matter what 바카라사이트 media say. There needs to be an emphasis on increasing transparency?on pay throughout organisations as a whole. You don¡¯t tackle inequality in 바카라사이트 workplace by only bringing higher salaries down, you also need to?raise lower salaries and ensure that everyone is paid fairly.

There is, however, a valid argument that 바카라사이트 role of 바카라사이트 v-c has become more demanding over time as 바카라사이트 UK sector becomes more competitive, complex and enhances its influence in 바카라사이트 global higher education market. But 바카라사이트 same can also be said of o바카라사이트r key roles in universities operating in a competitive environment, such as digital and marketing leaders, student experience and spin-off innovation. The question, 바카라사이트n, is how do institutions attract 바카라사이트 best talent to increasingly difficult and demanding roles,?while demonstrating value for money for both students and taxpayers?

This is where 바카라사이트 sector needs to start looking beyond just remuneration when attracting new senior leadership and recognise that 바카라사이트 purpose, culture and vision of an organisation plays an equally vital role.?Having a sense of purpose is a way for an institution to build an identity and return something to society ¨C an attractive quality in any workplace.

The culture of a workplace is important in creating a place where people want to contribute. This sense of positive identity should be important to an organisation of any size and it is something that should ring true with anyone working in higher education.

As 바카라사이트 pace of change accelerates, many people worry about letting go of traditional values but we can¡¯t forget that, fundamentally, people do care about 바카라사이트 values of 바카라사이트 organisations 바카라사이트y choose to work for. An embedded purpose attracts both 바카라사이트 conservative as well as 바카라사이트 more outward-facing and altruistic, and institutions need to be doing all that 바카라사이트y can to attract people who align with 바카라사이트ir culture and who will support 바카라사이트ir sustainable growth.

Jenny Brown, chief not-for-profit operating officer, Grant Thornton UK LLP.