IMPROVING FACULTY INVOLVEMENT
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This document outlines a proposed performance pay plan for lecturers at Collective College of Accountancy. The plan has two divisions: a base lecturer fee determined by experience and qualifications, and voluntary bonus incentives for outstanding performance, acquiring new skills, mentorship roles, collaborative projects, and additional responsibilities. It discusses how lecturer fees and bonuses would be calculated and awarded. The college plans to appoint a remuneration committee to oversee the plan and make compensation decisions.
IMPROVING FACULTY INVOLVEMENT
- 1. Being a paper presented by Ayodele Samuel Olatiregun at a 2-day seminar held for Faculty Members and Staff at Collective College of Accountancy Ltd, Eleyele On July 5, 2009
- 2. Preamble Lecturer Compensation System: A Process not an Event Overview of the Proposed CCA Performance Pay Plan Base Lecturing Fees Determination Bonus Incentive Components Setting up a Remuneration Committee Participating in the CCA Performance Pay Plan Questions and Answers
- 3. Collective College of Accountancy is to launch an ambitious project to redesign our traditional lecturer compensation system with a pay plan that is more closely linked to lecturer performance The Performance Pay plan should eventually enable a strong link between lecturer performance and student exam standards and performance
- 4. The performance pay plan for lecturers can be considered to be an ongoing process and not a single event The College will continually review its existing reward systems innovatively, in line with global best practices Committees are to be set up amongst lecturers to make recommendations based on the proposed suggestions in the paper
- 5. The performance pay plan for lecturers is a plan with two major divisions. The first division is comprised of the basic fee structure for all lecturers in the College. The second, and completely distinct from the first, is a series of bonus incentive components that lecturers may participate in voluntarily. Lecturers who choose to participate in one or all of the incentive components can augment their fees but under no circumstances do they risk loosing basic fees
- 6. This first division establishes a lecturer's base fee per hour by using a weighted ranking formula that factors in both a lecturer's number of years of cognate experience and the level of academic and professional education a lecturer has attained. Each factor represents a percentage value of the base fee. Multiplying these two factors against the base determines the actual fee per hour (base fee plus additional factor fee) a lecturer receives. The College Board reserves to the right to evaluate lecturers on an individual basis before applying Factor Fees and also the right to change the base fee without notice.
- 7. Description Factors Basis 1. Base Fee 500 Naira Per Hour 2. Cognate Experience Less than 2 years 10% of Base Fee 2 to 5 years 20% of Base Fee Above 5 years 40% of Base Fee 3a. Academic Qualification: B.Sc, BA, B.Ed, HND 10% of Base Fee M.Sc, MBA 20% of Base Fee PhD 40% of Base Fee 3b. Professional Qualification ACA 10% of Base Fee ACA,ACCA 20% of Base Fee ACA, ACCA plus other relevant qualifications 40% of Base Fee
- 8. For example, Mr. Adekunle is a lecturer at Juniper University, Ibadan with over 5 years lecturing experience. He has recently been engaged with the Collective College of Accountancy to lecture F9 – Financial Management. He holds a First degree in Economics and a Masters Degree in Banking and Finance. Mr. Adekunle is also a Chartered Accountant. His Base Fee is determined as follows: 1. Base Fee N500 2. Cognate Experience 40% of N500 = N200 3a. Academic Qualification: 20% of N500 = N100 3b. Professional Qualification 10% of N500 = N50 TOTAL ACTUAL FEE PER HOUR N850
- 9. This second division of the Collective performance pay plan is composed of a series of incentive bonus components. All of these components, there are five, are designed to encourage and reward aspects of lecturer performance that are not rewarded base fee scheme. Bonus incentive awards are completely separate from a lecturer's base fee and are made as one-time payments, though eligible lecturers may participate each year.
- 10. The five bonus incentive components are: 1. Outstanding Lecturer 2. Skills Blocks 3. Master Lecturer 4. Group Incentive Plan 5. Responsibility Pay
- 11. The first incentive bonus component is that of "Outstanding Lecturer." This component of the plan rewards lecturers who have demonstrated outstanding performance as measured by criterion established by the Remuneration Committee of the College Board with a one- off N20,000 bonus. To receive the bonus lecturers notify the Rector of their intent to participate; collect artifacts during the calendar year supporting their contention of outstanding performance; compile a portfolio that includes relevant career information, reflective writing on the lecturer’s educational philosophy, six artifacts and reflective writings discussing each, information generated by peer and student surveys, and, their formal evaluation or professional growth plan. The portfolio is submitted to the Rector at the beginning of January who then reviews the documentation and makes the decision whether or not to award the lecturer the designation of "Outstanding Lecturer" and the N20,000 bonus.
- 12. An appeals process will be developed for lecturers who are denied the designation of "Outstanding Lecturer." The appeals board will be composed of seven members, four lecturers appointed by the Remuneration Committee and three members of staff appointed by the Rector, and has the authority to review the appeal and recommend to the Rector that the decision be upheld or overturned. The final decision rests with the Rector.
- 13. The performance pay plan also includes a "Skill Block" component designed to provide incentives for lecturers to obtain skills identified by the College as central to fulfillment of its mission. Skill blocks are offered at after-diet sessions and carry graduated values ranging from N1,000 to N5,000. To receive the skill block bonus teachers must not only attend training sessions but must also demonstrate mastery of the skill through an authentic assessment administered at the conclusion of the training program. E.g. the first skills block to be added is DESKTOP PUBLISHING USING MS-WORD, PAGEMAKER AND CLARISWORKS. It is anticipated that each year a skill block will be added until the total number available is four or five. Over time, skill blocks will be phased out and others added.
- 14. Master Lecturer Designation: - Must have a minimum of three years teaching experience with Collective College of Accountancy - Must have received satisfactory annual evaluations from the Remuneration Committee - Must submit three recommendations (with application form) - Must be willing to mentor and assess junior lecturers - Must be willing to collaboratively plan and teach with junior lecturers Compensation: N100,000 plus CCA Plague
- 15. This component is designed to encourage cooperative efforts within the Faculty to work on common goals that will directly impact student performance. Plans will be developed by Faculty committees (self- constituted) that work with the entire staff, draft a plan, collect signatures of support from faculty members, the Rector and the Remuneration Committee, prior to submitting the proposal to the Remuneration Committee. The Remuneration Committee reviews the proposed plan, can recommend revisions, and grants final approval for the Faculty Committee to move ahead. At the end of the year, the Faculty Committee compiles a final report detailing the execution of the plan, evidence of impact on students, and reflections on the overall plan and submits it to Remuneration Committee, which then makes the determination whether the plan's goals were met and a discretionary bonus would be awarded.
- 16. The final bonus incentive component addresses the issue of additional responsibilities undertaken by lecturers . Responsibility pay is broken into to divisions: board-committee and centre-based responsibility pay. Board-Committee Responsibility, will be approximately N60,000 per year, is awarded to lecturers who take on responsibilities at the board level. Centre Responsibility, will be approximately N30,000 per year, is awarded to lecturers who take on additional responsibilities at the centre level.
- 17. The College is in the process of appointing 3 additional Executive directors and 3 Non- Executive Directors. One of the newly appointed Non-Executive directors would be saddled with the responsibility of chairing the remuneration committee. The Remuneration Committee would comprise the 3 Non-Executive Directors
- 18. Participation in the CCA Performance Pay Plan is voluntary and would be implemented without prejudice to any lecturer not participating. Participation in the CCA Performance Pay Plan is, however, highly recommended as it is expected to be mutually beneficial to the personal, professional, career and institutional development of lecturers, students, the College and the teaching community.
- 19. Any Questions?