COMPENSATION PACKAGES OFFERED BY SELF FINANCING ARTS AND SCIENCE COLLEGES: A STUDY AMONG ASSISTANT PROFESSORS IN AND AROUND CHENNAI CITY

Dr. G. Ramesh; Dr. G. Vijaya Kumar; Ar. N. Lakshmi

Dr. G. Ramesh Assistant Professor, Department of Commerce, Sir Theagaraya College, Tamil Nadu, India.
Dr. G. Vijaya Kumar Assistant Professor, Department of Commerce, Sir Theagaraya College, Tamil Nadu, India.
Ar. N. Lakshmi Professor (Architecture), AVIT, VMRF, Tamil Nadu, India.

Keywords: Compensation Package, Innovative Compensation, Paucity of Critical Skills, Push and Pull Factors

Abstract

Higher education is constantly evolving and institutions of coming age must be equipped to harness best human resource to deal with such developments. Resurgence of arts and science courses is on the cards and seeing increasing demand. The compensation packages adopted by a vast majority of self-financing higher educational institutions are not standardized, comparatively low and lacks both inter and intra institutions uniformity. A good number of colleges are offering consolidated pay for few staff and ‘scale of pay as determined by management’ for others. While some highly qualified and experienced professors are able to demand and get what they deserve, the new comers are disadvantaged in this aspect. Fresh from education, they accept what they are offered. The performance appraisal need not be only the results of students. Attracting and keeping these high caliber young teaching staff in their positions is the biggest challenge. If the institutions are insisted to follow UGC norms on qualifications of faculty, it is natural that a staff expects Pay package as recommended by UGC in totality. Qualification norms for an Assistant Professor are constantly changing, adhering UGC rules on qualification and leaving its other prescriptions, will only increase confusion. It is with this background, the present study is undertaken embracing the overall compensation system adopted by the management of a vast majority of self-finance arts and science colleges, in and around Chennai and the perception of selected faculty members about such a system.

References

Armstrong, M., & Brown, D. (2005). Relating Competences to pay: The UK Experience. Compensation and Benefit Review, 18(2), 2905-3100.
Bin, DENG. (2016). The Analysis of Colleges and Universities’ Compensation system Reform based on Total Compensation Theory. In International Conference on Modern Economic Development and Employment Protection.
Bob, N. (2011). Making employees suggestions Count. Journal of Personnel Management, 17, 20 -41.
Padmanabhan, Geeta. (2015). Resurgence of Arts and Science?. Education Plus, The Hindu. Chennai.
Ibojo, Bolanle Odunlami, & Asabi, Oludele Maththew. (2014). Compensation management and Employee Performance in the Manufacturing Sector, A case study of a Reputable organization in Food and Beverage Industry. International Journal of Managerial Studies and Research, 2(9), 108-117.
Krishnamoorthy, R. ( 2013). Self-financing Arts colleges hard – pressed for Teachers. The Hindu. Chennai. International Journal of Applied Services Marketing Perspectives © Pezzottaite Journals 3520 |Page
Ramesh, G. (2008). An invitation to Dynamism in Executive Compensation Package. Readers Shelf, 4(5), 8-10. Jodhpur.
Shyamasundar, Tripathy. (2014). Compensation Management. Cuttack: IPSAR B-School.
(2018). Unemployment among educated youth at 16%: Study. Chennai. The Hindu, Special Correspondent.
Vivian, J. Hajnal, & Dennis J. Dibski. (1993). Compensation Management: Coherence between Organization Directions and Teacher Needs. Journal of Educational Administration, 31(1).
Mark, Rowh. (2013). 7 Keys to Managing Campus Compensation. Retrieved on September 20, 2018 from https://www.universitybusiness.com/keyscompensation