A report released by the American Association of University Professors revealed that the University pays its faculty the highest average salary of all higher education institutions in the state. Additionally, the organization reported that faculty salaries across the nation increased at the lowest rate in 50 years.
According to the report, the University pays full-time faculty members an average salary of $103,900. Additionally, full-time professors at the University earn an average of $134,700, associate professors earn an average of $92,700 and instructors earn an average of $53,300.
In comparison, the University of Richmond pays professors $132,100 and associate professors $92,300; George Mason University pays professors $126,400 and associate professors $82,400; Washington and Lee University pays professors $117,600 and associate professors $88,600; Virginia Tech pays professors $115,900 and associate professors $82,900; and The College of William & Mary pays professors $113,400 and associate professors $80,300.
Saranna Thornton, co-author of the report, stressed the importance of having a high-paid faculty to produce quality work within a university.
"What do you need to attract new people? You need salaries that need to be attractive. A lot of people misrepresent how much faculty work; [the] U.S. Department of Education shows faculty work 54 to 56 hours a week," she said.
Thornton was not surprised by the University's tendency to pay its faculty relatively high salaries, noting that when administrators decided they wanted to transform the University into a world-renowned research institute, they realized they needed to offer attractive salaries to hire the best professors.
University spokesperson Carol Wood also emphasized the significance of recruiting respected and renowned professors for the students.
"President Casteen and the Board of Visitors made a commitment some years ago to attract and retain the best faculty," she said. "There are many factors that go into that, and, certainly, salary is a big piece of it."
The report also stated that nationwide faculty salaries have only increased by 1.2 percent - a 50-year low.
"This is the worst year in all the years we've been collecting data," Thornton said.
The AAUP also collected data about benefits and retirement contributions, she said. Thornton attributed the record-low increase to the recession, adding that the economic downturn has been particularly damaging toward higher education institutions.
University revenue streams have been suffering in the current economy, which consequently affects faculty salaries, Thornton explained. Public institutions have been suffering from both cuts in state funding and declines in revenue from tuition, as students and parents struggle to compensate for their losses during the recession. Moreover, colleges nationwide also must offset the decreases in endowment funds and gifts from outside donors and alumni.
This year's poor economic state was felt even more so than past recessions, Thornton said.
"In some years, higher education has been a refuge, because people will say it's a good time to go back to school, but this was not one of those times," Thornton explained.
At the University, faculty salaries come from general funds from the state and tuition revenues, Wood said. About 40 percent of faculty salaries are derived from tuition and about 60 percent of faculty salaries come from state revenue. Additionally, professors receive compensation from outside gifts and grants.
Thorton said the national inflation rate, which rose by 2.7 percent, proves additionally damaging to higher education faculty members, as this gives faculty members, whose average salary increase remains below this rate, less purchasing power.
John Curtis, director of research and public policy of AAUP, said universities are beginning to move toward hiring more part-time faculty members, who currently make up more than half of the nation's faculty right now. In addition, as older professors retire, universities are expected to hire younger, lesser-paid professors.
"It usually takes the higher education sector about a year or two after to rest of the economy to fully recover. We have seen the trend of faculty salaries being stagnant and not gaining ground," he said.
At the University, faculty salaries have remained at a standstill despite being the highest in the state. In contrast to a steady increase of faculty salaries during past years, the University now is entering its third straight year without any salary increases. In turn, the University has avoided laying faculty members off, Wood said.
"We are trying to keep the wonderful faculty we do have," she said.
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