Each school or institution defines and selects its own compensation criteria. The objective is to have a rationale that is market responsive and reflective of the unique culture of the institution and community. It must be a comprehensive structure that drives the review and retention processes for years to come.
No board will structure a compensation package without agreement upon a set of “hard” and “soft” performance metrics such as:
- Stewardship of school or institution mission and culture
- Maintenance of break-even or surplus operations
- Fundraising goals
- Educational programs
- Definitions as to student “success”
- Increased enrollment and attendance
Measuring your institution’s leader
When and where do board members begin to assess and measure the value of the head’s stewardship? What is the comparable compensation for heads of similar schools or institutions? How are your head, institution and community different? Is that difference worth more or less? How will this head advance your institution?
Calfee Financial will assists boards in answering these questions—and bridging your position with the selected or incumbent head of school to provide a win-win solution.