Dive Brief:
- A potentially first-of-its-kind survey asking colleges and universities about severance pay packages for presidents showed that the majority of respondents do have agreements in place.
- Inside Higher Ed reports that 82% of agreements among the 63 responding institutions had fixed severance packages that did not change based on years of service.
- Most packages offer a president base pay and benefits for 12 months, but about eight institutions reported offering two-year severance deals, according to the article.
Dive Insight:
A handful of head-turning severance packages have grabbed the public’s attention in recent years, including the College of DuPage’s $763,000 package for its outgoing president and Penn State’s $1.2 million payout for Graham Spanier after the Jerry Sandusky scandal. Inside Higher Ed reports that severance packages are becoming more common at colleges and universities that make recruitment and hiring decisions with the corporate world in mind.
The survey, conducted by Witt/Kieffer and Mercer Higher Education, went out to a diverse group of 400 colleges and universities across the country but only had a 15% response rate. Inside Higher Ed reports the information still gives some insight to help colleges and universities make informed decisions about what to offer their own top officials.