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Compensation

The steps used in determining the merit for each faculty are as follows:

1. Multiply the total salaries in a department by the percentage of the merit pool (4%) to get the total raise amount that will be distributed to faculty in that department based on merit.
2. For each faculty member, multiply the relative merit score by the salary.
3. Add up the numbers in step 2 for all faculty members in the department.
4. Divide the number in step 2 by the number in step 3 and multiply the answer by the total department raise from step 1 to get the raise for that faculty member.
5. Add the final raise amount to the base salary to get the final salary.

Putting together the above steps results in the following formula for calculating the raise for a particular faculty within the department.