Faculty Incentive Options Policy
Statement: Incentive options provide opportunities to recognize and
reward a faculty member's contributions to the overall objectives of
Old Dominion University and to enhance the recruitment and retention of exceptional
This policy applies to full-time instructional and administrative/professional
TYPES OF OPTIONS
Hiring Incentive - applies to new faculty agreeing to work for a specified
period of time. A formal agreement must be executed which includes requirements
for satisfactory performance and pay back if terms are not met.
Retention Incentive - applies to current university faculty agreeing to continue
to work for a specified period of time. A formal agreement must be executed
which includes requirements for satisfactory performance and pay back if terms
are not met.
Recognition Incentive - to recognize faculty for exceptional performance,
special acts, or innovative ideas. In addition to performance-related incentives,
recognition awards may also be provided for employee appreciation and for team
The president and the vice presidents have the discretion to award incentives
to faculty for their contributions to the university.
Vice presidents are responsible for submitting nominees to the president for
recruitment and retention incentives when warranted.
Incentive cannot be added to the faculty's base pay. Incentives are
considered income for the faculty and will be taxed accordingly. The university
may not increase incentive totals by the amount of payroll taxes normally deducted
from the faculty's pay.
Faculty may choose one of two methods for the payment of the incentive:
Lump sum payment.
Scheduled payments over a designated number of paydays within the fiscal
| ||- Approved by the president|
July 1, 2001