FY24 Budget Update - June 6, 2023: Faculty and Staff Compensation

June 06, 2023

Dear Faculty and Staff, 

As we move through a busy commencement week, I am writing to update you on Seattle University’s preliminary budget for the 2024 fiscal year, which our Board of Trustees approved last week. (The FY24 budget covers July 1, 2023 to June 30, 2024.) While we previously shared information on tuition, fees and financial aid for the coming academic year with students and families, I wanted to update you on compensation for FY24. 

Compensation Increases 

Hiring and retaining excellent faculty and staff is central to who we are as a university, and compensation is the largest and most important investment we make. Our investment in compensation consists of a wage pool increase. The wage pool increase for FY24 averages out to 4.3 percent, which is above the average U.S. benchmark of 4.1 percent. This is higher than last year’s average wage pool increase of 3.75 percent, which was the largest increase at Seattle University in 15 years. The FY24 wage pool increase consists of: 

  • A 3 percent wage pool increase for performance-based merit pay increases for faculty and staff.
  • An additional investment of 1.3 percent that funds promotions and special market pay adjustments for a subset of faculty and staff positions whose pay most significantly trails the market, recognizing the gap relative to market median salaries is wider for faculty. 

Thank you for your continued work on behalf of Seattle University. I hope the final days of our 2022-2023 academic year go smoothly for you and that you enjoy a restful and reenergizing summer. 

Respectfully, 

Eduardo M. Peñalver
President