Business model benefits higher education, advances university resources

The qualities Syracuse University shares with corporate America are necessary for the growth and betterment of the school.

A recent report by Mother Jones magazine revealed a national trend in which higher education is becoming more like large businesses, as financial incentive for college administrators are on the rise, similar to that between corporate executives. This causes major pay discrepancies between faculty and administrators.

Although some view corporate America as materialistic and unfair, business qualities like financial incentives for university leaders — including department heads and other administrators — are necessary to improve the university.

Administrative incentives have been criticized because they cause pay discrepancies between college administrators and professors. But they are crucial to attract skilled and notable faculty.

SU was named to “The Million Dollar Club” by Mother Jones, and cited Chancellor Nancy Cantor’s annual salary as more than $1 million. Other university presidents on the list include Yale University, Johns Hopkins University and Northwestern University. Between 2011-12, presidents at private universities made four times as much as he average professor.

This benefits the university, though, as passionate educators who are attracted to the financial incentives often draw students.

By offering these incentives and enforcing competition among faculty like a business does, this could ensure higher performances in the classroom because professors might work harder to impress their higher-ups and ultimately achieve higher-paying positions.

If a business-like model in higher education drives professors to work better with students in the classroom, it is undoubtedly positive.

Potential college applicants might take note of these leading department heads and university officials, who are known for their skills and receive a larger stipend than a typical professor.

The university should continue a business model if it advances the educational resources at SU.