Roudebush Hall
Roudebush Hall, home of Miami's administrative offices

Farmer School of Business

Foundational Goal 1: Ensure vitality and sustainability by building a forward-looking, efficient, and caring culture that stimulates, recognizes, and rewards creativity, entrepreneurial thinking, and exemplary performance.

Objective 1: Promote a work environment built upon continuous improvement and evaluation that empowers employees through ongoing professional development and career growth opportunities.

Metric 11: All employees will have an annual evaluation that aligns with the overall university objectives and a measurable professional development plan.

In the Farmer School of Business, one-hundred percent of full-time, continuing faculty and staff are required to have an annual evaluation that aligns with FSB and university objectives. For all faculty members, regardless of rank, attention is given on achieving and maintaining AACSB requirements for Academically Qualified (AQ) and Professionally Qualified (PQ) status. Annual performance evaluations are monitored out of the dean’s office as a way of assuring compliance with the objective metric. We employ a data management software package, Sedona, that provides the FSB reports that are used both for annual evaluations of faculty and compliance with AACSB standards.

Strategies:

  • Require all full-time, continuing faculty and staff to have a measurable professional development plan in accord with the objective metric. (For AACSB accreditation, professional development plans for faculty are enforced by department chairs and monitored by the dean’s office. For staff, all supervisors are tasked with creating and monitoring professional development plans with oversight from the dean’s office.)

Challenges and Opportunities:

  • Providing coaching and guidance to those supervisors and employees who have not previously participated in professional development planning so that goals and plans are realistic.

Objective 2: Recognize and reward Miami employees for increasing effectiveness and productivity by using their expertise, creativity, and collaboration to constantly improve accountability, productivity, and efficient use of resources.

Metric 12: At least 25% of the merit salary improvement pool for faculty and unclassified staff will be allocated to recognize and reward exemplary performance that contributes to university and unit goals and objectives.

Strategies:

  • Continue to require a wide distribution of merit raise recommendations from department chairs so that at least 25% of the available pool is used to recognize exemplary performance.
  • Use comparative salary data from peer and aspirational schools available from AACSB to guide the disbursement of our salary increment pool and incent and reward high-performing individuals, regardless of rank, department or program.
  • Use a portion of the student credit hour fee to reward exemplary performers to the extent that the market has also recognized the extraordinary performance.

Challenges and Opportunities:

  • Finding the causality between effort and outcome so that the rewards are allocated to the right people
  • Monitoring the extent to which past increment strategies have produced increased levels of productivity that align with both divisional and university goals.

Objective 3: Implement flexible and accountable governance structures that increase the University's responsiveness and ability to make timely decisions.

Metric 13: The timeline for the process of soliciting input and recommendations for governance purposes should not exceed one semester as appropriate.

Strategies:

  • Continue to hold executive committee (i.e., deans, department chairs, selected directors) meeting and faculty  twice a month and faculty meetings three times each semester to ensure that matters are dealt with in a timely manner.
  • Hold divisional curriculum and program committees meeting regularly to address outstanding issues.
  • Set a goal to complete the following tasks within one semester:
    • Revising the major within the department/program;
    • Developing or revising the department/program governance document;
    • Developing a department/program mission or vision document;
    • Conducting an academic administrator review.
  • Review governance documents, and identify opportunities for revision that would lead to increased efficiency without reducing that quality of the changes being proposed.

Challenges and Opportunities:

  • Maintaining deliberate and inclusive decision-making processes while also achieving this metric.

Objective 4: Minimize tuition increases through a transparent, strategic financial and budgetary system that incentivizes new revenue streams, reallocates resources, and promotes team-oriented solutions to fiscal challenges.

Metric 14: An average of 1% of Oxford campus total revenues annually will come from new or expanded revenue initiatives other than tuition rate increases.

Strategies:

  • Develop new international programs in winter and summer terms.
  • Create a new online general business minor for non-business students.
  • Expand the part-time MBA program and the Summer Business Institute enrollments.
  • Identify additional opportunities to expand existing programs, and develop new programs including certificates, and hybrid international partnerships with other universities.

Challenges and Opportunities:

  • Promoting a spirit of innovation and entrepreneurship that can lead to new programs and revenue streams.

Metric 15: Divisional deans will annually realign 1% of their divisional University budgeted funds by phasing out low priority organizational structures, programs, and activities. These funds will be set aside to support new, or expand successful, programs and collaborations with an emphasis on inter- and multi-disciplinary activities.

Strategies:

  • Each year as faculty retire, resign, or otherwise leave the university, use data and careful planning to fill vacated positions and align hiring with divisional priorities and strategic initiatives.
  • Leverage the data provided through institutional analytics tool being developed within RCM to better assess the financial viability of our programs and to help decide on the appropriate levels of funding for our programs.

Challenges and Opportunities:

  • Scanning the business education horizon to identify shifts in demand and new trends, and reallocating our resources to greatest effect.

Metric 16: 0.5% per year of permanent budgetary funds will be captured from divisions, and these funds will be collected centrally and redistributed.

Divisionally, we have been participating in divisional givebacks of this magnitude each year for over 6 years and will continue our participation.

Strategies:

  • With the additional analytical capabilities embedded in RCM, better identify opportunities for productivity improvements and propose givebacks more in line with our strategic objectives.

Metric 17: Implement, and annually update, a transparent, flexible, and dynamic 10-year budget plan that will ensure a sustainable and financially viable foundation.

This metric will be accomplished at the University level and does not apply to the Farmer School of Business.