High Point University announced a five-year bonus plan for its 2,000 faculty and staff members that would total about $19,000 for each of those sticking around.
President Nido Qubein announced the plan Tuesday, citing it as a “major thank you” that was also practical for the university. “Our team is extraordinary, and God has richly blessed our institution,” he said at the university’s annual faculty and staff kick-off meeting.
Full-time employees are in line to receive $3,848 in bonuses per year, which could total $19,240 over the next five years. There’s a historical reason for the number: HPU was founded in 1924 and will celebrate its centennial anniversary in September.
High Point called the bonus a rarity in higher education, noting that many colleges are closing or consolidating. During the pandemic, some U.S. colleges and universities provided bonuses rather than raises, often for economic reasons.
Employees also can get a discretionary $600 for use on campus or with local merchant partners in High Point.
Part-time employees and auxiliary employees, including those in food services and maintenance, will also receive a five-year bonus at a different, undisclosed level.
The bonuses won’t affect pay raise decisions, university officials said.
Qubein said HPU’s board was an enthusiastic supporter of the bonus plan, which is expected to total $31 million. The university has more than $1.1 billion in assets, including dozens of campus buildings, compared with $188 million in liabilities, according to a 2023 tax filing.
“As we celebrate our centennial anniversary, this bonus reminds us that our future is bright,” Jermaine Artis, a member of the university’s campus police and security force, said in a release.”
High Point expects its largest enrollment ever when classes start on Monday, topping last year’s mark of about 6,000 students. It is opening the Kenneth F. Kahn School of Law and the Workman School of Dental Medicine, giving the university 14 academic schools. It had three when Qubein was appointed president in 2005.
