According to a recent news report, the Board of Trustees of Western Michigan University has unanimously approved a one-year extension of the employment contract of its current president. He has been serving as the president of WMU since 2007 and the present extension will carry his tenure till the end of 2017.
Along with the extension, the board approved a 2 percent raise in his remuneration, retroactive July, 2014. Previously, in March of this year, the board had approved a 2.5 percent raise in his incentives effective, January, 2014. This raise, like the previous one, is in line with the raise given to other non-represented employees of the university.
The Board of Trustees continued to have faith in the present president, under whose leadership a new medical school and law school have been established. During his tenure, the university has witnessed an appreciable increase in enrollment by international and non-traditional students. He promised to keep up the good work and continue his effort in promoting the university at national and international levels.
Employment contracts can not only influence employees during their tenure with a particular employer, but also in their future prospects after they decide to leave their current employment. A successful negotiation of employment contracts can mean that employees get added job security and remuneration benefits from their employers. Such contracts may set out in detail when benefits, such as retirement plans, stock options, severance pay and relocation expenses, might accrue and prevent incorporation of highly restrictive non-compete clauses.
Source: MLIVE.com, ” WMU Board of Trustees approve one-year contract extension, 2 percent raise for President John Dunn,” Linda S. Mah, Nov. 7, 2014