Code No.: 402.15
MARKET FACTOR PAY
Purpose: To outline steps to be more competitive in recruiting and retaining talented professionals into the teaching profession and provide incentives for traditionally hard-to-staff and subject-area shortages.
Policy: Whereas the Iowa General Assembly finds that Iowa school districts need to be more competitive in recruiting and retaining talented professionals. The Anamosa Community School District will utilize market factor funds to recruit new staff, obtain certification and/or licensure, and receive early notification payment.
The market factor funds will be used predominantly for recruitment of new staff:
- As a general practice funds will be targeted for specific positions at the outset of a job search, and subsequently spent only if necessary to encourage a particular candidate to accept an offer. Eligible positions will include, but not be limited to, statewide shortage areas. Positions targeted will be presented to the Board of Directors by the Superintendent.
- Payment will take the form of a “signing bonus” paid in two lump sums; one half (50%) at time of hire and the remainder upon successful completion of the probationary period (generally at the end of the second contract year). Individuals who are required to complete a third year of probation would be ineligible for the remainder of the bonus. Individuals who voluntarily leave the district before the completion of the probationary period would not receive the remaining portion of the bonus. (Note: When warranted, consideration may be given to offering a signing bonus at the culmination of a search, even if a position had not been designated for such payment at the outset. Such instances are anticipated to be infrequent.)
- The bonus amount will be based on the candidate’s initial starting base salary (excluding any compensation for supplemental appointments, coaching, or state teacher compensation monies).
- As an alternative to a signing bonus, candidates relocating to Anamosa from a distance greater than 200 miles radius may receive a “relocation stipend” of $500 for costs associated with house hunting and movement of possessions. Stipend to be paid in one lump sum with initial pay check.
The market factor funds may also be used for certification and/or licensure attainment:
- The District may hire new staff that are making progress toward certification or approach existing staff and invite them to obtain certification or licensure necessary to teach: state designated shortage area subjects; advanced placement or dual credit courses. The postings for hard to find positions will include an opportunity for all teachers to inquire about recertification. In such situations, the District will provide reimbursement for seventy-five (75) percent of the cost of tuition based on the cost per credit hour at an Iowa regent school. Generally such certification or licensure should be completed within two calendar years.
- Reimbursement will begin upon completion of the certification or licensure, with the first of three (3) equal payments occurring at the end of the first year immediately following completion. The remaining payments will occur at the end of the second and third years if the teacher remains employed in the District.
The market factor funds may also be used for early notification payment.
- Knowledge of confirmed position vacancies for the subsequent school year enables earlier development of staffing and budgeting plans during the current school year.
- In addition, the ability to enter the labor market earlier in the recruiting cycle is a significant benefit to the Anamosa Community School District.
- Teachers in any subject area (not limited to state designated shortage area subjects) who inform the district of their voluntary intention to resign at the end of the current school year will receive a one time “notification payment” of $500.00. Resignation must be in writing, be received by December 31st of the current school year, and be approved by the school board for the following school year. Payment will be included with the final pay check.
State Funding Requirement – All forms of market factor payments, including obligations to meet outstanding commitments, are contingent on state funds continuing to be made available for such purposes. The terms and conditions of the Market Factor Pay Program will be subject to review and revision annually. The design and application of the Market Factor Pay Program is not subject to collective bargaining.
This policy will become void when all Market Factor funds in District accounts are expended.