Leading a charter school today is more complex than ever. Charter school CEOs navigate challenges ranging from:
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Academic performance and enrollment shifts
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Workforce pressures and political scrutiny
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Succession planning and board-CEO dynamics
Yet, according to Board On Track’s 2024 Charter School CEO Compensation Study, their compensation has remained largely stagnant over the past five years.
Financial compensation is one indicator of how charter school boards support their CEOs. However, the study reveals a deeper connection between strong governance and leadership retention. Effective boards foster strategic partnerships with their CEOs, leading to:
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Higher compensation
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Improved job satisfaction
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Better student outcomes.
Key Takeaways from the 2024 CEO Compensation Study
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CEO Salaries Have Stagnated. Despite growing responsibilities, CEO salaries have remained mostly unchanged since 2019. Most respondents earn between $100,000 and $149,000, with limited increases over time.
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Stronger Board-CEO Partnerships Lead to Higher Salaries. CEOs who work with boards that engage in governance and strategic planning earn higher salaries.
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Regular Performance Evaluations Correlate with Salary Growth. CEOs who receive consistent evaluations are more likely to receive salary increases. They also remain committed to their schools, which is beneficial for students.
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Leadership Stability Depends on Governance. Boards that neglect CEO evaluations see higher turnover rates, leading to costly disruptions in school leadership.
- Managing More Schools Increases Compensation. CEOs overseeing multiple campuses earn significantly higher salaries. This reflects a correlation between a broader scope of responsibilities and salary increases.
Did you know Board On Track has a built-in CEO evaluation tool? In just a few clicks, you can create a customized evaluation checklist that you can instantly send to your CEO! Book a tour with our specialist to see how it works in real-time.
The Role of BoardOnTrack in Strengthening Governance
This study underscores the vital role that charter school boards play in CEO retention and compensation. The right governance tools can ensure boards are making data-driven decisions that support their leaders and schools. Board On Track provides a comprehensive governance platform designed to help charter school boards:
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Conduct Regular CEO Evaluations. Structured, data-driven evaluations help boards fairly assess performance and make informed compensation decisions.
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Set Clear Strategic Goals. Strong governance starts with defining goals for the board and CEO, ensuring alignment on priorities.3.
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Enhance Board Training and Engagement. Lack of board experience in education often hinders governance. BoardOnTrack equips trustees with training and tools to govern effectively.
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Improve Board-CEO Communication. A well-managed board fosters a strong partnership with the CEO. This leads to better school leadership and student success.
A Call to Action for Charter Boards
As the 2024 CEO Compensation Study highlights, strong governance isn’t just about board meetings and compliance. It’s about creating the conditions for exceptional leadership and long-term success. Charter boards must commit to:
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Structured CEO evaluations
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Strategic goal-setting
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Ongoing board development.
BoardOnTrack is here to help. Is your board ready to strengthen its governance practices and ensure fair CEO compensation? If you're ready to drive better outcomes for students, explore how Board On Track can support your charter school today.
