While it’s important to thank faculty and show appreciation for their hard work and dedication, it’s not always feasible to demonstrate this appreciation through salary increases. When budgets are already tight, it may be impossible to accommodate the extra costs.
This doesn’t mean, however, that there's no way to thank faculty. Instead, it means that seminary leaders may need to get creative. A few years ago, In Trust published an article with some ways to say “thank you” when money is tight.