(1) Each institution shall develop and maintain a faculty career support plan through appropriate institutional procedures that provide for input from appropriate faculty and institutional bodies.

(2) Institution programs shall include:

(a) Objectives;

(b) Periodic evaluation of faculty, including consideration of appropriate performance indicators;

(c) Specific delegations of responsibilities to academic administrators, peer groups, and individual faculty members;

(d) Specific steps that will be taken to provide career support for faculty members, taking into account stage in career, career development needs, identified performance strengths, and any areas identified for improvement;

(e) The manner in which faculty compensation is related to the results of the periodic evaluation and career support needs of individual faculty members.