Oxford University is currently looking into some interesting proposals concerning academic career progression and pay structure. There is a brief report here in the Times Higher and you can read the Oxford Gazette that has the full proposal (in pdf file format) here. (I particularly like - p. 900 - the set of criteria being used: 'Research' (graded 0-5, highest), 'Teaching' (graded D-A), and 'Good citizenship' (graded γ to α). Best to save the Greek letters for the last one, I think.)
The proposals include the fazed abolition of the 'Reader' grade and changes to promotions to Professorships in favour of merit pay increments.
For comparison, the current procedures in Cambridge for senior academic promotions can be found here.
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