Johns Hopkins University Announcing Pay Cuts and Laying Off Faculty
“cannot rely on its endowment to fill the gaps”
This shows that it’s not just small schools which are being affected by this crisis.
FOX News in Baltimore reports:
Johns Hopkins University to make major pay cuts and lay offs
Universities across the country have been hit hard financially by the COVID-19 pandemic, including Johns Hopkins.
The university is planning pay cuts and expecting to lay off employees.
The immediate impact will be on faculty.
In a letter, the university president said it’s expecting to furlough and lay off employees because of the money lost during this pandemic.
The university has played an important role globally in tracking the spread of this virus, but because of COVID-19, the university said it’s planning to cut salaries.
University President Ronald Daniels said the school expects to lose more than $100 million by the end of June and as much as $375 million during the coming fiscal year.
Daniels said the university cannot rely on its endowment to fill the gaps.
He said over the past 6 weeks as the financial markets declined so has their endowment value, which has reduced funds available for university operations.
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Comments
Academics on Unemployment.
Oh the HORROR!
… and no grad students to do the paperwork. How ever will they survive?
“immediate impact on faculty” – why not administrators?
Because, you silly, the administrators are the ones making the decisions about where to cut.
rather renowned for having one of the most competent teaching hospitals/medical schools on the planet
and they’re reducing FACULTY ? agree with poster above–should lay-off/dismiss 2/3 of their ” administrative staff ”
in any practical business model, when you hit a cash crunch(for whatever reason) you never lay-off/dismiss the PRODUCERS–lord–in a big outfit like JH you get rid of 2/3 of the staff in hr and other ” make work ” services
give them a ” learn to code ” pamphlet and tell them to hit the door
It’s more like “doesn’t want to rely” than “can’t rely”. Their endowment was $6.276 billion in FY 2019. Even if it’s down 30%, to $4.34 billion, eating the entire $375 million is still less than 10%.
Good.
Bury the shithole and then salt the earth.
Sounds like a good time to hire a diversity admininstrator.
Truly, a highly-woke U. can never have enough administrators to help steer the highly complex reparations from their racist past.
I am sure that it has its share of 1) affirmative action appointees; 2) ethnic studies, gender studies, etc phonies–but we will; see if those are the ones dumped.